You cannot add another person to an existing Discover savings account — you can only open a joint account from the start
Discover does not allow you to convert a single-owner account into a joint account after it has been opened. If you want a second person to have full access to a savings account at Discover, you must close the existing account and open a new joint account together. Both account holders will need to be present (online or by phone) during the opening process, and both will have equal rights to withdraw, transfer, and manage the account.
If you want to give someone limited access without making them a full owner — for example, to let a caregiver or adult child view balances or make transfers on your behalf — Discover offers power of attorney arrangements through their customer service team. This is different from joint ownership and requires separate paperwork.
Key Takeaways
- Discover will not add a second owner to an account that already exists; you must open a new joint account if you want shared ownership.
- Both people must participate in opening a joint account, either online together or by phone with a Discover representative.
- Joint account holders have equal access to all funds and can withdraw or transfer money without the other person's permission.
- If you only want to give someone temporary or limited access, ask Discover about power of attorney options instead of creating a joint account.
- Closing your current account and opening a new joint account may affect your account history, interest rate, and any promotional terms tied to the original account.
What happens when you open a joint savings account at Discover
When you open a joint account, both account holders are listed on the account registration and both have full legal ownership. This means either person can deposit money, withdraw funds, close the account, or change account settings without notifying the other. Discover will report account activity to the credit bureaus under both names, so late payments or overdrafts (if the account allows them) will affect both people's credit reports.
Interest earned on the account belongs to both owners equally unless you have a separate written agreement. When you file taxes, you and the other owner will each receive a 1099-INT form reporting half the interest earned, or Discover may report it all to one person's Social Security number — you will need to coordinate with the other owner and your tax preparer on how to split it correctly.
The steps to open a joint account at Discover
Start by gathering what you both will need: a valid government-issued photo ID for each person, your Social Security numbers, and your current contact information. You will also need to decide whether to transfer money from your existing account or fund the new joint account separately.
Go to Discover's website and select the option to open a new savings account. During the application, you will be asked whether you want a single or joint account — choose joint. You will enter information for both account holders. At some point in the process, Discover will require both people to verify their identity and confirm they agree to the joint ownership. This verification usually happens online in real time, or you can complete it by phone with a Discover representative if the online process does not work for both of you.
Once the account is approved and opened, you can transfer money into it. If you want to close your old single-owner account, do that after the new joint account is funded and working. Discover will not automatically move money between accounts, so you will need to initiate a transfer or deposit yourself.
What to do if you want limited access instead of joint ownership
If the other person does not need to own the account but you want them to help manage it — for example, a caregiver who needs to pay bills from your account, or an adult child who monitors your savings — ask Discover about authorized user or power of attorney options. These arrangements give someone access to the account without making them a legal owner.
With power of attorney, you sign a legal document that gives another person the right to act on your behalf for financial matters. The scope can be limited (for example, only to transfer money, or only for a set time period) or broad. Discover will need to see the power of attorney document before they allow the other person to access your account. This route is slower than opening a joint account — it requires paperwork and Discover's review — but it protects your account if the relationship changes or if you want to revoke access later without closing the account.
What happens to your old account and interest rate
When you close your existing Discover savings account to open a joint one, you lose any promotional interest rate that was tied to that account. Discover's savings rates change frequently, and a new account will have whatever rate Discover is currently offering, which may be higher or lower than what you were earning. Check Discover's current rates before you close the old account so you know what to expect.
Your account history — the record of deposits, withdrawals, and interest earned — stays with the closed account. You can still access statements from the old account through your Discover login for a period of time after closing, but the new joint account will start with a zero balance and a fresh history. If you have automatic transfers or bill payments set up on the old account, you will need to cancel those and set up new ones on the joint account, or they will fail.
Risks and things to consider before opening a joint account
Joint account ownership means the other person can withdraw all the money without your permission. If the relationship ends or becomes strained, you have no legal claim to funds the other person removes. Discover will not freeze the account or prevent withdrawals based on a dispute between owners — that is a civil matter between you and the other person.
If the other person has debt, creditors may be able to go after funds in a joint account to satisfy a judgment, even if you deposited the money. Similarly, if either owner files for bankruptcy, the joint account may be included in the bankruptcy proceedings. Before opening a joint account, think carefully about whether you trust this person with full access to the money and whether their financial situation could create problems for you.
For couples, a joint account can be a practical way to manage shared expenses. For parents and adult children, it can create complications if the parent later needs to apply for means-tested benefits like Medicaid, because the adult child's ownership stake in the account may count against the parent's asset limits. Talk to a financial advisor or elder law attorney if you are considering a joint account for this reason.
Frequently Asked Questions
Can I add someone to my account without closing it?
No. Discover does not allow you to add a joint owner to an existing account. You must open a new joint account. If you want to avoid closing your current account, you can keep it open and also open a separate joint account, but you cannot merge them or convert one into the other.
What if the other person does not want to open the account in person?
Both people can open a joint account online at the same time if you are in the same location and can verify your identities together. If you are in different locations, you can complete the application by phone with a Discover representative, who will verify both of you during the call. Discover does not require an in-person visit to any branch because Discover operates online only.
Will opening a joint account affect my credit score?
Opening a new account will trigger a hard inquiry on your credit report, which may lower your score slightly for a few months. The other person's credit will also be checked. After that, the account itself does not hurt your credit — it may even help if it lowers your overall credit utilization. However, any missed payments or overdrafts on the joint account will damage both owners' credit scores.
Can I remove someone from a joint account later?
No. Once an account is joint, you cannot remove the other person without closing the account. If you want to end the joint ownership, you must close the account, split the funds, and open a new single-owner account if you want to keep saving at Discover. The other person has the same right to close the account, so they can do this without your permission.
What if I want to add someone temporarily, like for a specific goal?
If you only need joint access for a limited time, consider opening a joint account for that specific purpose and closing it once the goal is met. Alternatively, you can give the other person temporary power of attorney for a set period, which is easier to end than a joint account. Ask Discover which option works best for your situation.