You can open a joint savings account at almost any bank or credit union
Yes. Most banks and credit unions let you open a joint savings account with another person. Both account holders can deposit money, withdraw money, and make decisions about the account. You'll need to go to the bank together or one person can start the account and add the other person later — it depends on the bank's rules.
The account is owned equally by both people unless you set it up differently. That means either person can take out all the money without permission from the other. If that's a concern, you may want to talk about it before opening the account, or look into accounts with withdrawal restrictions.
You can open a joint account at a traditional bank, online bank, or credit union. The process takes about 15 to 30 minutes in person, or 10 to 20 minutes online if the bank offers remote account opening.
Key Takeaways
- Both account holders have equal access to all the money in a joint savings account unless you set up restrictions with the bank.
- You'll need a government-issued ID, Social Security number, and initial deposit (usually $25 to $100) for each person opening the account.
- The bank will run a background check on both people, which may take a few minutes to a few days depending on the institution.
- Interest earned on the account belongs to both owners, and you'll each receive tax documents showing your share of the earnings.
- If one account holder dies, the money usually passes to the surviving owner automatically if the account is set up as "joint tenants with rights of survivorship."
What documents and information you need to bring
Each person opening the account needs to bring a government-issued photo ID — a driver's license, passport, or state ID card. You'll also need your Social Security number. The bank will verify this information against their fraud-detection systems, which usually takes a few minutes but can take up to a few days.
You'll need to decide on an initial deposit. Most banks require $25 to $100 to open a savings account, though some online banks have no minimum. Bring a debit card, check, or bank transfer information to fund the account. If you're opening the account online, you can transfer money from an existing bank account.
If you're adding someone to an existing account after it's been opened, that person still needs to provide their ID and Social Security number. The original account holder can usually start this process online or by calling the bank.
How the bank will check your background
The bank will run a check through ChexSystems or Early Warning Services, which are banking history databases. These systems look for things like unpaid overdrafts, fraud, or closed accounts due to problems. This is not a credit check — it doesn't affect your credit score.
The check usually completes within minutes. If there's a problem, the bank will tell you before opening the account. If you've had issues with a bank in the past, you may be denied, but you can ask the bank what the specific reason was. You have the right to see your ChexSystems report and dispute errors on it.
Some banks use different screening systems, so the process may vary slightly. Online banks often complete this faster than in-person banks because everything is automated.
What happens to the money if one owner dies
If the account is set up as "joint tenants with rights of survivorship," the surviving owner automatically owns all the money. This is the default setup at most banks. The money does not go through probate — the surviving owner can access it right away.
If the account is set up as "tenants in common" instead, each owner's share goes to their estate when they die. This is less common for joint savings accounts but some people choose it. Ask the bank which type of ownership your account has when you open it.
The surviving owner will need to bring a death certificate to the bank to update the account. After that, the account becomes a regular individual account in their name.
Tax reporting for interest earned
Interest earned on the account is split between the two owners based on how much each person contributed and how long the money sat in the account. The bank will send each owner a 1099-INT form at the end of the year showing their share of the interest.
You and the other account holder are responsible for reporting your share on your own tax return. The bank reports the interest to the IRS, so you need to report it even if the amount is small. If you earned more than $10 in interest during the year, you'll receive a 1099-INT.
If you want to split the interest differently than the bank calculates it, you'll need to work that out between yourselves — the bank's calculation is what goes on the tax forms.
Fees and minimum balance requirements
Joint savings accounts have the same fees as individual accounts at the same bank. Common fees include monthly maintenance fees (usually $0 to $15), overdraft fees if you try to withdraw more than you have, and fees for using another bank's ATM.
Some banks waive monthly fees if you keep a minimum balance, usually $500 to $2,500. Online banks often have no monthly fees at all. Compare the fee structure before you choose a bank — the difference can add up over time.
Interest rates on savings accounts vary widely, from nearly 0% at some traditional banks to 4% to 5% at online banks. The rate you earn doesn't change because the account is joint — it's the same rate the bank offers to all customers.
What to discuss with the other account holder before opening
Talk about who will deposit money and how often. Decide whether you're both comfortable with either person being able to withdraw money without asking. If you're not, tell the bank — some banks can set up accounts where both people have to sign off on large withdrawals, though this is rare for savings accounts.
Discuss what happens if one person wants to close the account or remove themselves. Most banks require both owners to agree to close the account, but one owner can usually remove themselves without the other's permission. Understand your bank's specific rules before you open the account.
Be clear about the purpose of the account. Is it for shared expenses, emergency savings, or saving toward a goal? The clearer you both are about expectations, the fewer problems you'll have later.
Frequently Asked Questions
Can I open a joint account if we're not married?
Yes. Banks don't require you to be married to open a joint account. You can open one with a family member, friend, business partner, or anyone else. You'll both need to provide ID and Social Security numbers, and you'll both be equally responsible for the account.
What if one person wants to close the account?
Most banks require both owners to agree to close the account. However, one owner can usually remove themselves and leave the account open in the other person's name. Contact your bank to find out their specific process — it usually takes a few days to complete.
Does opening a joint account affect my credit score?
No. Opening a savings account does not affect your credit score. The bank checks your banking history through ChexSystems, not your credit report. Your credit score only changes when you borrow money or apply for credit.
Can I have a joint account with someone who has bad credit?
Yes. A joint savings account is not a credit product, so the other person's credit score doesn't matter. The bank will still run a background check through ChexSystems to look for banking problems, but a low credit score won't disqualify either of you.
What if the other person takes all the money without telling me?
They can do it legally — both owners have equal access to all the money. If this happens and you believe it was theft or fraud, you can report it to the bank and police, but the bank won't reverse the withdrawal just because you didn't authorize it. This is why it's important to discuss expectations and trust before opening a joint account.