What you need before you walk in

A joint savings account requires two people to agree on the account structure and provide identification to the bank. You will need a government-issued ID (driver's license, passport, or state ID card) for each account holder, proof of address for each person (usually a utility bill or lease dated within the last 60 days), and a Social Security number or tax ID for each account holder. The bank uses these to verify your identity and report interest earnings to the IRS.

Decide together whether you want the account set up as "joint tenants with rights of survivorship" or "tenants in common" before you arrive. Joint tenants with rights of survivorship means the surviving account holder automatically owns the full balance if one person dies. Tenants in common means each person's share goes to their estate. Most couples choose joint tenants with rights of survivorship; most unrelated people choose tenants in common. The bank will ask which you want, and you cannot change it later without closing and reopening the account.

Bring a small initial deposit if the bank requires one. Minimum opening deposits range from zero to $300 depending on the bank and account type. Some online banks have no minimum; traditional banks often require $25 to $100. Call ahead or check the bank's website to confirm what they need.

Key Takeaways

  • Both account holders must provide government ID, proof of address, and a Social Security number or tax ID in person or through a verified online process.
  • You must decide together whether the account is joint tenants with rights of survivorship (surviving holder gets everything) or tenants in common (shares go to estates) before opening.
  • The bank will ask for an initial deposit, which ranges from zero to $300 depending on the institution.
  • The account opens on the same day if you explore in person with all documents; online applications typically take one to three business days to verify and set up.
  • Both account holders can deposit and withdraw money when ready once the account is open, and both names appear on the debit card and statements.

Opening in person at a branch

Go to the bank together during business hours. Bring both IDs, both proofs of address, and both Social Security numbers. Tell the banker you want to open a joint savings account and confirm the account structure (joint tenants with rights of survivorship or tenants in common). The banker will ask for the initial deposit and run a ChexSystems check, which is a verification that neither of you has a history of unpaid overdrafts or fraud at other banks.

The banker will print the account agreement for both of you to sign. Read the fee schedule carefully — some banks charge monthly maintenance fees, overdraft fees, or fees for falling below a minimum balance. Ask whether the account earns interest and what the current rate is. Once both of you sign, the account is open and you will receive a debit card and checks within five to ten business days.

If one person cannot go to the branch, some banks allow one person to open the account and add the second person later, but this creates a delay and may require the second person to visit the branch separately. It is faster if both people can go together.

Opening online or by mail

Many banks allow you to start a joint account process online. One account holder begins the process, enters both names and Social Security numbers, and uploads photos of both IDs and both proofs of address. The bank then sends a verification link to the second account holder's email or phone number. The second person must click the link, confirm their identity, and sign the account agreement electronically.

The bank runs ChexSystems on both people and verifies the documents. This process usually takes one to three business days. Once approved, the bank deposits a debit card to one address (usually the primary account holder's) and mails a second card to the other person's address if requested. Some banks send both cards to the same address; ask during setup if you need them mailed separately.

A few banks still require a wet signature (pen on paper) for joint accounts. If yours does, the bank will mail the agreement to both account holders, both must sign and return it, and the bank will not set up the account until both signed copies arrive. This route takes two to four weeks.

What happens after you open the account

Both account holders can deposit money, withdraw money, and transfer funds when ready. Both names appear on the debit card (or each person gets their own card with their name on it, depending on the bank). Both names appear on monthly statements and online banking access. If one person sets up online banking, the other person can log in separately with their own username and password.

The bank reports all interest earned to the IRS under both Social Security numbers. If the account earns $10 in interest, the IRS receives a 1099-INT form listing both people as account holders. Each person may owe tax on their share of the interest, depending on how you split it for tax purposes — this is a conversation to have with a tax preparer if the account earns significant interest.

Either account holder can close the account without the other person's permission, though some banks require both signatures. Ask the bank about their closure policy before you open. If one person closes the account without telling the other, the remaining balance goes to whoever initiated the closure, and the other person loses access.

Fees and ongoing costs

Joint savings accounts charge the same fees as individual accounts at the same bank. Common fees include monthly maintenance fees (typically $5 to $15), overdraft fees if the account goes negative (typically $25 to $35 per overdraft), fees for falling below a minimum balance, and ATM fees if you use an out-of-network machine. Some banks waive monthly fees if you maintain a minimum balance or set up direct deposit.

Interest rates on savings accounts are set by the bank and change based on Federal Reserve decisions. As of early 2024, savings account rates range from 0.01% to 5.35% depending on the bank and account type, but these rates change frequently. Check the bank's current rate before you open — the rate they quote you may not be the same rate next month.

Ask whether the bank charges fees to add or remove an account holder later. Some banks charge $25 to $50 to change the account structure; others do it for free. If you think you might need to remove someone from the account in the future, ask about this cost upfront.

If one account holder wants to leave

Removing someone from a joint account requires both people's signatures at most banks. You cannot straightforward tell the bank to remove the other person — the bank needs written authorization from both account holders. The process usually involves visiting a branch together, signing a form, and waiting one to five business days for the change to take effect.

If the two people cannot agree on how to split the money, the bank will not move funds without a court order. If you are in a divorce or separation, you will need a lawyer to get a court order that tells the bank how to divide the account. Until that order arrives, both people retain full access to the entire balance.

If one person has died, the surviving account holder can access the full balance when ready if the account is set up as joint tenants with rights of survivorship. If it is set up as tenants in common, the bank will freeze the account until the estate is settled, which can take several months.

Alternatives if you cannot both go to the bank

If one person is out of state or cannot visit a branch, an online bank is usually faster. Online banks like Ally, Marcus, or Discover allow both people to complete the entire process remotely using uploaded documents and electronic signatures. The account opens in one to three business days without anyone visiting a physical location.

Some banks allow one person to open an account and add the second person later through a power of attorney or notarized letter. This is slower than opening jointly from the start and may require additional fees or documentation. Ask your bank whether this option is available before you decide.

Credit unions sometimes have different rules than banks. Some credit unions allow one person to open a joint account and add the second person remotely; others require both people to be present. Call your credit union before you visit to confirm what they need.

Frequently Asked Questions

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

Yes. Joint accounts work the same way for married couples, domestic partners, family members, and unrelated people. The only difference is the account structure: unrelated people usually choose tenants in common so each person's share goes to their own estate if one person dies, rather than automatically to the other person.

What if one person has bad credit or a ChexSystems problem?

ChexSystems checks for unpaid overdrafts and fraud, not credit score. If one person has a ChexSystems issue, some banks will still open the account but may require a larger deposit or deny the process. Ask the bank whether they will open a joint account if one person has a ChexSystems record before you explore.

Can we have separate debit cards with both our names on them?

Most banks issue one debit card per account holder. You can request separate cards with each person's name on them. Some banks charge a fee for a second card; others include it for free. Ask when you open the account.

What happens to the account if we break up?

Both people retain full access to the account and all the money in it until one person closes it or a court order changes the account. If you are separating, contact a lawyer to get a court order that tells the bank how to divide the funds. Do not wait for the other person to agree — the bank will not move money without a court order.

Do we both have to be present to close the account?

Most banks allow either account holder to close the account without the other person's permission. The remaining balance goes to whoever initiated the closure. Some banks require both signatures to close. Call your bank and ask about their closure policy before you open the account.