What you need to do to open a joint account

Opening a joint savings account takes one visit to a bank or credit union, either in person or online. You and the other account holder both need to be present (or verify your identity if doing it online), bring government-issued ID, and provide a Social Security number or tax ID. The bank will ask how you want the account titled — usually "Joint Tenants with Rights of Survivorship" or "Tenants in Common" — which determines what happens to the money if one owner dies. Most people choose the first option because it passes the balance to the surviving owner automatically.

The whole process typically takes 15 to 30 minutes in a branch, or 10 to 20 minutes online if both of you can verify your identity at the same time. You'll walk out with a debit card, online access, and the ability to deposit and withdraw money immediately. Some banks require a minimum opening deposit (often $25 to $100), though many have eliminated this requirement.

Key Takeaways

  • Both account holders must provide government ID and a Social Security number; you can open the account in person or online depending on the bank.
  • Choose how the account is titled at opening — "Joint Tenants with Rights of Survivorship" passes the balance to the surviving owner, while "Tenants in Common" does not.
  • Each owner has full access to all the money and can withdraw or transfer funds without permission from the other owner.
  • Banks report joint account activity to both owners' credit reports, so late fees or overdrafts affect both people's financial records.
  • You can close a joint account at any time, but both owners must agree if the account is titled as "Tenants in Common."

Which banks and credit unions offer joint accounts

Nearly every bank and credit union offers joint savings accounts. Large national banks like Chase, Bank of America, and Wells Fargo have them, as do regional banks and most credit unions. Online banks like Ally, Marcus, and Discover also offer joint accounts, though the process is entirely digital and you won't have a physical branch to visit.

The main difference between banks is the interest rate paid on savings, the monthly fees (if any), and the minimum balance required to avoid fees. Credit unions often pay slightly higher interest and charge lower fees than large banks, but you must be a member to open an account. Membership usually requires living or working in a specific area or belonging to a particular employer or organization.

Documents and information you'll bring

Bring a government-issued photo ID for each account holder — a driver's license, passport, or state ID card. The bank will also ask for a Social Security number or Individual Taxpayer Identification Number (ITIN) for each person. If either of you has changed your name recently, bring a marriage certificate, divorce decree, or court order showing the legal name change.

Have the other account holder's full legal name and date of birth written down. If you're opening the account online, you'll need to be able to verify your identity through the bank's app or website, which usually means answering security questions or uploading a photo of your ID. Some banks ask for a phone number and email address for each owner so they can send statements and alerts to both people.

How access and permissions work

In a joint account, both owners have equal and unrestricted access to all the money. Either person can deposit funds, withdraw cash, write checks, use the debit card, or transfer money without asking permission or notifying the other owner. There is no way to restrict one owner's access or require both signatures for withdrawals — that would be a different type of account (usually called a "fiduciary" or "custodial" account, which banks set up differently).

This means if one owner withdraws all the money, the other owner cannot reverse it or prevent it. If trust is a concern, a joint account may not be the right choice. Some couples use a joint account only for shared expenses and keep separate accounts for personal money, which gives both people control over their own funds.

What happens to the account if one owner dies

If the account is titled "Joint Tenants with Rights of Survivorship," the surviving owner automatically owns all the money in the account. The bank will ask for a death certificate and the surviving owner's ID, then transfer full ownership without going through probate (the court process that usually handles a person's assets after death). This typically takes one to two weeks.

If the account is titled "Tenants in Common," the deceased owner's share goes through probate and becomes part of their estate. The surviving owner does not automatically inherit it. Probate can take several months to over a year depending on the state and the complexity of the estate. Most couples choose "Joint Tenants with Rights of Survivorship" to avoid this delay, but some choose "Tenants in Common" if they want each person's share to go to different heirs (for example, if one owner has adult children from a previous relationship).

Fees, interest rates, and account maintenance

Joint savings accounts charge 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 (typically $25 to $35 per overdraft), and ATM fees if you use an out-of-network machine (usually $2 to $3). Many banks waive monthly fees if you maintain a minimum balance or set up direct deposit.

Interest rates on joint savings accounts are the same as on individual accounts — the bank does not pay more or less because two people own it. Rates vary widely: traditional banks often pay 0.01% to 0.05% annual percentage yield (APY), while online banks and credit unions typically pay 4% to 5% APY. The interest is split between the two owners based on how much each person contributed, though most banks simply deposit the full interest into the account and let the owners divide it themselves.

Both owners receive statements and can see all transactions online. Banks report the account activity to both owners' credit reports, so if the account goes into overdraft or has a late fee, it affects both people's financial records.

Closing a joint account or removing an owner

You can close a joint account at any time by visiting the bank in person or calling customer service. If the account is titled "Joint Tenants with Rights of Survivorship," either owner can close it without the other's permission. If it is titled "Tenants in Common," both owners must agree to close it.

You cannot remove one owner from a joint account and keep the account open — the bank will require you to close it and open a new individual or joint account instead. If one owner wants out, the account must be closed, the money divided, and a new account opened in the remaining owner's name alone. This usually takes three to five business days.

Frequently Asked Questions

Can I open a joint account if we're not married?

Yes. Joint accounts work the same way for unmarried couples, family members, business partners, or any two people who want to share a savings account. The bank does not require a marriage license or any legal relationship — just government ID and a Social Security number for each person.

What if one owner wants to withdraw all the money without telling the other?

They can. In a joint account, both owners have full access to all funds with no restrictions. If you are concerned about this, a joint account is not the right choice. Consider keeping separate accounts or using a different arrangement, such as a savings goal account where only one person can deposit but both can see the balance.

Does a joint account affect my credit score?

A joint account itself does not affect your credit score. However, if the account goes into overdraft or has unpaid fees, both owners' credit reports will show the negative activity. Late fees or overdrafts can lower both people's credit scores.

Can I add someone to my existing savings account to make it joint?

No. You must close the existing account and open a new joint account with both owners present. The bank will not convert an individual account to a joint account. This process usually takes one to two weeks because the bank must close the old account and open the new one.

What if I want to leave money to someone specific when I die?

If the account is titled "Joint Tenants with Rights of Survivorship," the surviving owner automatically gets all the money — you cannot direct it elsewhere in your will. If you want to leave money to a different person, use "Tenants in Common" instead, or keep a separate individual savings account and name a beneficiary in your will.