What Are the Benefits of Joint Checking Accounts?


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Some of the benefits of a joint checking account include access by both individuals to a greater amount of money, lower fees because of higher average balances and less hassle with shared expenses, says Reader's Digest. Such accounts are best for a couple that is open about finances.

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Joint accounts also put some controls in place, with more than one person in charge of the account, which is helpful if one of the two account holders is less careful with money, attests Reader's Digest. Saving together for a big-ticket item is easier to plan and control with a joint account than if the two individuals have separate accounts. While splitting up regular bills is easy to control with regular bills, given that individuals can easily pay such bills from separate accounts online, such arrangements become more complicated with surprise expenses, premiums for such things as insurance, and expenses such as holidays and vacations.

Joint finances also provide much more convenience and security under a variety of other conditions, reports SavingsAcounts.com. Such conditions include if the two individuals have children or if one of the two is a stay-at-home parent. A majority of married couples with children share joint bank accounts. Many couples without children also share joint accounts because of these other advantages.

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