What you need to do to open a joint savings account

Opening a joint savings account requires both account holders to visit a bank or credit union together, bring government-issued ID, and sign the account paperwork. The process typically takes 15 to 30 minutes in person, though some banks now allow you to start online and finish in a branch. You will need to decide upfront how the account is owned—whether both people have equal rights to withdraw money, or whether one person controls it—because this affects what happens if one account holder dies or if you separate.

The bank will ask for a Social Security number or tax ID for each person, a current address, and an initial deposit (usually $25 to $100, depending on the bank). If you are opening the account remotely, one or both of you may need to verify your identity through video call or by uploading a photo of your ID. After the account opens, you will receive debit cards, online access, and a routing number for direct deposits or transfers.

Key Takeaways

  • Both account holders must provide government ID and a Social Security number; the bank will not open the account with just one person's information.
  • You must decide at the time of opening whether the account is owned "jointly with survivorship" (the surviving person inherits the balance) or "tenants in common" (the balance goes to the deceased person's estate).
  • Most banks require an in-person visit, though some allow you to start online and complete the process by video or in a branch.
  • An initial deposit of $25 to $100 is standard, and both people will have full access to the money and the ability to withdraw without permission from the other account holder.

Choosing between survivorship and tenants in common

The two main ways to own a joint account differ in what happens when one account holder dies. A joint account with survivorship (also called joint tenancy with right of survivorship) means the surviving account holder automatically inherits the entire balance. This happens outside of probate, so the money reaches the survivor quickly and without court involvement. Most couples choose this structure.

A tenants in common account means each person owns a share (usually 50/50), and when one person dies, their share goes into their estate and is distributed according to their will or state law. This takes longer because it goes through probate, and the surviving account holder cannot access the deceased person's share without a court order. Tenants in common is less common but may be chosen by business partners or people who want to keep their finances separate in case of death.

Ask the bank which structure they use by default—most default to survivorship—and confirm in writing which one you want before you sign. This choice cannot always be changed later without closing and reopening the account.

What identification and documents to bring

Each account holder needs to bring one government-issued photo ID, such as a driver's license, passport, or state ID card. The bank will photocopy or scan it. You will also need to provide your Social Security number (or Individual Taxpayer Identification Number if you do not have a Social Security number) so the bank can verify your identity and report interest earned to the IRS.

If you are opening the account in person, bring a recent utility bill, lease, or mortgage statement showing your current address. If you opened the account online and are finishing in a branch, bring the same documents plus any confirmation email or reference number from your online application. Some banks ask for a second form of ID if you are opening remotely—a credit card, insurance card, or passport work for this purpose.

If either account holder has a history of fraud or unpaid bank fees, the bank may deny the account. This is rare, but if it happens, the bank will tell you which person triggered the denial and you can ask to speak to a manager or try a different bank.

How to set up online access and debit cards

Once the account opens, the bank will give you a routing number and account number. Both account holders can set up online banking separately using their own username and password, or you can share login credentials (though this is less secure). Each person will see the same balance and transaction history.

Debit cards are usually mailed within 5 to 10 business days. Some banks issue one card per person; others issue one card and you request a second. Both cards draw from the same account, so either person can spend the money without the other's permission. If you want to prevent this, you will need a different account structure—such as separate accounts with a shared savings goal—because a true joint account gives both people full access.

Set up alerts for large withdrawals or low balances if the bank offers them. This helps both account holders stay aware of spending and catch fraud quickly. You can usually customize these alerts in the online banking portal.

Minimum balance requirements and monthly fees

Most joint savings accounts have a minimum balance to avoid a monthly fee—typically $300 to $500, though this varies by bank. If the balance drops below the minimum, the bank charges a fee (usually $5 to $15 per month) until the balance rises again. Some banks waive the fee if you set up direct deposit or maintain a linked checking account.

Interest rates on joint savings accounts are the same as on individual accounts at the same bank. The rate depends on the bank and the current economic environment, not on whether the account is joint. Credit unions often pay higher interest than large banks, so if you are choosing between institutions, compare the rates and fee structures side by side.

Read the account agreement before you sign. It will list the minimum balance, monthly fees, interest rate, and the bank's rules for closing the account or removing an account holder. If you do not understand a term, ask the bank representative to explain it in writing.

What happens if one account holder wants to close the account or withdraw all the money

Either account holder can close a joint account or withdraw the entire balance without permission from the other person. This is a risk of joint accounts: if trust breaks down—during a separation, family conflict, or business dispute—one person can empty the account and the other has limited recourse. The bank will not stop the withdrawal or require both signatures.

If this happens, you can file a dispute with your bank or take legal action, but recovery is slow and uncertain. To protect yourself, consider a joint account only with someone you trust completely, or use a separate account structure if you want to prevent one person from accessing all the money.

If you want to remove one account holder from the account, you will usually need to close the account and open a new one in the remaining person's name. Some banks allow you to convert a joint account to a single account, but this requires both people to agree and visit the bank together. Check your bank's policy before you open the account.

Where to open a joint account

You can open a joint savings account at any bank, credit union, or online bank that offers savings accounts. Large banks like Chase, Bank of America, and Wells Fargo offer joint accounts with many branch locations and customer service options. Credit unions often have lower fees and higher interest rates, but you must be a member (membership is usually free or costs $5 to $25). Online banks like Ally, Marcus, and Discover have no branches but offer higher interest rates and lower fees.

Compare the interest rate, monthly fees, minimum balance, and whether the bank offers in-person service in your area. If you need to visit a branch often, a large bank or local credit union may be more convenient. If you rarely visit a branch and want the highest interest rate, an online bank may save you money.

Frequently Asked Questions

Do both people have to be present when we open the account?

Most banks require both account holders to be present in person or to verify their identity separately (by video call or in-branch). A few online banks allow one person to start the account online and the other to verify later, but this is uncommon. Call your bank before you visit to confirm their policy.

What if one of us has bad credit or a history with ChexSystems?

Credit score does not affect whether you can open a savings account. However, if either person has unpaid bank fees, fraud, or a negative ChexSystems report, the bank may deny the account. ChexSystems is a banking history database; you can request your report for free at annualcreditreport.com or directly from ChexSystems.

Can we change the account from joint to single later?

Most banks require you to close the joint account and open a new single account. Both account holders usually must agree and sign paperwork. Some banks allow you to convert without closing, but this is rare—ask your bank before you open the account if this matters to you.

What if we separate or divorce?

A joint account remains joint until both people agree to close it or one person removes the other. Divorce does not automatically change account ownership. During divorce proceedings, a court may order one person to remove the other from the account, but this is a legal matter separate from the bank's role. Consult a lawyer about how to handle joint accounts during separation.

Is a joint account the same as adding someone as an authorized user?

No. An authorized user on a checking or savings account has limited access (usually read-only or withdrawal-only), while a joint account holder has full ownership and control. A joint account is more appropriate if both people need equal access to the money.