Yes, you can open a joint savings account at most banks and credit unions
A joint savings account is a standard product that nearly every bank and credit union offers. You and another person (or sometimes more than two people) can both own the account, both deposit money into it, and both withdraw from it. The account works like a regular savings account — it earns interest, has FDIC or NCUA insurance protection, and you can access your money through online banking, ATM cards, or in person — except that two or more people have equal rights to the account.
The main decision is not whether you can open one, but which bank or credit union to use and what type of account structure you want. Different institutions have different minimum balances, interest rates, and fees. Some let you add account holders after opening; others require everyone to be present at the time you open the account.
Key Takeaways
- You can open a joint savings account at any bank or credit union by providing identification and Social Security numbers for each account holder.
- Both account holders have equal access to all the money in the account, and either one can withdraw the full balance without permission from the other.
- The account is insured up to $250,000 per depositor by the FDIC (at banks) or NCUA (at credit unions), meaning each person's share is protected separately.
- Some banks require all account holders to be present in person to open the account; others allow you to open it online and add the second person later.
- Joint accounts do not require a marriage license or legal partnership — any two people can open one together.
What you need to bring or provide
To open a joint savings account, the bank or credit union will ask for identification and a Social Security number (or tax ID) for each person on the account. Acceptable ID usually includes a driver's license, passport, state ID card, or military ID. Some institutions accept a combination of documents if you do not have a government-issued ID.
You will also need to decide on a name for the account and how you want it titled. The most common structure is "Person A and Person B" (called a joint tenancy), which means either person can access and withdraw all the money. Some banks also offer "Person A or Person B" accounts, which work the same way legally but are titled differently for record-keeping.
If you are opening the account in person, both account holders should be present. If you are opening online, check whether the bank allows you to add the second person immediately or whether you will need to do that in a separate step. Some online banks require both people to complete their own identity verification before the account is active.
Whether both people need to be present
Large national banks and most credit unions require both account holders to be present in person to open a joint account. This is because they need to verify the identity of both people and confirm that both are agreeing to the account terms. If you cannot both go to a branch at the same time, you may be able to open a single-owner account first and add the second person later, though not all banks allow this.
Some online banks and newer financial institutions allow you to open a joint account entirely online. Each person completes their own identity verification (usually through a video call or by uploading documents), and the account is set up once both verifications are complete. This process typically takes a few hours to a few days.
If you are opening the account at a credit union, check whether you both need to be members first. Most credit unions require membership before you can open an account, and membership rules vary by institution. Some credit unions are open to anyone in a geographic area; others are limited to employees of a specific company or members of a specific organization.
How insurance protection works on a joint account
Money in a joint savings account is insured by the FDIC (at banks) or NCUA (at credit unions) up to $250,000 per depositor. This means if the bank fails, each person on the account is insured for up to $250,000 of their own share. If you and another person have $300,000 in a joint account, the FDIC will cover up to $250,000 for you and up to $250,000 for the other person, protecting the full balance.
The insurance is based on ownership, not on the account itself. If you have $100,000 in a joint savings account with one person and $100,000 in a joint savings account with a different person, each account is insured separately. You are covered for up to $250,000 in each joint account.
However, if you have a single account in your name and a joint account in your name with someone else at the same bank, the FDIC combines those balances for insurance purposes. So if you have $150,000 in your individual account and $150,000 in a joint account, only $250,000 total is insured. Check with your bank if you have multiple accounts to understand how your coverage adds up.
What happens if one person wants to close the account
Either account holder can close a joint savings account without permission from the other person. This is because both people have equal legal rights to the account and all the money in it. If one person closes the account and withdraws the balance, the other person has no legal claim to that money — it belongs to both of them equally.
This is one of the biggest risks of a joint account. If you open a joint account with someone you do not fully trust, or if your relationship changes, that person can take all the money at any time. There is no way to prevent this through the bank's system. Your only recourse would be a legal claim against that person, which is separate from the bank account itself.
If you want to protect money from being withdrawn by the other person, a joint account is not the right tool. You would need a separate account in your own name, or a legal agreement (like a trust or a formal loan document) that specifies how the money can be used.
Minimum balance and monthly fees
Joint savings accounts have the same minimum balance requirements and fee structures as single-owner savings accounts at the same bank. Some banks have no minimum balance at all. Others require $100, $500, $1,000, or more to open the account or to avoid a monthly maintenance fee.
Interest rates on joint savings accounts are the same as on individual accounts — the bank does not pay more or less based on how many people own the account. Shop around by checking the current rates at different banks and credit unions. Rates change frequently and vary widely, from nearly 0% at some large national banks to 4% or higher at some online banks and credit unions.
Some banks waive monthly fees if you maintain a certain balance, set up direct deposit, or link the account to a checking account at the same bank. Read the fee schedule carefully before you open the account, because fees can eat into the interest you earn.
Adding or removing account holders later
Most banks allow you to add another person to an existing joint account after it is opened, though the process varies. Some require the new person to visit a branch in person with ID; others allow you to request the addition online and have the new person verify their identity remotely. Check with your bank about their specific process.
Removing someone from a joint account is more complicated. Because both people have equal rights, most banks require written consent from both account holders to remove one person. If you and the other person disagree, you may need to close the account and open a new one in your name only. Some banks will allow one person to close the account unilaterally, which means the other person loses access even if they do not agree.
If you are concerned about this scenario, discuss it with the other account holder before you open the account, and consider whether a joint account is the right structure for what you are trying to do.
Frequently Asked Questions
Do I need to be married to open a joint savings account?
No. Any two people can open a joint savings account together — you do not need to be married, in a domestic partnership, or related. Banks treat joint accounts the same way regardless of the relationship between the account holders.
What happens to a joint account if one person dies?
The surviving account holder retains full access to the account and all the money in it. The account does not automatically go to the deceased person's estate or heirs. If you want the account to pass to someone else after you die, you would need a different structure, such as a payable-on-death (POD) account or a trust.
Can I open a joint account with someone who has bad credit?
Yes. Banks do not check credit scores for savings accounts, only for loans and credit products. The other person's credit history does not affect your ability to open a joint savings account or the terms you receive.
Will opening a joint account affect my credit score?
No. Savings accounts do not appear on your credit report and do not affect your credit score. Only loans, credit cards, and payment history show up on your credit report.
Can I have different access levels for each person on a joint account?
No. In a standard joint account, both people have equal access to all the money. If you want to restrict one person's access or set spending limits, you would need a different account structure, such as a custodial account (for a minor) or a power of attorney arrangement, which are separate from a joint account.