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Joint Checking Accounts

If you’re planning to share finances with a family member or a loved one, you may be considering opening a joint checking account. Before you do, learn about the benefits and pitfalls of sharing a bank account, and consider the types of joint checking accounts Santander Bank® offers.

What is a Joint Checking Account?

A joint checking account functions almost identically to any other checking account, however, more than one account owner has the ability to make transactions.

How Does a Joint Checking Account Work?

With a joint checking account, both account owners can deposit to and withdraw from the account equally. This means that both partners can write checks, make online payments, or use a debit card connected to the account, and they do not need to receive the consent of the other owner after the account has been set up.

There are many advantages to having a joint checking account. If you are actively sharing expenses with someone, a joint checking account allows for ease of paying bills and making everyday purchases. It may also allow you to draw from a higher account balance for larger expenses, such as mortgage payments. It could also help you avoid monthly maintenance fees on an account, either by meeting a combined minimum balance, or allowing for either owner to make a required transaction.

There can be downfalls to a joint checking account, such as the lack of privacy for financial transactions. By adding another owner to your account or opening a new account, you are giving them full access to the account balance. Funds could be mismanaged, with little to no recourse if money you deposited is withdrawn without your knowledge.

For an added layer of transparency when sharing finances, ensure all owners of a joint checking account enroll in online banking so that they can monitor spending and deposits.

 
 
 
 

Joint Checking Account Rules

While opening a joint checking account is often associated with newly married couples, there are no limits to who can open a joint checking account together. Other common uses for a joint checking account include parents monitoring the finances of young children or students, individuals helping manage the finances of elderly parents, roommates who share expenses, or business partners.

There are several implications of a joint checking account, which include:

 
 
 
 

Types of Joint Checking Accounts

All checking accounts at Santander Bank can be opened jointly.
Compare checking account options to determine which account fits you and your co-owner’s needs.

Sharing a joint checking account?

Add a joint savings account to your financial plan.
Learn more about combining finances and managing money jointly.

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*There is a maximum of $250,000 of deposit insurance from the FDIC for each category of account ownership. Please visit fdic.gov for details.

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