What you need before you walk in

A joint savings account requires two people to agree on a bank and bring specific documents. Both account holders must be present at the bank, or one person can open it and add the other later — but most banks prefer you both there to sign the paperwork together.

Before you go, gather these documents for each person: a government-issued photo ID (a driver's license, passport, or state ID card), proof of your current address (a utility bill, lease, or bank statement dated within the last 60 days), and your Social Security number or tax ID. Some banks also ask for a second form of ID or proof of income, though this varies by bank and by the type of account you choose.

Decide together which bank you want to use. You do not have to use the same bank where either of you already has an account, but it can be simpler if you do. If one of you is new to banking, a bank with a physical branch near your home or work makes it easier to deposit cash and ask questions in person.

Key Takeaways

  • Both account holders must bring a photo ID, proof of address, and Social Security number to open the account, though one person can add the other later if needed.
  • You will choose how the account is titled — "and" means either person can withdraw money alone, while "or" means both must agree to large withdrawals.
  • The bank will ask how you want to handle the account if one person dies, and your choice affects taxes and inheritance.
  • Most banks charge no monthly fee for a basic joint savings account, but some require a minimum balance or charge for transfers.
  • You can add or remove an account holder later, though the process varies by bank and may require both people to sign paperwork.

Choosing how the account is titled

The bank will ask you to choose between two ways to own the account: joint tenants with rights of survivorship (often called "and" accounts) or tenants in common (often called "or" accounts). This choice matters for how you can use the money and what happens if one person dies.

With "and" ownership, either person can withdraw money without asking the other. This is simpler for everyday use — if you are saving for a shared goal like a vacation or a car, either of you can pull out money when you need it. If one person dies, the money automatically goes to the surviving account holder.

With "or" ownership, both people must sign off on withdrawals above a certain amount (the bank sets this limit, usually $500 to $5,000). This protects both of you if you are saving for something you both need to agree on. If one person dies, their share goes to their estate rather than automatically to the other person, which can complicate things if they have debts or other heirs.

Most couples and family members choose "and" ownership for simplicity. If you are opening an account with someone you do not fully trust, or if you want to protect your share in case of death, ask the bank about "or" ownership or a payable on death account instead.

What happens at the bank

When you arrive with your documents, tell the teller or banker that you want to open a joint savings account. They will ask you to fill out an account process form — this is a one-page or two-page document that asks for names, addresses, Social Security numbers, and how you want the account titled. Read it carefully before you sign, because you are confirming that the information is correct.

The banker will also ask you to choose a beneficiary — the person who gets the money if both account holders die. This is usually a child, parent, or sibling. You can change this later, so do not worry if you are unsure right now.

You will also set up a way to access the account. Most banks offer a debit card (a card you can use to withdraw money from ATMs or pay at stores), online banking (a username and password to check your balance and move money from a computer or phone), or both. Ask the banker which options are free and which cost money.

Once you sign the paperwork, the account opens when ready. The bank will give you a receipt with your account number. If you ordered a debit card, it arrives by mail in 7 to 10 days. You can start depositing money right away by bringing cash or a check to the bank, or by setting up a direct deposit from an employer or government benefit.

Monthly fees and minimum balances

Most banks charge no monthly fee for a basic joint savings account. Some banks waive the fee if you keep a minimum balance (often $500 to $1,000) or if you set up direct deposit. A few banks charge a small monthly fee ($2 to $5) no matter what.

Ask the banker about the specific fees for the account you are opening before you sign. Some banks also charge fees for things like transferring money to another bank, withdrawing cash at an ATM that is not theirs, or closing the account early. These fees vary widely, so it is worth comparing two or three banks before you decide.

If you are worried about keeping a minimum balance, look for a bank that does not require one. Credit unions (member-owned banks that often have lower fees) and online banks (banks with no physical branches) frequently offer free accounts with no minimum.

Adding or removing an account holder later

If you want to add another person to the account after it is open, contact the bank and ask for an account modification form. The new person will need to bring a photo ID and proof of address, and usually both the original account holder and the new person must sign the form together. The process takes a few days to a week.

Removing someone from the account is more complicated. Most banks require both people to agree in writing, or they require a court order if the people disagree. If you are in a situation where you need to remove someone and they will not cooperate, talk to the bank about your options — some banks have a process for this, though it can take longer.

If one account holder dies, the surviving person can usually keep using the account without doing anything, especially if the account is titled "and." If it is titled "or," the surviving person may need to bring a death certificate to the bank and wait while the bank processes the change.

Moving money in and out

You can deposit money into a joint savings account in several ways. The simplest is to walk into the bank with cash or a check and hand it to a teller. You can also set up direct deposit — this means money from your paycheck or a government benefit goes straight into the account without you having to do anything. To set this up, give your employer or benefit office the account number and routing number (the bank will give you both on your receipt).

You can also transfer money from another bank account you own, though this usually takes one to three business days. Some banks let you do this online; others require you to call or visit in person.

To withdraw money, either person can use the debit card at an ATM or a store, or visit the bank in person. If the account is titled "or," large withdrawals may require both people to sign. Some banks limit how many times per month you can withdraw money from a savings account (often six times), so ask about this if you plan to withdraw frequently.

Taxes and reporting

The bank will send you a form called a 1099-INT each year if the account earns interest (money the bank pays you for keeping your money there). This form shows how much interest the account earned. You will need this form to file your taxes.

If the account earns more than a small amount of interest, you and the other account holder may need to split the interest on your tax return. Ask a tax preparer or accountant how to handle this, because the rules depend on how much interest you earned and your personal tax situation.

The bank does not report to the IRS how much money is in the account, only the interest it earns. You do not have to report the account itself on your taxes unless you are filing certain forms related to foreign accounts or large financial interests.

Frequently Asked Questions

Can I open a joint account if one person does not have a Social Security number?

Most banks require a Social Security number or tax ID for both account holders. If one person does not have a Social Security number, ask the bank whether they accept an ITIN (Individual Taxpayer Identification Number) instead. Some banks do; others do not. You may need to call ahead or visit multiple banks to find one that will work with you.

What if one person has bad credit or a history with the bank?

Opening a joint savings account does not require a credit check, so bad credit will not stop you. However, if one person has unpaid debts or a negative history with that specific bank, the bank may refuse to open the account. Try a different bank, or ask whether the person with the negative history can be added later instead of at the time you open it.

Can I open a joint account online without going to the bank?

Some online banks let you open a joint account entirely online, uploading photos of your ID and proof of address instead of visiting in person. However, you will still need to provide the same documents and information. Call or check the bank's website to see whether they offer online opening for joint accounts.

What if we break up or get divorced?

You can close the account or remove one person from it at any time, though both people usually need to agree. If you disagree about what to do with the money, you may need a lawyer or a court order. It is a good idea to talk about this possibility when you open the account, so you both know what will happen.

Does opening a joint account affect my credit score?

Opening a savings account does not affect your credit score. Banks do not report savings accounts to credit bureaus the way they report credit cards or loans. The account will not help or hurt your credit.