What Is a Joint Checking Account?

What Is a Joint Checking Account?

Joint checking is a checking account shared with another owner. Unlike a traditional checking account, which is owned and managed by just one individual, a joint account makes two people full account owners with equal access.

This means you don't need the other's permission to deposit or withdraw money, which can be a huge convenience or risk depending on your situation. Sharing a joint checking account is different from adding an authorized user to a credit card, which may allow you to limit the authorized user's spending or account access.

Checking accounts are made for daily spending, so unlike savings accounts, they typically don't earn much, if any, interest or have limits on monthly transactions. Money in checking accounts can be spent using a debit card or electronic transfers, though some accounts still allow writing physical checks. You can also withdraw money from checking accounts at ATMs.

Learn more: What Are Bank Account Ownership Categories?

Who Can Have a Joint Checking Account?

Some married couples prefer to keep bank accounts separate, but others can opt to share a joint checking account to make it easier to budget and manage bills together.

However, you don't have to be married to open a joint checking account together; you can be an unmarried couple, a parent and child or even roommates.

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Pros and Cons of a Joint Checking Account

Debating whether you should open a joint checking account or stick with an individual one? The potential ups and downs of sharing a checking account are similar to sharing a savings account.

Should You Get a Joint Checking Account?

As with most financial matters, the answer depends on your personal situation. Here are some of the most common reasons to consider getting—or avoiding—a joint checking account.

When to Consider Getting a Joint Checking Account

A joint checking account can be a good idea in some circumstances, such as when:

• You're in a stable, long-term relationship. If you're partnered with someone for the long term and you trust them completely, a joint checking account can help you get on the same page.
• You and your partner have shared financial goals. Being coupled up doesn't necessarily mean you need to share a checking account. But if you and your partner plan to budget and save together, it can be easier and more efficient.
• You need to manage or oversee your parent's money. Sometimes aging parents need help from their adult children to stay on top of bills, especially if there are cognitive issues developing. While you wouldn't want to use the joint account to stash your money, you could be a joint user on your parent's account so you have oversight into their spending and can pay bills on their behalf.
• You have a teenager or young adult. If your older kiddo is still getting the hang of money management, it might be risky to let them run free with their own account. A joint account is a safe place for them to learn the ins and outs of banking, deposit summer job checks and receive allowance. Like with an elderly parent, this isn't a place where you'd want to keep all of your money, but it's a way to have transparency into their spending.

Learn more: How Many Bank Accounts Should I Have?

When to Avoid Getting a Joint Checking Account

A joint checking account might not be the best idea in other situations, such as when:

• You're in a new relationship. Sharing access to money requires a significant amount of trust. Having a joint checking account gives both parties unlimited ability to add or remove funds, so if you're still getting to know someone, it's a risky move.
• You and your partner have different spending habits. Even if you've been with your partner for years, sharing a joint account might not be the right move, especially if you have a spouse who's bad at sticking to a budget or notorious for emotional spending. Once the money is gone, it's gone.
• The other person isn't reliable. Perhaps you want a joint account with your irresponsible college student, or a parent with memory issues, to keep tabs on things. Again, it's not a bad idea, as long as you're not using that account to store your money.

Consider a Joint Account and a Personal Account

If you're considering a joint account but aren't ready to combine finances, there are ways to mitigate risks. For example, you could keep your personal checking account as your primary account with the majority of your money. You would only transfer over an agreed-upon sum to the joint account as needed.

This option can work well for couples who want to maintain some independence while tackling bills together. Discuss how frequently you'll each add money and whether you'll contribute the same amount or a proportional amount based on income. You can then use the joint checking account for shared bills and expenses, while keeping the rest of your money to yourself.

This strategy can also work well if you share an account with an older child. You can keep the majority of your money in your personal checking and transfer money as needed, or via automatic transfer for their allowance. It could be worth exploring a product specifically for teen banking that allows parental limits.

Tip: If opening a joint account seems too risky for your situation, you could instead maintain separate individual accounts but link them. That will allow you to transfer money back and forth, but the other person won't be able to withdraw money from your solo account or see your transactions.

Learn more: Should Married Couples Have Joint Checking Accounts?

How to Open a Joint Checking Account

Opening a joint checking account is a straightforward process. Here are the typical steps you'll follow:

1. Determine your preferences. Checking account fees and benefits can vary among financial institutions, so before you open an account, talk with your joint account holder about each of your priorities and preferences. For example, is it important for one of you to open it with a bank you already use? Are there must-have features for one or both of you, like nearby branches, a modern app, interest accrual or no minimum balance required?
2. Research account options. With your do's and don'ts identified, start looking for the best checking account. You can start with your current banks or credit unions to see what they offer. Some websites allow you to compare multiple options at once.
3. Open the account. When you've found the winning account, the two of you can open it together in person at a branch or online depending on the financial institution. Since you'll be joint account holders, you'll each need to provide some personal information and identification (proof of address, a government ID or Social Security number, for example). When you submit an application, there's no credit check, but the bank will run a ChexSystems report to ensure you haven't had past issues with deposit accounts, like frequent bounced checks. One of you may also need to make a small opening deposit to officially create the account.
4. Switch over existing payments. Do you have automatic bill payments from your personal checking account that will now come from the joint account? Review your recent statements to make a list of all recurring payments, then update your payment information with those businesses. Make sure to also update any direct deposits or automatic transfers to investments or savings accounts.

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Learn more: How to Choose a Bank Account

The Bottom Line

Don't forget that checking accounts don't directly impact your credit, positively or negatively. Because checking and savings accounts don't entail borrowing or repaying money, they're not part of your credit score.

Since you won't be able to impact your credit score through a checking account, make sure you're building your credit in other ways, such as paying debts on time and using a credit card responsibly. If you don't currently have a credit card you love, you could use features from Experian to receive free, personalized credit card offers based on your credit profile.