What you need before you walk into a bank or go online
To open a joint savings account, you and the other account holder need to show up together (in person or online, depending on the bank) with government-issued photo ID for each person, a Social Security number or tax ID for each person, and proof of your current address — usually a recent utility bill, lease, or bank statement. Some banks also ask for an initial deposit, which ranges from zero to $25 depending on the institution.
The person you're opening the account with matters legally. Most joint accounts are opened between spouses, partners, parents and adult children, or siblings. The bank will ask you to confirm your relationship, though they don't require marriage or a formal partnership agreement. What matters to them is that both people are present and consent to the account terms.
Before you go in, decide which bank or credit union you want to use. Not all institutions offer joint accounts on the same terms — some charge monthly fees, some require a minimum balance, and some let you open online while others require an in-person visit. Checking the bank's website or calling ahead takes 10 minutes and saves you a wasted trip.
Key Takeaways
- Both account holders must present government-issued photo ID and provide a Social Security number or tax ID in person or through a verified online process.
- You'll decide at account opening whether each person can withdraw and spend money independently, or whether both signatures are required for withdrawals.
- The account is legally owned by both people equally unless you specify otherwise in writing — if one person dies, the surviving account holder typically keeps the full balance.
- Most banks take 5 to 10 minutes to open the account once you're verified, and the account number and debit cards arrive within 3 to 7 business days.
- Joint accounts report to both people's credit reports if the bank pulls credit, but the account itself does not build credit history.
Deciding what type of joint account you actually want
Banks offer two structures for joint accounts, and the difference matters if money goes missing or if one person dies. An account with right of survivorship means that if one account holder dies, the surviving person automatically owns the full balance — it bypasses probate and goes directly to them. This is the default at most banks unless you say otherwise.
A tenancy in common account means that if one person dies, their share of the account goes into their estate and is distributed according to their will or state law — it does not automatically go to the surviving account holder. You have to request this structure specifically, and not all banks offer it. If you're opening an account with someone other than a spouse, ask the bank which structure they use by default and whether you can change it.
You also decide at opening whether the account requires both signatures to withdraw money, or whether either person can withdraw independently. Most couples and families choose independent access — either person can take money out without asking the other. If you want both signatures required for every withdrawal, the bank can set that up, but it makes the account much slower to use and many banks charge extra for it.
The actual steps at the bank or online
If you're opening in person, both of you go to a branch together. A banker will ask for ID and Social Security numbers, confirm your address, and ask how much you want to deposit initially. They'll explain the account terms — the monthly fee (if any), the interest rate, and the withdrawal rules. You'll both sign the signature card, which is the bank's record of who is authorized on the account. The whole process takes 5 to 10 minutes.
If you're opening online, the process is similar but happens in steps. One person starts the process, enters both Social Security numbers, and uploads photos of both IDs. The bank sends a verification link to both email addresses. Each person clicks the link and confirms their identity — some banks use a video call with a banker, others use a code sent to your phone. Once both people are verified, the account opens when ready and you can transfer money in right away.
After the account opens, the bank orders debit cards for both account holders. These arrive separately, usually within 3 to 7 business days. You can set up online banking and mobile app access for each person during the opening process, so you don't have to wait for the cards to start seeing the balance and making transfers.
What happens to the account if one person dies
If the account has right of survivorship (the default), the surviving account holder owns the full balance when ready. They can keep using the account, withdraw the money, or close it. The bank will ask for a death certificate, but the process is straightforward — the account does not go through probate.
If the account is set up as tenancy in common, the surviving account holder cannot touch the money without going through probate court. The deceased person's share becomes part of their estate and is distributed according to their will. This can take months or years, and the surviving account holder may not have access to any of the money during that time. For this reason, most couples and families avoid this structure unless they have a specific legal reason to use it.
How joint accounts affect credit and taxes
Opening a joint account does not build credit for either person. The account itself has no credit history — it's not a loan, and you're not borrowing money. If the bank pulls a credit report during opening (which some do), it shows up as a hard inquiry, but it does not affect your credit score in any meaningful way.
For taxes, a joint savings account is reported to both account holders on IRS Form 1099-INT if the account earns more than $10 in interest during the year. The bank sends the form to both Social Security numbers. You and the other account holder will each report the interest on your own tax return — you don't split it 50/50 unless you want to. The IRS expects you to report your share based on how much of the money in the account was actually yours, but in practice, most couples report it however makes sense for their situation.
What to do if you want to remove someone from the account
You cannot unilaterally remove the other person from a joint account. Both account holders have equal legal rights to the money and the account. If you want to close the account or remove someone, you typically need both people to agree and sign paperwork at the bank.
If the other person won't cooperate, your options are limited. You can close the account and split the balance if you both agree, or you can open a separate account and move your share of the money into it — but you cannot force the other person off the account without a court order. If there's a dispute over who owns what portion of the money, that becomes a legal matter, not a banking one.
Frequently Asked Questions
Do both people have to go to the bank at the same time?
For in-person opening, yes — both account holders must be present. For online opening, you don't have to be in the same place, but both people must verify their identity separately through the bank's process before the account activates.
What if one person has bad credit or is on a fraud list?
The bank will still open the account if the other person has good standing. Banks do not deny joint accounts based on one person's credit history. However, if either person is on the OFAC sanctions list or has an active fraud alert, the bank may decline to open the account for both of you.
Can I open a joint account with someone who lives in a different state?
Yes. Most banks allow online opening for joint accounts regardless of where each person lives. You'll both need to verify your identity through the bank's process, but you don't have to be in the same location or visit a branch.
Does a joint account affect my ability to get a loan?
Not directly. The account itself does not appear on your credit report. However, if the bank pulls your credit during opening and you have recent hard inquiries, that can affect your credit score slightly. The joint account balance does not count as an asset or liability on a loan process unless you specifically list it.
What if I want to keep the account but add a third person later?
Most banks do not allow three or more people on a single savings account. You would need to open a separate account if you want a third person involved. Some banks offer accounts for small businesses or organizations with multiple authorized users, but these are different products with different rules.