What you need before you start
Opening a joint savings account requires both account holders to be present at the bank or credit union, or to complete the process online together if the institution allows it. You will need a government-issued photo ID for each person, proof of address (usually a recent utility bill or lease), and your Social Security numbers. Some banks also ask for an initial deposit before the account opens, which ranges from zero to several hundred dollars depending on the institution.
Before you go in, decide together which bank or credit union you want to use. Not all institutions offer joint accounts, and the ones that do have different rules about who can withdraw money, whether both signatures are required, and what happens if one account holder dies. Checking these details now saves frustration later.
Key Takeaways
- Both account holders must provide photo ID, proof of address, and Social Security numbers at the time of opening.
- You can open a joint account in person at a bank branch, through the mail with some credit unions, or online if both of you can verify your identity digitally.
- Decide in advance whether you want both signatures required for withdrawals or whether either person can withdraw alone.
- The account will be held as "joint tenants with rights of survivorship" or "tenants in common" — this determines what happens to the money if one person dies.
- Initial deposits typically range from zero to several hundred dollars, and monthly fees vary widely between institutions.
Opening the account in person at a branch
Walk into any branch of your chosen bank or credit union with both people present and both sets of ID and proof of address. Tell the banker you want to open a joint savings account. They will ask you to fill out a signature card that lists both names and shows how you want the account titled — this is where you specify whether both signatures are required for large withdrawals or whether either person can access the money alone.
The banker will also ask you to choose a survivorship option. "Joint tenants with rights of survivorship" means that if one person dies, the surviving account holder automatically owns all the money. "Tenants in common" means each person's share goes to their estate or beneficiary, not automatically to the other account holder. Most couples choose joint tenants with rights of survivorship, but the choice matters if you have children from previous relationships or specific inheritance plans.
Once you sign the card and provide your initial deposit (if required), the account opens that day or within one business day. You will receive debit cards, online login credentials, and account statements in the mail within a week.
Opening the account online
Many large banks and some credit unions allow you to open a joint account entirely online, but both people must be present and able to verify their identity. The process usually involves uploading a photo of your ID, answering security questions, and sometimes completing a video call with a banker who watches you sign the digital signature card.
Online opening is faster — the account can be active within hours — but it requires both of you to have access to a computer or phone at the same time. If the bank cannot verify one person's identity online (for example, if they have a very new Social Security number or an address that does not match their ID), you may have to finish the process in person at a branch.
Opening the account by mail
Some credit unions allow joint account opening by mail, though this is less common than in-person or online options. You will receive an process packet in the mail, fill it out together, sign it in front of a notary public (which costs five to fifteen dollars at most banks, libraries, or UPS stores), and mail it back with copies of your IDs and proof of address.
This route takes longer — typically two to three weeks — because the credit union has to receive your packet, verify your information, and mail you your debit cards and login details. Use this option only if neither of you can visit a branch or complete an online verification.
Choosing the right account structure
When you open the account, you will choose whether both signatures are required for withdrawals above a certain amount, or whether either person can withdraw any amount at any time. The first option (both signatures required) protects against one person draining the account without the other's knowledge, but it also means you cannot access the money quickly if the other person is unavailable or refuses to sign. The second option (either person can withdraw) is more convenient for everyday use but offers no protection if one person acts without the other's consent.
Most couples choose to allow either person to withdraw, especially if the account is for household expenses. If you are saving for a specific goal and want to prevent impulse withdrawals, you might choose to require both signatures, or you might open a separate savings account with higher withdrawal restrictions instead.
What happens after the account opens
Once the account is open, both people can deposit money, withdraw money, and view the balance online or by phone. Statements go to the address you provided, and both of you can request additional statements or set up alerts for large transactions. If you want to add a third person later, you will have to close the account and open a new one — most banks do not allow you to convert a two-person account into a three-person account.
If one account holder dies, the surviving account holder can access the money when ready if the account is titled as joint tenants with rights of survivorship. If it is titled as tenants in common, the surviving account holder cannot touch the deceased person's share until the estate is settled, which can take months or years.
Fees and minimum balances
Joint savings accounts have the same fee structure as individual accounts at the same institution. Monthly maintenance fees range from zero to ten dollars depending on the bank, and some institutions waive the fee if you maintain a minimum balance (usually between five hundred and two thousand five hundred dollars) or set up direct deposit. Overdraft fees, ATM fees, and fees for closing the account early vary by bank.
Before you open the account, ask the banker about all fees in writing. Some banks advertise "no monthly fee" but charge fees for other services like wire transfers or paper statements. Getting the fee schedule on paper protects you from surprises later.
Frequently Asked Questions
Can we open a joint account if we are not married?
Yes. Banks do not require marriage to open a joint account. You can open one with a spouse, partner, family member, friend, or business partner. The bank will ask for both people's Social Security numbers and identification, but will not ask about your relationship.
What if one person wants to close the account but the other does not?
Either person can close a joint account unilaterally at most banks — you do not need the other person's permission. The bank will distribute the balance according to the account title (joint tenants with rights of survivorship or tenants in common) and the state law where the account is held. If you want to prevent this, you need to require both signatures for account closure, which some banks offer.
Do we both get debit cards?
Yes, unless you request otherwise. Most banks issue a debit card to each account holder automatically. If you want only one person to have a card, tell the banker when you open the account. You can also request additional cards later or cancel one person's card without closing the account.
Will opening a joint account affect our credit scores?
No. Opening a savings account does not appear on your credit report and does not affect your credit score. Credit scores are based on borrowing and repayment history, not on deposit accounts. Both people can have separate credit scores and credit histories even if they share a savings account.
What if we want to split the money later?
You can withdraw your share at any time and move it to an individual account. If you disagree about who owns what portion of the money, you will need to resolve that between yourselves or through a lawyer — the bank will not make that information. If you are ending a relationship, some states have laws about how joint accounts are divided, so check your state's rules or consult a family law attorney.