What you need to do to open a joint account
To open a joint bank account, both account holders must visit the bank together or one person can start the account and add the other person later—it depends on the bank's rules. You will need a government-issued ID for each person, a Social Security number for each person, and proof of address (usually a recent utility bill or lease). The person opening the account will choose the type of account (checking, savings, or both), decide on the initial deposit amount, and sign paperwork that names both owners.
The bank will run a background check through ChexSystems or Early Warning Services, which are banking history databases. This check looks for unpaid overdrafts, fraud, or closed accounts at other banks. If either person has a history of banking problems, the bank may deny the account or require a larger deposit. After approval, each account holder receives a debit card and online access, and both names appear on the account.
Key Takeaways
- Both account holders need a government ID, Social Security number, and proof of address; the bank will check banking history for both people.
- You can open the account together in person, or one person can open it and add the other person afterward—ask the bank which method they allow.
- Decide in advance whether you want both people to have equal access to all funds or whether one person will manage the account.
- Joint accounts come with tax and legal consequences: the IRS may tax interest earned, and creditors can seize the account to pay one person's debt.
Choosing between "and" and "or" ownership
Banks offer two legal structures for joint accounts: joint tenancy with rights of survivorship (often called "and" accounts) and tenancy in common (often called "or" accounts). The difference matters when one account holder dies or when a creditor tries to collect a debt.
In a joint tenancy account, both people own the entire account equally. If one person dies, the surviving person automatically owns all the money—the account does not go through probate or the deceased person's will. If a creditor sues one account holder, they can freeze or seize the entire account balance, not just that person's half. Most couples choose this structure for household bills and shared expenses.
In a tenancy in common account, each person owns a specific percentage of the money (usually 50/50, but you can set it differently). If one person dies, their share goes to their estate and follows their will—it does not automatically pass to the other account holder. A creditor can only seize the account holder's own percentage. This structure is less common but may be chosen by unmarried partners or people with adult children from previous relationships.
Ask the bank which structure they use by default, because it varies. Some banks default to joint tenancy; others require you to specify. Get the choice in writing before you sign.
What documents to bring to the bank
| Document | Why the bank needs it | Examples |
|---|---|---|
| Government-issued ID for each person | Confirms identity and prevents fraud | Driver's license, passport, state ID card |
| Social Security number for each person | Used for background check and tax reporting | Social Security card or tax return |
| Proof of current address for each person | Confirms where you live; required by federal law | Utility bill, lease, mortgage statement, or government mail dated within 90 days |
| Initial deposit (optional but common) | Funds the account; some banks waive this for direct deposit | Check, debit card, or cash |
Bring originals or certified copies—banks will not accept photos or screenshots. If one person cannot attend in person, call ahead to ask whether the bank allows remote account opening or whether the second person can be added after the account is created.
Tax and liability consequences of joint accounts
A joint account is not the same as a joint tax return or a marriage. The IRS treats interest earned in a joint account as income for whoever earned it, but if both people contributed money, you may owe taxes on interest you did not earn. Keep records of who deposited what, because the IRS can ask for proof if the interest is large enough to trigger a 1099-INT form.
If one account holder owes money to a creditor, the creditor can freeze or seize the entire joint account—not just that person's share. This includes child support arrears, unpaid taxes, medical debt, or credit card judgments. The other account holder can file a claim to recover their portion, but this requires a lawsuit and is expensive and slow. If you are concerned about a partner's debt, a joint account may not be safe.
If one account holder dies, the surviving person can access the account immediately without waiting for probate—this is the main advantage of joint tenancy. However, the deceased person's creditors may still have a claim against the account, depending on state law and the size of the estate.
How to add someone to an existing account
If one person already has a bank account and wants to add a co-owner, visit the bank with both people and the original account holder's ID and the new person's ID and Social Security number. The bank will run a background check on the new person and update the account paperwork. This usually takes one business day to one week, depending on the bank.
Some banks allow you to add someone online or by phone, but most require an in-person visit. Ask whether adding someone changes the account number or whether you keep the same debit cards and online login. Some banks issue new cards to both people; others keep the existing card active and send a new one to the new account holder.
What happens if you want to remove someone later
Removing a co-owner is more complicated than adding one, because both people usually have equal legal rights to the account. If both people agree, you can visit the bank together and ask to remove one person's name. The bank will close the joint account and open a new account in the remaining person's name, or convert the existing account to a single-owner account.
If the two people disagree, one person cannot unilaterally remove the other without a court order. If you are in a divorce or separation, a judge can order the account frozen or divided. If you are concerned about a partner's spending or access, talk to a lawyer before opening the account, because closing or changing a joint account after the fact is slow and costly.
Frequently Asked Questions
Do both people need to be present when we open the account?
Most banks require both people to be present in person, but some allow one person to open the account and add the other person later. Call the bank before you go to confirm their policy. If one person cannot attend, ask whether they can authorize the other person in writing or whether the account can be opened remotely.
Can I open a joint account if one person has bad credit?
Banks do not check credit scores for checking or savings accounts—they check banking history through ChexSystems. A low credit score will not stop you, but unpaid overdrafts or fraud at another bank may. If one person was denied, ask the bank why and whether a larger deposit or a secured account is an option.
What if one person wants to close the account?
Both people usually have the right to close a joint account, but the bank may require both signatures. If you disagree about closing it, one person cannot force the other to close it without a court order. If you are separating, contact a lawyer before trying to close or divide the account.
Will opening a joint account affect my credit score?
Opening a joint bank account does not affect your credit score because banks do not report checking or savings accounts to credit bureaus. Only credit products like loans and credit cards show up on your credit report.
Can creditors take money from a joint account if only one person owes the debt?
Yes. A creditor with a judgment against one account holder can freeze or seize the entire joint account balance, even if the other person contributed all the money. The other person can file a claim to recover their share, but this requires a separate lawsuit.