What You Need Before You Start

Opening a joint savings account requires both account holders to be present or to authorize the bank in writing. You will need a government-issued photo ID for each person, proof of your current address (usually a utility bill or lease dated within the last 60 days), and your Social Security numbers. Some banks also ask for an initial deposit before they open the account—this ranges from $0 to $300 depending on the bank and account type.

Decide together which bank or credit union you want to use. You do not have to use the same institution where either of you already banks, though doing so sometimes waives fees or gives you a faster process. Check whether the bank offers the features you need: online transfers, no monthly fees, a debit card, or interest on the balance.

Agree on who will be the primary account holder and who will be the secondary. This distinction matters for tax reporting and for what happens if one person dies, so discuss it before you walk in. The primary holder's name typically appears first on statements and tax forms.

Key Takeaways

  • Both account holders must bring a photo ID, proof of address, and Social Security number to open the account in person, or authorize the bank in writing if one person cannot attend.
  • You will choose whether the account is held as "joint tenants with rights of survivorship" (the surviving person inherits the balance) or "tenants in common" (the balance goes to the deceased person's estate).
  • Most banks let you open an account online if both people can verify their identity through the bank's app or website, though some still require an in-person visit.
  • The account can take one to five business days to activate after you sign the paperwork, depending on the bank and whether they need to verify your information with outside sources.

Opening the Account in Person at a Branch

Visit a branch of the bank you have chosen during business hours. Bring both people's IDs, proof of address for each person, and both Social Security numbers. Tell the banker you want to open a joint savings account and ask them to explain the ownership options before you sign anything.

The banker will present you with account ownership forms. The two main choices are joint tenants with rights of survivorship (JTWROS) and tenants in common. With JTWROS, if one account holder dies, the surviving person automatically owns the entire balance. With tenants in common, the deceased person's share goes to their estate and may be subject to probate. Most couples choose JTWROS, but the right choice depends on your situation and your state's laws.

You will also sign signature cards authorizing both people to withdraw money and make decisions about the account. Some banks allow one person to close the account without the other's permission, while others require both signatures for major changes. Ask the banker what actions require both signatures and what actions one person can do alone.

The banker will collect your initial deposit if one is required. You can deposit cash, a check, or authorize a transfer from another account. The account is usually active the same day, though some transactions may not clear for one to three business days.

Opening the Account Online

Many banks now allow you to open a joint account entirely online if both people can verify their identity through the bank's app or website. One person starts the application and enters both account holders' information. The second person then receives an email or text with a link to verify their identity and sign the account agreement.

Identity verification usually happens through a video call with a bank representative or through an automated system that scans your ID and asks security questions. Some banks use a third-party service to verify your information against credit bureaus and public records. This process typically takes 10 to 15 minutes per person.

After both people have verified their identity and signed the account agreement, the bank will send you a confirmation email. The account is usually active within one to five business days. You can set up online access and order a debit card during the application, though the card may take five to ten business days to arrive by mail.

Not all banks offer online joint account opening, and some require at least one person to visit a branch in person. Check the bank's website or call their customer service line to confirm whether you can open a joint account online before you start the application.

What Happens After You Sign

The bank will verify your information with the IRS, the Social Security Administration, and sometimes with ChexSystems (a checking account verification service). This verification usually takes one to three business days. If the bank cannot verify your information or if there is a discrepancy, they may call you to confirm details or ask for additional documents.

Once verification is complete, the account is fully active. Both account holders can access it online, by phone, or at any branch of the bank. You can deposit money, withdraw money, set up automatic transfers, and order checks or a debit card. Some banks charge a monthly fee for joint accounts, while others waive fees if you maintain a minimum balance or set up direct deposit.

The bank will issue you a tax ID number for the account (an EIN if the account is in a business name, or the primary holder's Social Security number if it is personal). Interest earned on the account will be reported to the IRS on a Form 1099-INT in the primary holder's name, though you may need to split the income on your tax return depending on your agreement.

Ownership Options and What They Mean

The way you title the account affects what happens to the money if one person dies, how creditors can access the account, and how the account is taxed. The two most common options are JTWROS and tenants in common, but some states and banks offer other choices.

Joint tenants with rights of survivorship (JTWROS) means that if one person dies, the surviving person automatically owns the entire balance. The account does not go through probate, and the surviving person can access the money immediately. This is the default in most states and is usually the right choice for couples, parents and adult children, or business partners who want the surviving person to have full access.

Tenants in common means that each person owns a specific percentage of the account (usually 50/50 unless you specify otherwise). If one person dies, their share goes to their estate and may be subject to probate. The surviving person does not automatically inherit the deceased person's share. This option is useful if you want each person's share to go to different heirs or if you are not married and want to keep your finances separate for estate planning reasons.

Some states and banks also offer community property accounts (in Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin). In community property states, money earned during marriage is automatically owned equally by both spouses, regardless of how the account is titled. Ask your banker whether your state recognizes community property and whether it affects your account.

Fees and Minimum Balances

Joint savings accounts are subject to the same fees as individual accounts at the same bank. Common fees include monthly maintenance fees (usually $0 to $15), overdraft fees if you withdraw more than the balance, and fees for using an out-of-network ATM. Some banks waive the monthly fee if you maintain a minimum balance, set up direct deposit, or link the account to a checking account at the same bank.

Ask the banker for a written fee schedule before you open the account. Compare fees across banks—a bank with no monthly fee but high ATM fees may cost more than a bank with a small monthly fee but free ATM access everywhere. Online banks and credit unions often have lower fees than large national banks.

Interest rates on joint savings accounts vary widely and change frequently. As of now, rates range from nearly 0% at some large banks to 4% to 5% at online banks and credit unions, depending on the account type and the bank's current rates. Higher interest rates are usually found at online banks that have lower overhead costs. Check the bank's website or call to confirm the current rate before you open the account.

Frequently Asked Questions

Can one person close the joint account without the other person's permission?

It depends on the bank and how the account is titled. Some banks allow either account holder to close the account unilaterally, while others require both signatures. Ask the banker before you open the account what actions require both signatures and what actions one person can do alone. If this is a concern, you may want to choose a bank that requires both signatures to close the account.

What if one person wants to remove their name from the account later?

You cannot simply remove one person's name from an existing joint account. Instead, you would need to close the joint account and open a new individual account, or transfer the money to an existing individual account. The bank will require both account holders to authorize the closure. Some banks allow you to convert a joint account to an individual account if both people agree in writing.

Do both people need to be present to open the account?

Not necessarily. If you are opening the account online, both people can verify their identity separately through the bank's app. If you are opening in person, some banks allow one person to open the account and the second person to add their name later by visiting a branch with their ID and Social Security number. Call the bank to confirm their policy before you start.

What happens to the account if one person dies?

If the account is titled as JTWROS, the surviving person automatically owns the entire balance and can access it immediately. If the account is titled as tenants in common, the deceased person's share goes to their estate and may require probate. The bank will ask for a death certificate and may freeze the account temporarily while they process the change.

Can creditors take money from a joint account?

Yes, if one account holder owes money to a creditor, the creditor can obtain a court order to freeze or seize the entire account balance, not just the debtor's share. This is one reason some people choose to keep finances separate. If this is a concern, discuss it with the other account holder and consider whether a joint account is the right choice for your situation.