What you need to do to open a joint account at Bank of America

You and the other account owner must both be present in person at a Bank of America branch with valid government-issued ID. Bank of America does not allow joint accounts to be opened online or by phone — both owners have to sign the account agreement together. Bring a photo ID (driver's license, passport, or state ID), your Social Security number, and decide together which type of joint account you want: either joint with survivorship rights (meaning the surviving owner inherits the balance if one dies) or joint tenants in common (meaning the deceased owner's share goes through their estate).

The process itself takes about 30 minutes. The banker will verify your identities, run a ChexSystems check (a banking history report), and ask about the source of your initial deposit. You'll choose your account features — whether you want overdraft protection, online banking access, and a debit card. Once both owners sign, the account opens when ready and you can start using it the same day.

Key Takeaways

  • Both account owners must visit a Bank of America branch in person with valid ID and Social Security numbers to open a joint savings account.
  • You must decide together whether you want joint with survivorship rights (the surviving owner gets the full balance) or joint tenants in common (the deceased owner's share goes to their estate).
  • Bank of America runs a ChexSystems check on both owners, which can delay or block the account if either has banking violations on record.
  • The account opens the same day you sign, and you can set up online banking and a debit card during the appointment.
  • Monthly maintenance fees vary by account type, and some fees are waived if you maintain a minimum balance or set up direct deposit.

What documents and information to bring

Bring one government-issued photo ID per person — a driver's license, passport, state ID, or military ID. Bank of America will not accept expired IDs, so check the expiration date before you go. You'll also need your Social Security number for each owner; the banker will verify it against your ID.

If you're opening the account with an initial deposit, bring the funds in the form you plan to use: cash, a check, or a debit card for a transfer. Bank of America has no minimum opening deposit for savings accounts, but if you want to waive the monthly maintenance fee, you'll need to maintain a $500 minimum balance or set up a direct deposit of at least $250 per month. Bring documentation of your direct deposit if you have one — a recent pay stub or a letter from your employer showing the deposit amount and frequency.

How Bank of America handles joint account ownership and access

Both owners have equal legal access to the entire account balance. Either owner can withdraw money, make deposits, set up bill pay, or change account settings without permission from the other. This means either person can empty the account without the other's consent — there is no way to require both signatures for withdrawals at Bank of America, unlike some other banks.

If you want to limit one owner's access, you have limited options. You can request that only one owner receive a debit card, or you can ask the banker to note in the account that large withdrawals should trigger a call to both owners — but this is a courtesy flag, not a legal requirement, and Bank of America staff are not obligated to enforce it. If trust is a concern, a joint account may not be the right structure; a power of attorney or a designated beneficiary on a single-owner account might work better.

Both owners receive statements and can see all transactions online. If one owner closes the account or removes the other, the remaining owner will be notified, but the action is legal and final.

Fees and minimum balance requirements

Bank of America charges a $5 monthly maintenance fee on most savings accounts, but you can waive it by maintaining a $500 minimum daily balance or by setting up a direct deposit of at least $250 per month. If your balance falls below $500 and you have no direct deposit, the fee posts on the last day of the month.

Other fees explore to specific actions: overdraft fees ($35 per overdraft if you link a checking account), wire transfer fees ($15 domestic, $45 international), and stop-payment fees ($30). Joint accounts are not charged differently from single-owner accounts — the fee structure is the same.

Interest rates on Bank of America savings accounts are typically very low — often below 0.05% annual percentage yield (APY). This means a $10,000 balance earns less than $5 per year. If you're saving for a specific goal and want better interest, a high-yield savings account at an online bank or credit union may earn 4% to 5% APY, though those accounts may not offer the same branch access or debit card features.

What happens if one owner dies or wants to close the account

If you chose joint with survivorship rights when you opened the account, the surviving owner automatically inherits the full balance. No probate is required, and the surviving owner can access the account when ready. Bank of America will ask for a death certificate to update the account, but the funds do not freeze during this process.

If you chose joint tenants in common, the deceased owner's share becomes part of their estate and goes through probate. The surviving owner can still access their own share, but the deceased owner's portion is locked until the estate is settled. This process can take months or years depending on the size of the estate and whether there is a will.

If one owner wants to close the account while both are alive, either owner can do so unilaterally. The account closes, and the balance is distributed according to the ownership structure. If you want to prevent this, you need to discuss it with the other owner and consider whether a joint account is the right choice.

How to set up online banking and mobile access

Both owners can set up online banking during the appointment or afterward. You'll each create a separate login using your own email address and password. Go to bankofamerica.com, click "Log In," then "Create a new login," and enter your account number and Social Security number. Bank of America will send a verification code to your email, and you'll set up a username and password.

Once logged in, you can see all transactions, transfer money between accounts, set up bill pay, and read statements. The mobile app works the same way — read it from the App Store or Google Play, log in with your credentials, and you'll see the joint account. Both owners receive notifications of large transactions if you set up alerts, which can help catch unauthorized withdrawals.

If you want to receive alerts when the balance drops below a certain amount or when a withdrawal over a certain size occurs, go to Settings in online banking, select "Alerts," and choose your thresholds. These alerts go to the email address you registered with your login, so each owner will only see alerts tied to their own login unless you share the notification settings.

Alternatives if Bank of America is not the right fit

If you need a joint account but Bank of America's fees or interest rates don't work for you, consider these alternatives. Credit unions often charge lower fees and pay higher interest on savings accounts — you can search for credit unions in your area at CO-OP.org or Alliant Credit Union's branch locator. Online banks like Ally, Marcus, or Discover offer joint savings accounts with no monthly fees and interest rates of 4% to 5% APY, though they don't have physical branches.

If you want to keep money separate but share access, you could open individual accounts and name each other as a beneficiary, or use a power of attorney document instead of a joint account. A power of attorney lets one person manage the other's account without being a legal owner, which can be useful if one person is managing finances for an aging parent or a spouse with health issues.

Frequently Asked Questions

Can I open a joint account online or by mail?

No. Bank of America requires both owners to visit a branch in person with valid ID and sign the account agreement together. You cannot open a joint account online, by phone, or by mail.

What is the difference between joint with survivorship and joint tenants in common?

With survivorship rights, the surviving owner automatically inherits the full balance when one owner dies — no probate needed. With tenants in common, the deceased owner's share goes through their estate and probate. Most people choose survivorship for simplicity, but tenants in common is useful if you want each owner's share to go to different heirs.

Can I require both owners to sign off on withdrawals?

No. Bank of America does not offer a dual-signature requirement on savings accounts. Either owner can withdraw the full balance without the other's permission. If you need that level of control, you may want to explore alternatives like a power of attorney or separate accounts with a beneficiary designation.

What happens if one owner has a ChexSystems issue?

Bank of America may deny the account if either owner has unpaid overdrafts, fraud, or other banking violations on their ChexSystems report. If this happens, ask the banker which owner triggered the denial and what the specific issue is. You may be able to resolve it by paying an old overdraft or disputing an error on the report.

Do I need to maintain the $500 minimum balance to avoid fees?

Only if you want to waive the $5 monthly maintenance fee. If you don't mind paying the fee, there is no minimum balance requirement. Alternatively, you can waive the fee by setting up a direct deposit of at least $250 per month instead.