Opening a Joint Bank Account with SoFi Online: How to Do It

Key Highlights

• You can open a joint account with SoFi online.
• Enjoy competitive interest rates with no monthly fees.
• Manage your shared finances easily with SoFi’s mobile app.
• Access various banking features, including direct deposit and mobile check deposit.
• Your deposits are protected with FDIC insurance.
• SoFi’s online platform makes joint account management seamless.

Introduction

This guide will walk you through opening a joint bank account with SoFi online. We’ll explain what a joint account is, how it works, and how to use SoFi’s user-friendly website. Whether you’re a couple sharing expenses or family members looking for a convenient banking option, this guide has everything you need to get started.

Understanding Joint Bank Accounts

A joint bank account allows two or more people to manage money together. Each account holder has equal access to deposit and withdraw funds. Everyone shares responsibility for managing the account, making it a great option for couples, families, or business partners.

Joint accounts simplify bill payments, provide transparency in financial management, and may offer better interest rates or rewards. However, it’s important to consider both the benefits and potential risks before opening one.

The Basics of a Joint Bank Account

A joint bank account is shared between two or more people, granting each person equal access to funds. This makes it convenient for paying household expenses, managing joint savings, and simplifying financial tracking.

However, joint accounts also mean shared responsibility. If one person incurs overdrafts or debts, both account holders are responsible for covering them.

Benefits of a Joint Bank Account

• Simplifies Bill Payments: Easily manage rent, utilities, and other shared expenses.
• Better Money Management: Offers transparency in spending, encouraging open financial discussions.
• Higher Interest Rates & Rewards: Some joint accounts provide better interest rates and additional perks.
• Increased FDIC Insurance: Some banks offer higher coverage limits for joint accounts.

Preparing to Open a Joint Bank Account with SoFi

Before applying, gather the necessary documents and information to speed up the process. Both account holders should have their personal details ready, including Social Security numbers, addresses, and employment information.

What You Need to Get Started

To open a joint bank account with SoFi, ensure that both applicants meet the following requirements:

• Be at least 18 years old.
• Be a U.S. citizen or a qualified resident.
• Have a valid Social Security number.
• Have a reliable internet connection and a computer or smartphone to complete the online application.

Documents and Information Required

• Social Security numbers, birth dates, and contact details for both applicants.
• Employment information, including employer name and address, for direct deposit setup.
• Banking details (account and routing numbers) if linking external accounts for funding.

Step-by-Step Guide to Opening Your Joint Bank Account with SoFi

SoFi makes the process simple and fully online. Follow these steps to open your joint account.

Step 1: Visit SoFi’s Website and Navigate to the Banking Section

Go to the SoFi website and select “Banking” or “Checking and Savings.” Locate the “Joint Bank Account” option and click “Open an Account” or “Get Started.”

Step 2: Choose the Type of Joint Bank Account

SoFi offers joint checking and savings accounts. Consider your financial goals before selecting the right option:

• Checking Account: Best for everyday spending and bill payments.
• Savings Account: Ideal for accumulating interest and long-term financial goals.

Step 3: Fill in Personal Information for Both Applicants

Enter the required personal details, including full names, dates of birth, Social Security numbers, addresses, and contact information. Ensure all information is accurate to prevent delays.

Step 4: Verify Your Identities

For security purposes, SoFi may ask you to verify your identity by answering security questions or uploading a digital copy of a government-issued ID (driver’s license or passport). SoFi uses encryption to protect your personal information.

Step 5: Agree to Terms and Complete Setup

Before finalizing your application, carefully review SoFi’s terms and conditions. Pay attention to:

• Interest rates and fees.
• Withdrawal and transaction limits.
• Dispute resolution policies.

Once you agree to the terms, complete the setup, and your joint account will be ready to use.

Managing Your New Joint Bank Account

You can manage your SoFi joint account through their online platform or mobile app, which offers features like bill payments, fund transfers, and balance tracking.

Setting Up Direct Deposits

Using direct deposit for paychecks or benefits simplifies money management. Employers or government agencies can deposit funds directly into your SoFi joint account, reducing the risk of lost or stolen checks. Additionally, direct deposits may unlock higher interest rates or cash bonuses with SoFi.

To set up direct deposit:

• Log into your SoFi account via the website or mobile app.
• Navigate to “Direct Deposit” settings.
• Enter your employer’s information or other funding source details.

Using the Mobile App for Account Monitoring

The SoFi mobile app (available for iOS and Android) provides instant access to account balances, transaction history, and money transfers. You’ll receive push notifications for deposits, withdrawals, and any unusual activity, ensuring complete oversight of your joint account.

Common Misconceptions About Joint Bank Accounts

Despite their benefits, joint accounts are often misunderstood. Let’s debunk some common myths.

Myth vs. Reality: Access and Control

Myth: One account holder has complete control over the money.

Reality: All account holders have equal access to deposits and withdrawals. Open communication is essential to prevent financial disputes.

Understanding the Legal Implications

Legally, joint account holders share equal ownership of funds. However, if one holder faces legal issues, creditors may claim funds from the account. State laws vary, so consulting a legal professional can clarify potential risks.

Conclusion

Opening a joint bank account with SoFi online is a straightforward process. By understanding the benefits and responsibilities of joint accounts, you can make informed financial decisions. SoFi’s online platform allows for easy account management, direct deposit setup, and mobile banking. If you’re ready to open a joint account, SoFi provides a hassle-free application process.

Frequently Asked Questions

Can I open a joint bank account with SoFi entirely online?

Yes, the entire process can be completed online through the SoFi website or mobile app.

How long does it take to set up a joint bank account with SoFi?

Approval typically takes a few business days. Once approved, you’ll receive your SoFi Bank Debit Card and can start using your account.

What happens to a joint account if one owner passes away?

In most cases, the surviving account holder retains full ownership of the funds. However, survivorship rights vary by state, so reviewing SoFi’s terms and consulting a legal expert is advisable.

Can both parties access funds equally in a SoFi joint bank account?

Yes, all joint account holders have equal access to deposits, withdrawals, and transactions.

Are there any fees associated with maintaining a SoFi joint bank account?

SoFi’s joint bank accounts have no monthly fees. For a complete list of potential charges, visit SoFi’s fee schedule on their website.

Written by FangWallet Editors Updated February 20, 2025 by Albert Fang