You can open a joint savings account at almost any bank or credit union, but the person you're opening it with must be present or authorize the account in writing

Most banks and credit unions allow joint accounts. You'll need to choose a co-owner, decide whether both of you can withdraw money independently or only together, and bring identification and proof of address for both account holders. Some institutions require both people to be physically present; others accept a power of attorney or notarized authorization if one person cannot attend.

The process typically takes 15 to 30 minutes in person, or one to three business days if you're doing it online or by mail. You'll need a Social Security number for each account holder so the bank can verify identity and report interest to the IRS.

Key Takeaways

  • Both account holders must provide government-issued ID and proof of address, though not always in person.
  • You choose whether the account requires both signatures to withdraw money or allows either person to withdraw independently — this decision affects how the account works later.
  • Banks report joint account interest to both Social Security numbers, so each person receives a 1099-INT form if interest exceeds $10.
  • If one account holder dies, what happens to the money depends on whether the account is set up as "joint tenants with rights of survivorship" or "tenants in common" — ask the bank which is the default.

What documents you need to bring

Both account holders need a government-issued photo ID — a driver's license, passport, or state ID card. You'll also need proof of current address for each person, usually a utility bill, lease, or mortgage statement dated within the last 60 days.

If you're opening the account online or by mail and one person cannot be present, the absent person typically signs documents electronically or provides a notarized power of attorney. Some banks have their own authorization forms; call ahead to ask what they accept.

Bring your Social Security numbers or have them memorized. The bank will verify them against government records to prevent fraud and to set up tax reporting.

The difference between "either can withdraw" and "both must agree"

When you open a joint account, you choose the withdrawal rule. In most cases, either account holder can withdraw all the money without permission from the other — this is called joint tenants with rights of survivorship in legal terms, though banks often just call it a "joint account." This is the default at most institutions.

Some banks offer tenants in common accounts, where both signatures are required to withdraw money. This is less common and may require a special request. If you want this protection, ask the bank explicitly whether they offer it and whether it requires a separate form.

The choice matters if you're opening the account with someone you don't fully trust, or if you want to prevent one person from emptying the account. It also matters if one account holder dies — with rights of survivorship, the surviving person automatically owns all remaining money; with tenants in common, the deceased person's share goes through their estate.

What happens if one account holder dies

If the account is set up as joint tenants with rights of survivorship, the surviving account holder owns all the money automatically. The bank will ask for a death certificate and may freeze the account temporarily while they process the change, but the surviving person does not need to go through probate court.

If the account is set up as tenants in common, the deceased person's share becomes part of their estate and goes through probate. This can take months and may involve court fees. Ask your bank which structure is the default when you open the account, and request the other if you prefer it.

Banks and credit unions that offer joint accounts

Nearly every bank and credit union in the United States offers joint savings accounts. This includes national banks like Chase, Bank of America, and Wells Fargo; regional banks; online banks like Ally and Marcus; and credit unions. The process and requirements are similar across all of them, though some online banks may require both people to open the account online together rather than in person.

If you're choosing between institutions, compare interest rates on savings accounts rather than the joint account process itself — the process is standardized, but the rate you earn varies significantly. A credit union in your area may offer higher rates than a national bank, or an online bank may pay more than a brick-and-mortar branch.

Tax reporting and how joint accounts affect your taxes

The bank reports interest earned on the joint account to both account holders' Social Security numbers. Each person receives a 1099-INT form if the account earns more than $10 in interest during the year. You must report this interest on your tax return.

If the account earns a small amount of interest, you may split it however you want between the two of you — the IRS does not require you to split it 50-50. However, if one person contributed most of the money, it's common to report the interest proportionally. Keep records of who contributed what, in case the IRS asks.

A joint account does not affect your individual tax filing status or deductions. It only affects how interest income is reported.

What to do if you want to remove someone from the account later

You cannot unilaterally remove a co-owner from a joint account. Both account holders must agree, and you'll need to visit the bank together or have the other person sign a removal form. Some banks allow you to mail in a notarized form if the other person is unavailable.

If you want to keep the money but separate from the co-owner, the bank can close the joint account and open two individual accounts. You'll need to decide how to split the balance — this is a personal decision, not a legal one, unless a court order says otherwise.

If the co-owner is deceased, the surviving account holder can usually close the account and move the money to an individual account by providing a death certificate.

Frequently Asked Questions

Do both people have to be present to open a joint account?

Not always. Many banks require both people in person, but online banks and some branches accept electronic signatures or a notarized power of attorney from the absent person. Call your bank before you go in to ask what they accept.

Can I open a joint account with someone who doesn't have a Social Security number?

Most banks require a Social Security number or Individual Taxpayer Identification Number (ITIN) for each account holder. If your co-owner has an ITIN, bring it. If they have neither, ask the bank whether they accept a passport number or other government ID instead — policies vary.

What if I want to open a joint account but keep my finances separate?

A joint account means both people can access all the money. If you want to keep finances separate, open individual accounts instead. If you want to share some money but not all, one person can transfer their share into a joint account while keeping the rest in an individual account.

Does opening a joint account affect my credit score?

Opening a joint savings account does not affect your credit score. Banks do not report savings accounts to credit bureaus. However, if the account includes overdraft protection linked to a credit line, that credit line may appear on your credit report.

What if the other person wants to close the account without my permission?

If the account is set up as joint tenants, either person can close it and withdraw all the money. This is a risk of joint accounts. If you're concerned about this, ask the bank about requiring both signatures for withdrawals, though this option is uncommon and may not be available.