The best joint savings accounts for couples

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Opening a joint savings account may be a smart move for many couples.

By combining finances into a joint account, couples can pay for shared bills, like rent, utilities, or groceries. It eliminates the need for constant transfers between individual accounts and simplifies the process of tracking and splitting expenses, making budgeting much smoother.

A joint account can also promote financial transparency between you and your partner. Through a joint account, couples can better plan for their future, whether it's saving for a down payment on a house, planning a wedding, or preparing for retirement.

Here are five of the best joint accounts for couples.

SoFi High-Yield Savings Account

• APY: Up to 4.60%
• Minimum deposit: $0
• Monthly maintenance fees: None

SoFi’s savings account is tough to beat, as long as you and your partner set direct deposit. You’ll earn up to 4.60% APY, and you’ll earn 0.50% on your checking account balance at the same time. And if you can start your joint account with a healthy deposit – $5,000 or more – you’ll get a $250 bonus.

SoFi’s “Vaults” is a great feature for couples learning to save together. The tool lets you set up different savings goals, helping you track your progress and avoid dipping into one lump sum of savings for every expense. There’s also a Round Up tool that rounds purchases on your SoFi debit card and automatically saves the difference. 

Read our complete review. 

Ally Savings Account

• APY: 4.25%
• Minimum deposit: $0
• Monthly maintenance fees: None

Ally’s Savings Account appears on almost every list of the best savings accounts available, thanks to a high APY of 4.25% and nearly non-existent fees. There’s no minimum deposit requirement, and while you can’t visit an Ally bank, contact customer service any time of the day or night.

Ally offers a “Buckets” feature – similar to SoFi’s Vaults – which lets you divvy up money for different goals. Perhaps you’re trying to save to buy a car while also saving for a vacation next summer. The Buckets function lets you visualize these different objectives easily. By linking an Ally spending account, you'll access a Round Up feature that boosts your savings.

Read our complete review. 

Alliant Credit Union High-Rate Savings

• APY: 3.10%
• Minimum deposit: $100 (to earn interest)
• Monthly maintenance fees: None, as long as you select eStatements

Alliant Credit Union’s 3.10% APY may not be as competitive as some of the best high-yield savings accounts. But the credit union offers the ability to open over a dozen supplemental savings accounts – all of which earn the same APY – to track your financial goals. It’s not just about what the credit union’s savings account can do for you, either.

Financial success with your partner isn’t just about savings — it’s also about the other big financial decisions you’ll have to make together.

This credit union is an example of what member-based financial services can do for your long-term success. For example, Alliant offers below-market lending rates and the ability to get a no-down-payment mortgage without mortgage insurance. This can impact the financial needs the two of you may have down the road.

What to consider when choosing a joint savings account

Choosing the best savings account for you and your partner involves looking at many of the same factors you use when opening an account for yourself.

Focus on finding an account that pays a competitive APY – savings rates haven’t been this high in over a decade – and doesn’t charge any fees. It’s important to note that this is a savings account, too, so you may not need to worry about finding a bank with ATMs or branch locations.

The goal here is to save – not spend – so an online-only bank or credit union can be a great fit.

How to manage your savings together

Opening an account with both your names on it is only the first step toward managing your money together. Elliot J. Pepper, certified financial planner at Northbrook Financial, explains growing your balance and marrying your finances (even if you’re not officially married) requires additional work.

• Set goals together: “Engage in open and honest conversations about short-term and long-term financial goals, priorities, and spending habits,” Pepper says. “Also work to establish a mutual understanding of essential financial values.”
• Make a budget: Pepper recommends using an app to get a holistic picture of what’s coming in, what’s going out, and what’s staying in that new joint savings account. “It isn't enough to just create a budget and forget it,” Pepper says. “It is critical to monitor and regularly review cash flow to identify trends and adjust as needed. Using a financial planning app can automate a lot of the work required to do this effectively.”
• Plan for the worst: If you’re in the early stages of saving together, things probably look bright. But your future will inevitably include some serious hurdles, which is why you should have an emergency fund. “A priority for any couple should be to save at least three months’ worth of average expenses that can be saved in a high-yield savings account,” Pepper says. “With rates near 5%, this is a win-win. You will have your emergency fund to protect you from high-interest credit card debt and will be making money along the way.”
• Don’t just save – make a plan to be debt-free: It’s okay if you racked up some debt, but it’s not okay to avoid talking about it. “Brushing debt under the rug or ignoring it is a surefire way to land in a bigger financial mess later,” Pepper says. “Acknowledge the current debt situation and come up with a repayment plan together.”
• Keep your own account, too: Having a joint savings account doesn’t mean you can’t have your own account, too. In fact, you probably should. It can be helpful to have your own set of funds to avoid disagreements on certain purchases. “Some couples will have both a joint account and then separate accounts for their own personal spending,” Pepper says. “This can be a helpful way to maintain a joint mentality for finances but still allow a certain degree of financial independence.”

How we rated the best joint bank accounts 

To determine the best joint bank accounts, we carefully evaluated a wide range of factors, including interest rates, fees, minimum deposit and balance requirements, and product mix.

Our team analyzed numerous bank offers and selected the top contenders based on these key criteria. The options on this list represent the best value benefits available.

Here are some of the key factors we considered:

• Interest rate: The interest rate is the primary reason someone would choose a savings, CD, or money market account over another, so this is our most heavily weighted factor. 
• Fees: Low fees can help minimize the cost of managing your money and accessing essential financial services, allowing you to keep more of your hard-earned cash.
• Minimum deposit & balance requirements: High minimum deposits can be a barrier, and high balance requirements to avoid fees or earn the best rate limit the account's usefulness.
• Product mix: A diverse product mix allows customers to find the right financial solutions for their unique needs and goals. 
• Customer service: Reliable customer service is essential for a positive banking experience. 
• Digital experience: With more banking done online, the quality of an account's digital offerings is increasingly important.
• ATM & branch access: Access to ATMs and branches gives bank customers the flexibility to handle their banking needs in person when necessary while also providing easy access to cash when they need it.

The bottom line

Living with someone isn’t always going to be smooth. You’re going to have to face minor challenges – like who's doing the dishes – and potential big issues such as parenting styles.

Money can either create more friction, or it can be a reminder of why the two of you found each other in the first place. By opening a joint savings account, you can work together and develop a strategy to make paying for life’s needs less of a stressor. The result? You’ll enjoy life together more.

Editorial disclaimer: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.