What you need before you walk in

To open a joint savings account, you and the other account holder will both need to be present at the bank or credit union, or you can complete the process online if the institution allows it. Bring a government-issued photo ID for each person — a driver's license, passport, or state ID card. You will also need a Social Security number or Individual Taxpayer Identification Number for each account holder.

Some banks ask for a second form of ID or proof of address, such as a utility bill or lease dated within the last 60 days. Call the specific bank or credit union before you go; requirements vary. If you are opening the account online, you may be able to upload images of these documents instead of presenting them in person.

Decide in advance how you want the account titled. The two most common structures are "joint tenants with rights of survivorship" (JTWROS) and "tenants in common." With JTWROS, if one account holder dies, the surviving account holder automatically owns the full balance. With tenants in common, each person's share passes to their estate. The bank will explain the difference and let you choose during the process.

Key Takeaways

  • Both account holders must provide a photo ID and Social Security number or ITIN, and most banks require both people to be present or to verify their identity online.
  • You will choose how the account is titled — usually joint tenants with rights of survivorship, which means the surviving account holder inherits the full balance if one dies.
  • The account opening takes 15 to 30 minutes in person, or a few hours to a day if you complete it online, and you can deposit money when ready after.
  • Both account holders can withdraw money, make deposits, and see the full balance, unless you set up restrictions with the bank.

The account opening process, step by step

At a bank branch, a representative will ask you to fill out a signature card and account process. The form asks for names, addresses, phone numbers, and email addresses for both account holders. You will provide your Social Security numbers and dates of birth. The bank runs a background check through ChexSystems, a banking history database, to verify you have not had accounts closed for fraud or unpaid overdrafts at other institutions.

You will choose the account type — savings, money market, or another product the bank offers — and decide on the ownership structure. The bank will explain what each option means and ask you to initial your choice. Both account holders sign the signature card in front of the representative. This signature card stays on file so the bank can verify your identity if you call or visit later.

If you are opening the account online, the process is similar but happens through the bank's website or app. You enter the same information, upload photos of your IDs, and verify your identity through a video call or by answering security questions based on your credit history. Some banks send a one-time code to your phone or email to confirm you control that phone number or email address.

What happens after you sign

The bank issues you a debit card and checks if you requested them. The debit card usually arrives within 5 to 10 business days. Checks take longer — typically 7 to 14 days — because they are printed with your account number and routing number. You can start using the account when ready, even before the physical cards and checks arrive, by transferring money from another account or depositing cash at an ATM or branch.

Both account holders receive online banking access. You can set this up during the opening process or ask the representative to do it for you. Each person gets their own username and password, and both can log in to see the balance, transaction history, and account details. Some banks let you set up alerts so both account holders are notified when the balance drops below a certain amount or when a withdrawal over a certain size occurs.

If you want to restrict what each person can do — for example, allowing one person to deposit only and not withdraw — ask the bank whether it offers that option. Not all banks do. Some credit unions and online banks are more flexible with restrictions than large national banks.

Timing and what it costs

Opening the account takes 15 to 30 minutes in person. Online, it usually takes 10 to 20 minutes to complete the process, but the bank may take a few hours to a full business day to verify your identity and approve the account. You will know the same day whether you were approved.

Most banks do not charge a fee to open a joint savings account. Some require a minimum opening deposit — often $25 to $100 — but many waive this requirement if you set up automatic transfers from another account. Check the bank's fee schedule before you open the account. Monthly maintenance fees vary widely: some banks charge nothing, while others charge $5 to $15 per month if you do not maintain a minimum balance or set up direct deposit.

What happens if one account holder wants to close the account

Either account holder can close a joint savings account without the other person's permission. The bank will ask which account holder is requesting the closure and will verify their identity. If there is money in the account, the bank asks how you want it distributed — to one account holder, split between two accounts, or sent as a check.

This is why it matters who you open a joint account with. A joint account is not a legal contract; it is a banking arrangement. If you and the other account holder disagree about closing the account or how to split the money, the bank will not mediate. You would need to resolve it through a lawyer or court. For this reason, many people use joint accounts only with spouses or when ready family members they trust completely.

Differences between banks and credit unions

Banks and credit unions follow the same basic process for opening a joint account, but they differ in a few ways. Credit unions often have lower monthly fees and may not require a minimum opening deposit. They also tend to be more flexible about restrictions — for example, allowing one account holder to withdraw only up to a certain amount per day.

Banks usually have more ATMs and branches, which matters if you need to deposit cash or withdraw money in person frequently. Online banks have no branches but often have no monthly fees and higher interest rates on savings. If you choose an online bank, make sure both account holders are comfortable managing the account through an app or website only.

What to do if the bank denies your process

A bank can deny a joint account process if ChexSystems shows unpaid overdrafts, fraud, or other serious issues on either account holder's banking history. If this happens, ask the bank for the specific reason. You have the right to request a copy of your ChexSystems report and dispute any errors on it.

If one account holder has a poor banking history, you have a few options. You can open a single account in one person's name instead. You can try a credit union, which may have less strict requirements. You can also wait — negative items on ChexSystems usually fall off after five years. In the meantime, you can use other tools to manage shared money, such as a shared digital wallet or a straightforward spreadsheet to track who owes whom.

Frequently Asked Questions

Can we open a joint account if we are not married?

Yes. Banks do not require you to be married to open a joint account. You can open one with a family member, friend, business partner, or anyone else. The bank only requires that both people provide ID and a Social Security number.

What if one account holder lives in a different state?

Many banks allow you to open a joint account online without both people being present. One person can start the process, and the other can verify their identity through a video call or security questions. Some banks still require both people to visit a branch in person, so ask before you start the process.

Does opening a joint account affect my credit score?

No. Opening a savings account does not appear on your credit report and does not affect your credit score. The bank runs a background check through ChexSystems, which is separate from credit reporting. ChexSystems checks your banking history, not your creditworthiness.

Can we set up the account so one person has to approve withdrawals?

Most banks do not offer this option for savings accounts. Both account holders typically have equal access and can withdraw money without permission from the other person. Some credit unions and online banks allow you to set daily withdrawal limits for each person, but true approval requirements are rare. If you need that level of control, a trust or a custodial account may be a better choice.

What if we want to change the account from joint to single later?

You can change the account ownership by visiting the bank and filling out a new signature card. One account holder can request this change, but the bank may ask for consent from the other account holder depending on the account structure. If the account is in both names, removing one person's name usually requires both people to agree.