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Best Joint High-Yield Savings Accounts for August 2024

Review Updated
Steven Porrello
By: Steven Porrello
Steven Porrello
Steven Porrello
Writer

Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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Our Banking Expert

Nathan Alderman
Check IconFact Checked Nathan Alderman
Nathan Alderman
Nathan Alderman
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Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Joint savings accounts link the finances of two or more people and help them reach their savings goals faster. Great for couples sharing their finances, parents teaching their kids about saving money, or any pair who want to collaborate with their money, these accounts are a safe place for multiple parties to park cash.

The best joint savings accounts have zero or low fees, competitive APYs, and flexible withdrawal options. If you're ready to link up your savings with another person, below are our top picks for joint savings accounts.

  • Our team of experts assessed 100+ banking institutions
  • We evaluate all banking institutions across the same 4 key criteria: annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks
  • Our bank ratings are never influenced by our advertising partners
  • We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased

Robin Hartill, CFP®, is The Ascent’s Head of Product Ratings and has worked for The Motley Fool since 2020. Her work has appeared in various national publications, including Yahoo! Finance, NerdWallet, Investopedia, CNN Underscored, MSNBC, USA Today, and CNET Money. She previously wrote The Penny Hoarder’s syndicated “Dear Penny” personal finance advice column.

Here's a quick list of some of the best joint savings accounts, backed by our expert research and testing:

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

More details on the best joint savings accounts

Ratings Methodology
Rates as of Aug 24, 2024
Award Icon 2024 Award Winner

SoFi Checking and Savings

Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Offer Alert
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
APY
up to 4.60%² Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. To Earn APY
$0
  • Competitive APY on both Savings and Checking
  • No account fees³
  • Welcome bonus up to $300 (direct deposit required)¹
  • Early access to direct deposits⁶
  • Tools to help you track savings goals
  • Unlimited number of external transfers (up to daily transaction limits)
  • ATM access⁵
  • FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)⁴
  • Combo account only; no stand-alone savings or checking
  • Maximum Savings APY requires direct deposit
  • Overdraft protection⁷ requires monthly direct deposit minimum
  • No branch access; online only

Perhaps no account is more fitting for joint ownership than a joint savings and checking account. Indeed, this hybrid account by SoFi® combines the best of both accounts, with a high APY and a cash back debit card. Better yet, the account has no fees³ and boasts a lucrative cash bonus to give your savings a little boost.



SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.

SoFi members with Direct Deposit can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

² SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

³ Our account fee policy is subject to change at any time.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional

FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms

See list of participating banks at SoFi.com/banking/fdic/receivingbanks

⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

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Why we picked it: We picked this account for its simplicity, user friendliness, and high APY. You'll earn up to 4.60%² APY on savings balances and 0.50% APY on checking balances when you set up direct deposits (or deposit $5,000 every 30 days).

What you should know before you open an account: The account is free, but you need to set up direct deposit to earn its highest APY. You'll also pay a $4.95 fee for cash deposits.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Aug 24, 2024

Capital One 360 Performance Savings

Open Account for Capital One 360 Performance Savings

On Capital One's Secure Website.

Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
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Open Account for Capital One 360 Performance Savings

On Capital One's Secure Website.

APY
4.25% Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. To Earn APY
$0
  • Competitive APY
  • Branch access
  • No account fees
  • Comfort of a well-known brand and reputation
  • 24/7 customer support
  • No ATM access

Most joint savings accounts leave you with a dilemma: You can either have an exciting APY (but limited access to your money) or greater flexibility with cash (but a sad savings rate). This account by Capital One, however, does a great job of combining these two perks. The Capital One 360 Performance Savings has a decently high APY, plus gives you the option of accessing funds at Capital One Cafes.

Read Full Review

Why we picked it: It gives you the best of both worlds: a high interest rate from an online bank and in-person support at Capital One branches. If someone wants to bank in person, while the other prefers online banking, this bank account could make both people happy.

What you should know before you open an account: The account is free and doesn't have any minimum balance requirements.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Aug 24, 2024
Award Icon 2024 Award Winner

CIT Platinum Savings

Open Account for CIT Platinum Savings

On CIT's Secure Website.

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
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Open Account for CIT Platinum Savings

On CIT's Secure Website.

APY
5.00% APY for balances of $5,000 or more Rate info Circle with letter I in it. 5.00% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. To Earn APY
$100 to open account, $5,000 for max APY
  • Competitive APY
  • No account opening or maintenance fees
  • Unlimited number of external transfers (up to daily transaction limits)
  • Interest compounds daily so your money can grow a bit faster
  • FDIC insured
  • Balance requirement for maximum APY
  • No branch access; online only

For those looking to earn the most interest possible, the CIT Platinum Savings should be at the top of your list. This account has an incredibly high APY for balances of $5,000 or more. The account has no fees, plus equips joint owners with a robust mobile app for easy account access.

Read Full Review

Why we picked it: It has an astonishing 5.00% APY for balances of $5,000 or more. Joint account holders with higher balances will benefit from this account's APY.

What you should know before you open an account: The account has no monthly service fees and requires a low minimum opening balance of $100. If you don't maintain $5,000 or more your APY will drop to 0.25%.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Aug 24, 2024

Barclays Tiered Savings

Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

APY
up to 4.80% Rate info Circle with letter I in it. Balances less than $10,000 earn 1.00%, balances $10,000 to less than $50,000 earn 4.40%, balances $50,000 to less than $250,000 earn 4.50%, and balances greater than $250,000 earn 4.80% APY.
Min. To Earn APY
$0
  • Competitive APY
  • No monthly account fee
  • No minimum deposit to open an account
  • Unlimited number of external transfers
  • FDIC insured
  • Withdrawals can only be conducted via ACH transfer to/from an external bank account
  • Balance requirement for maximum APY
  • No ATM access
  • No wire transfers (inbound or outbound)
  • No branch access; online only

For those who can maintain a high account balance, we think the Barclay Tiered Savings account's APY is hard to beat. Not only does it offer a strong APY, but it also has no monthly fees, no minimum amount to open an account, and no withdrawal limits.

Read Full Review

Why we picked it: This account is great for couples who expect to maintain a high balance of $250,000 or more in savings. This will slot you into the account's highest APY tier.

What you should know before you open an account: Barclays Tiered Savings has no monthly service fees and no minimum balances to maintain. If you don't maintain $250,000 or more, your APY will fall significantly.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Aug 24, 2024

E*TRADE Premium Savings

Read Review
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
APY
4.50%
Min. To Earn APY
$0.01
  • Conveniently transfers money to brokerage account
  • Decent APY
  • No monthly maintenance fees
  • High deposit insurance
  • Better APYs at other banks
  • No ATM access
  • No branch access
  • Withdrawal limitations

With no fees and no account minimums, E*TRADE Premium Savings can be a great add-on to your E*TRADE brokerage account. Its APY is decent, but you can find better interest rates at other banks.

Why we picked it: It offers couples double the usual FDIC insurance: $1 million for joint accounts. It has a decent APY and lets you transfer money immediately to other E*TRADE accounts, including checking and brokerage.

What you should know before you open an account: The account has no monthly service fees or minimum balance requirements. The account, however, must be funded within 30 days to stay open.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Aug 24, 2024

Citizens Access® Savings

Read Review
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
APY
4.50%
Min. To Earn APY
$0.01
  • Competitive APY
  • No account fees
  • Unlimited transfers and withdrawals
  • FDIC insured
  • No wire transfers (inbound or outbound)
  • No checking account offered at same bank
  • No ATM access
  • No branch access; online only

Citizens Access® Savings offers a highly competitive APY and most of the features you'd expect from a reputable online savings account. Beware that wire transfers are not permitted — which may be inconvenient if you plan to pay a mortgage down-payment or closing costs from this account. Otherwise, funds should be easy to access through online transfers.

Why we picked it: The account earns a flat 4.50% APY on all balances. This could appeal to joint account holders who don't want to constantly meet criteria to earn a good APY.

What you should know before you open an account: The Citizens Access® Savings has no account fees and a low minimum opening deposit of $0.01. There's no withdrawal limit, but also no ATM access.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Aug 24, 2024

EverBank Performance℠ Savings

Read Review
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
APY
5.05%
Min. To Earn APY
$0
  • Competitive APY
  • No monthly account fee
  • Branch access (if you live near one)
  • FDIC insured
  • Same-day ACH transfers
  • Free wire transfers (incoming only)
  • ATM access only available via optional checking account
  • Branches only in Florida

EverBank Performance Savings has one of the top APYs on our savings account radar, especially among accounts that require no minimum deposit. There are no maintenance fees, and there are multiple options for making deposits into the account. For customers who live in Florida, there are several physical locations to visit.

Why we picked it: It checks all the boxes for a high-yield savings account: competitive APY (5.05%), no monthly service fee, and no minimum balance required. It also has one of the highest mobile check deposits of any bank -- a cap of $50,000 per day.

What you should know before you open an account: EverBank has a few branches in Florida. For most people, however, this will be an online-only savings account. It doesn't offer ATM access at this time.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Aug 24, 2024

Capital One Kids Savings Account

Read Review
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
APY
2.50%
Min. To Earn APY
$0
  • High APY
  • No minimum to earn APY
  • No fees
  • No minimum age requirement
  • Easy to set up automatic savings
  • Limited education features
  • Won't automatically convert to a regular savings account when child turns 18

Though some kids' savings accounts at credit unions boast higher APYs, the Capital One Kids Savings Account has the highest APY we could find at a major bank. The account has no monthly fees or minimum opening deposit, both of which are major pluses for a kids' bank account. Children of any age can open this account with an adult, though if the child is younger than 12, the adult co-owner must be their parent or guardian.

Why we picked it: It's simple, easy to use, and free -- just as a kids savings account should be. We picked it for its simplicity and its competitive APY of 2.50%.

What you should know before you open an account: Parents can also link their Capital One bank accounts to this one and pay a monthly allowance into their child's bank account. You can also create multiple free bank accounts for each child.

What is a joint savings account?

A joint savings account is one that assigns ownership to more than one person and lets them deposit and withdraw savings freely. Typically, these joint accounts have one routing number, one monthly fee (if they have one at all), and one APY. That said, account holders can have different PINs for ATM cards or choose different login information for the same online account.

Sometimes, banks will offer joint savings accounts as a standalone product. But more often than not, you'll open a regular savings account and choose to add joint owners at the beginning of your application. Most banks will even let you add a joint owner to an account you previously opened by yourself.

How to choose the best joint savings account

Choosing the best joint savings account involves deciding how much branch access you want, whether you want an ATM card, and how much interest you want to earn on your savings. With that in mind, here are some important factors to consider when choosing your account:

  • Annual percentage yield (APY): The APY on your savings account is the total interest it will earn over a 12-month period. Typically, online high-yield savings accounts will have the best rates, while those at big national banks will pay out the least.
  • Monthly maintenance fees: Service fees are common with accounts held at brick-and-mortar banks, but even some online accounts will impose them. The best joint accounts will have no fees or give you easy ways to waive them.
  • Online vs. brick and mortar: Brick-and-mortar banks have in-person services, while online banks will often give you a higher savings rate and no account fees.
  • ATM network: Some joint savings accounts will come with ATM cards that let you withdraw cash at fee-free ATMs. This feature is more common with accounts held at brick-and-mortar banks, though some online accounts -- like the LendingClub LevelUp Savings account -- also come with their own cards.
  • Welcome offers: Banks occasionally give welcome bonuses to new account holders for meeting certain criteria, like setting up direct deposit or maintaining a minimum balance for a certain period. Depending on how high the bonus is, you may have to report it on your taxes.

How to open a joint savings account

The application process for opening a joint account is similar to a personal account, except you'll select the joint account option during signup, then enter the personal information for all account owners, likely:

  • Address
  • Date of birth
  • Social Security number

If you're signing up at a brick-and-mortar location, both owners should be present to fill out their respective application forms.

Pros and cons of opening a joint savings account

Pros

  • Hit savings goals faster: Combining your savings could accelerate big financial goals like buying a car or house.
  • Co-monitor your spending: Joint accounts bring more transparency, which could help both owners curb unnecessary spending. Depending on the account's withdrawal restrictions, this could also mean leaving more money in your savings each month.
  • More FDIC insurance: When two people co-own a bank account, they each have $250,000 in FDIC insurance. That means the account has a total insurance limit of $500,000.

Cons

  • Less financial privacy: Combining your savings means both owners can peer in on the transactions of the other person.
  • More responsibility: Both account owners will be responsible for all activities on the account, including overdraft fees.

Our savings account methodology

At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how The Motley Fool Ascent rates bank accounts.

Banks we monitor

  • Alliant, Ally, All America Bank, American First Credit Union, American Express® National Bank, Arvest Bank, Aspiration, Axos Bank, B2 Bank, Bank of America, Bank5 Connect, Bank7, Barclays, Bask Bank, Betterment, Bluevine, BMO Bank, Bread Financial, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIT, Citibank, Citizens, Citizens Savings Bank, Columbia Bank, Connexus Credit Union, Consumers Credit Union, Copper, Cross River Bank, Customers Bank, Discover® Bank, E*TRADEEdward Jones, EverBank, Fidelity, Fifth Third Bank, First Foundation Bank, First Internet Bank of Indiana, First National Bank, First Tech Federal Credit Union, Flushing Bank, Freedom Bank, Generations Bank, GN Bank, Golden 1 Credit Union, Greenlight, Harborstone Credit Union, HSBC, Huntington Bank, Ivella, Jenius Bank, Kabbage by American Express, KeyBank, Laurel Road, LendingClub, Liberty Bank, Liberty Federal Credit Union, Marcus by Goldman Sachs, Mercury, Municipal Credit Union, Mutual of Omaha, NASA Federal Credit Union, Nationwide Bank, Navy Federal Credit Union, NBKC Bank, New York Community Bank, Northpointe Bank, Novo, OceanFirst Bank, Old National Bank, ONE Finance, OneUnited Bank, Oxygen, Pacific Western Bank, PNC Bank, Ponce Bank, Popular Direct, Presidential Bank, Prime Alliance Bank, Quontic, Radius, Raisin, Redneck Bank, Regions Bank, Relay, Republic Bank of Chicago, Revolut, Salem Five Bank, Sallie Mae, Santander Bank, SchoolsFirst Federal Credit Union, Simple, SoFi®, Synchrony Bank, Tab Bank, TD Bank, Third Federal, Truist Bank, U.S. Bank, UFB, Upgrade, USAA, Valley Bank, Vanguard, Varo Bank, Vio Bank, Wealthfront, Wells Fargo, Western Alliance Bank, and Zeta.

FAQs

  • Yes, each person that co-owns a joint savings account has $250,000 in FDIC insurance, so the account has a total insurance limit of $500,000.

  • Joint account holders typically have the right of survivorship, which gives the surviving owner complete ownership over the account if the other person dies.

  • When you earn interest in a savings account, your bank will send you a 1099-INT tax form, which you'll then use to report your interest income on your taxes. For those who are married and filing taxes jointly, this will be as simple as reporting the total interest. But if you're filing taxes separately, you'll have to figure out how to divide the interest equally.