What you need before you walk in
To open a joint savings account, you and the other account holder will both need to be present at the bank or credit union, or you can complete the process online if the institution allows remote account opening. Bring a government-issued photo ID for each person — a driver's license, passport, or state ID card. You'll also need a Social Security number or Individual Taxpayer Identification Number (ITIN) for each account holder.
Most banks and credit unions require a minimum opening deposit, which ranges from $0 to $500 depending on the institution. Some accounts waive the minimum if you set up direct deposit. Have a debit card or bank account information ready if you plan to fund the account electronically rather than with cash or a check.
Decide in advance how you want the account titled. The two most common structures are "joint tenants with rights of survivorship" (JTWROS), where the surviving account holder automatically inherits the balance if one dies, or "tenants in common," where each person's share goes to their estate. The bank will explain the difference and you'll choose during setup.
Key Takeaways
- Both account holders must provide a government ID and Social Security number or ITIN, and most banks require both people to be present or to complete the application together online.
- Opening deposits range from $0 to $500 depending on the bank, and some institutions waive the minimum if you arrange direct deposit.
- You will choose how the account is titled — usually joint tenants with rights of survivorship or tenants in common — and this choice affects what happens to the money if one account holder dies.
- The account opens within one to five business days, and you can usually access it online or through a debit card immediately after approval.
- Both account holders have equal legal access to all the money in the account, and either person can withdraw the full balance without the other's permission.
Where to open the account
You can open a joint account at any bank, credit union, or online-only bank. Traditional banks (Wells Fargo, Bank of America, Chase) have physical branches where you can meet in person. Credit unions often have lower fees and higher interest rates on savings, but membership is usually limited to people who work in a certain industry, live in a certain area, or belong to a certain organization — check whether you're both may be able to access before applying.
Online banks (Ally, Marcus, Discover) typically have no monthly fees and higher interest rates than brick-and-mortar banks, but you cannot deposit cash or speak to someone in person. If you need to deposit checks or cash regularly, a traditional bank or credit union is usually more practical.
Compare the interest rate (called the Annual Percentage Yield or APY), monthly fees, minimum balance requirements, and whether the bank offers overdraft protection. The APY varies by how much money you keep in the account and changes frequently, so check the current rate on the bank's website rather than relying on rates from months ago.
The application and approval process
If you're applying in person, go to a branch together and ask to open a joint savings account. A banker will walk you through the application, which takes 15 to 30 minutes. You'll provide your IDs, Social Security numbers, and decide on the account title. The banker will also ask about your employment and income — this is standard anti-money-laundering procedure and does not mean the bank is judging your ability to save.
If you're applying online, one account holder typically starts the application and invites the other to complete their portion. Both of you will need to verify your identity, usually by uploading a photo of your ID and answering security questions based on your credit history. Some banks use video verification, where you speak briefly with a representative on camera.
Approval usually takes one to five business days. You'll receive confirmation by email, and the account number will appear in your online banking portal or mobile app. Some banks issue a debit card immediately; others mail it within five to seven business days. You can begin transferring money into the account as soon as approval is confirmed, even if the debit card hasn't arrived.
What happens after the account opens
Both account holders can log into the account online, transfer money, set up bill pay, and withdraw funds. Neither person needs permission from the other to access or move money — this is a legal feature of joint accounts, not a security flaw. If you want to prevent one person from making withdrawals without the other's knowledge, a joint account is not the right tool; consider a separate account with a power of attorney arrangement instead.
Set up direct deposit if your employer or a government program (Social Security, unemployment) sends you regular payments. This usually takes one to two pay cycles to activate. You can also transfer money from another bank account using ACH (Automated Clearing House), which takes one to three business days, or deposit cash or checks at a branch if the bank has physical locations.
Interest accrues daily and is deposited monthly or quarterly, depending on the bank. The interest rate may change at any time — banks are not required to notify you in advance, though most do. Check your account statements regularly to confirm the rate and watch for any fees you were not expecting.
Tax and legal considerations
The IRS does not tax the account itself, but it taxes the interest earned. The bank will send a 1099-INT form to each account holder if the account earns more than $10 in interest during the year. You'll report this interest on your tax return. If you and the other account holder are married and file taxes jointly, you can report the interest together. If you're not married or file separately, you may need to split the interest or report it all to one person — check with a tax professional about your specific situation.
For Deposit Insurance, the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) protects each account holder's share up to $250,000. If the account holds $500,000 and the bank fails, each person is covered for $250,000 of their share. The coverage applies to the joint account separately from any individual accounts you hold at the same bank.
If one account holder dies, the surviving account holder's access depends on how the account was titled. With joint tenants with rights of survivorship, the surviving person can continue using the account immediately. With tenants in common, the deceased person's share goes through probate and may be frozen temporarily. The bank will ask for a death certificate and may require court documents before releasing the deceased person's portion.
Common issues and how to fix them
If one account holder wants to close the account or remove the other person, both parties must agree in writing. You cannot unilaterally close a joint account or convert it to a single-holder account without the other person's consent. If you and the other account holder disagree, contact the bank's customer service and ask about your options — some banks can freeze the account pending resolution.
If money goes missing or you suspect fraud, report it to the bank immediately. The bank has 10 business days to investigate and must notify you of the result. If the bank finds unauthorized activity, it will reverse the transaction. If the bank determines that one of the account holders made the withdrawal, it will not reverse it — joint account holders have equal legal access, and the bank cannot determine who "should" have withdrawn the money.
If you receive a tax bill or debt collection notice related to the other account holder, contact the bank to confirm whether the debt is tied to the account itself or to one person individually. A creditor can garnish a joint account if one account holder owes money, but the bank may allow you to remove your share before the garnishment takes effect — act quickly if this happens.
Frequently Asked Questions
Can I open a joint account online if we live in different states?
Yes, most online banks and many traditional banks allow remote account opening for joint accounts. Both account holders will need to complete the identity verification process separately, usually by uploading an ID and answering security questions. Some banks require a video call with both people present. Check the bank's website or call customer service to confirm their process before you start.
What if one account holder has bad credit?
Credit score does not affect whether you can open a joint savings account. Banks do not pull credit reports for savings accounts — they only check your banking history through ChexSystems, which tracks overdrafts and fraud. If either account holder has been flagged for fraud or has unpaid bank fees, the bank may deny the application, but poor credit alone will not.
Can I add a third person to the account after it opens?
No. A savings account is either individual or joint between two people. If you want to add a third account holder, you must close the account and open a new one with all three people present. Some banks allow you to open a second joint account with a different person at the same time, but you cannot convert an existing two-person account into a three-person account.
What if one account holder dies before we withdraw the money?
If the account is titled joint tenants with rights of survivorship, the surviving account holder can continue using the account and withdraw all the money. If it is titled tenants in common, the deceased person's share becomes part of their estate and may be frozen while probate happens. The surviving account holder can still access their own share. Bring a death certificate to the bank and ask what documents you need to access the account.
Can a creditor take money from a joint account if only one person owes the debt?
Yes. If one account holder owes money to a creditor and that creditor gets a court judgment, they can garnish the joint account. The bank will freeze the account and send notice to both account holders. You may have a right to claim that some of the money is yours and should not be garnished — this varies by state and by whether you contributed to the account. Contact a lawyer immediately if this happens, because you typically have only a few days to respond.