Yes, you can open a joint savings account with another person

A joint savings account is a bank account owned by two or more people. Any owner can deposit money, withdraw money, and make decisions about the account. You can open one at nearly any bank, credit union, or online financial institution. The process takes about 15 minutes if you do it in person, or 10 to 20 minutes online.

Both owners need to be present (in person or electronically) and provide identification. You will need a Social Security number or tax ID for each owner, a starting deposit (usually $25 to $100, depending on the bank), and an address. Some banks require both owners to sign the paperwork; others allow one owner to sign on behalf of both if they have power of attorney.

The account works the same as a single-owner account: you get a debit card, online access, and the ability to set up automatic transfers. The difference is that either owner can do anything with the money at any time. There is no built-in protection against one owner withdrawing all the funds without the other's permission.

Key Takeaways

  • Joint accounts require both owners to provide identification and a Social Security number, but only one owner needs to be present at most banks if they have a power of attorney document.
  • Either owner can withdraw all the money or close the account without permission from the other owner, so joint accounts work best between people who trust each other completely.
  • The account is owned equally by default, meaning both owners have the same legal rights — but you can specify different ownership percentages when you open it.
  • If one owner dies, what happens to the money depends on how the account was titled: "joint tenants with rights of survivorship" passes the money to the surviving owner, while "tenants in common" passes it through the deceased owner's estate.
  • Most banks offer joint savings accounts with no monthly fee, though some charge if the balance falls below a minimum (usually $500 to $1,000).

What you need to bring to open a joint account

Both owners should bring a government-issued photo ID — a driver's license, passport, or state ID card. If you are opening the account in person, both owners should be present. If one owner cannot go to the bank, they can often authorize the other owner in writing, though the bank may require a notarized power of attorney document.

You will need a Social Security number for each owner. If either owner does not have a Social Security number, they can use an Individual Taxpayer Identification Number (ITIN) instead. Bring a current address for each owner — this can be a home address, a work address, or a mailing address, depending on what the bank accepts.

Bring a starting deposit. Most banks require $25 to $100 to open a savings account, though some online banks waive this. You can deposit cash, a check, or transfer money from another account. Some banks allow you to fund the account online before you visit in person.

How ownership and survivorship work

When you open a joint account, the bank will ask how you want to own it. The two most common options are joint tenants with rights of survivorship (JTWROS) and tenants in common (TIC).

With JTWROS, if one owner dies, the surviving owner automatically owns the entire account. The money does not go through the deceased owner's will or estate — it passes directly to the survivor. This is the default at most banks and is often used by spouses and parents with adult children.

With TIC, if one owner dies, their share of the account goes through their estate and is distributed according to their will or state law. The surviving owner does not automatically get the full balance. This option is less common but may be used when two unrelated people want to keep their ownership shares separate.

Some banks also allow you to specify unequal ownership — for example, one owner might own 60% and the other 40%. This does not affect day-to-day access (either owner can still withdraw all the money), but it matters if one owner dies or if the account is frozen during a legal dispute.

What happens if one owner wants to withdraw money

Either owner can withdraw any amount at any time without permission from the other owner. There is no built-in protection, no notification requirement, and no way to lock the account so that both owners must approve a withdrawal. This is a major risk if you open a joint account with someone you do not trust completely.

If one owner withdraws all the money without telling the other, the other owner's only recourse is to sue them or report the theft to police. The bank will not stop the withdrawal, reverse it, or alert the other owner. Some couples and families use joint accounts specifically because they trust each other; others use them only for shared expenses and keep separate accounts for personal money.

If you want protection against unauthorized withdrawals, you have other options: a savings pod (a group savings account through a fintech app where members vote on withdrawals), a trust account (owned by one person but managed for the benefit of another), or simply keeping separate accounts and transferring money as needed.

Fees and minimum balances

Most banks charge no monthly fee for a joint savings account. However, some banks charge a fee if the balance falls below a minimum — typically $500 to $1,000. Online banks and credit unions are more likely to have no minimum balance requirement.

If the account earns interest, the rate is the same whether the account is single or joint. Interest rates vary by bank and change frequently; as of now, online savings accounts typically pay 4% to 5% annual percentage yield (APY), while traditional banks pay much less. The interest is divided between owners according to their ownership percentage.

If one owner is sued or has a judgment against them, a creditor may be able to freeze or seize money in the joint account, even if the other owner contributed all of it. This is another reason to keep separate accounts for personal money and use a joint account only for shared expenses.

Joint accounts at different types of banks

You can open a joint savings account at a traditional bank (like Bank of America or Wells Fargo), a credit union, or an online bank (like Ally or Marcus). The process is similar at all three, but the timeline and requirements vary slightly.

At a traditional bank, you can open an account in person or online. In-person opening takes about 15 minutes; online opening takes 10 to 20 minutes but may require a video call to verify both owners' identities. Credit unions often require membership before you can open an account, which may take an extra day or two.

Online banks are the fastest — you can open an account entirely online in 10 to 20 minutes — but they do not have physical branches, so you cannot deposit cash in person. You can deposit checks by mail or mobile app, or transfer money from another bank account. Online banks often have higher interest rates than traditional banks.

What to do if one owner dies

If the account is titled JTWROS, the surviving owner can continue using the account immediately. The money belongs to the survivor and does not need to go through probate. However, you should notify the bank of the death so they can update their records.

If the account is titled TIC, the bank will likely freeze the account until the deceased owner's estate is settled. This can take weeks or months. The surviving owner may not be able to access the money during this time, even if they contributed most of it.

If you want to avoid this problem, make sure the account is titled JTWROS and that the bank has a current address and phone number for the surviving owner. Some banks will ask for a death certificate before releasing the money, so keep a copy on file or know where to get one quickly.

Frequently Asked Questions

Can I open a joint account with someone who is not a family member?

Yes. Banks do not require joint account owners to be related. You can open a joint account with a friend, business partner, or roommate. However, remember that either owner can withdraw all the money without permission, so only do this with someone you trust completely.

What if I want to remove someone from a joint account?

You cannot remove one owner without their permission or a court order. Your options are to close the account entirely (which requires both owners' signatures at most banks) or to open a new account in your name alone and transfer your share of the money. If the other owner refuses to cooperate, you may need a lawyer.

Does a joint account affect my credit score?

No. A joint savings account does not appear on your credit report and does not affect your credit score. Credit reports track borrowing and payment history, not savings accounts. However, if the account is overdrawn and sent to collections, it could appear on your credit report.

Can I open a joint account if one owner has bad credit?

Yes. Banks do not check credit scores for savings accounts, only for loans and credit cards. Bad credit does not prevent you from opening a joint savings account. However, if one owner has unpaid debts, a creditor may be able to freeze the account.

What is the difference between a joint account and an authorized user account?

A joint account has two or more equal owners. An authorized user account has one owner and one or more people who can access it but do not own it. With an authorized user, only the owner can close the account or change the terms. Joint accounts are more common for couples and families; authorized user accounts are more common for parents managing money for children.