What you need to do to open a joint account

To open a joint bank account, both account holders must visit the bank in person or complete the application together online, depending on the bank's rules. You will each need a government-issued ID, proof of address (usually a recent utility bill or lease), and your Social Security number or tax ID. The bank will run a background check on both of you through ChexSystems or Early Warning Services—these are checking account verification systems, not credit checks, and they look for a history of unpaid overdrafts or fraud, not your credit score.

One person can sometimes start the application online, but most banks require both account holders to sign the final paperwork or verify their identity in person before the account becomes active. Some banks allow remote verification through video call if you cannot both go to a branch. The account is typically funded on the same day if you deposit cash or transfer money from another account you own; if you use a check, it may take three to five business days to clear.

Key Takeaways

  • Both account holders must provide government ID, proof of address, and Social Security number; the bank will verify both identities before opening the account.
  • Most banks require both people to sign paperwork or verify identity in person, though some allow video verification if you cannot visit together.
  • The account is active the same day in most cases, but checks deposited take three to five business days to clear.
  • Each account holder has full access to all money and can withdraw, transfer, or close the account without the other person's permission.
  • If one account holder dies, the money passes to the surviving account holder automatically if the account is set up as "joint tenants with rights of survivorship"—confirm this with your bank.

Choosing between joint tenants and tenants in common

When you open a joint account, the bank will ask how you want to hold the account. The two main options 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 all the money in the account—it does not go through probate or the deceased person's will. Tenants in common means each person owns a specific share (usually 50/50), and if one person dies, their share goes to their estate or whoever they named in their will, not automatically to the other account holder.

Most couples and family members choose JTWROS because it is simpler and faster when someone dies. If you are opening an account with a business partner or friend, tenants in common may be safer because it protects each person's share if something happens to the other. Ask the bank which option is the default—many set accounts to JTWROS automatically, but you can change it if you want.

What happens after you open the account

Once the account is open, the bank will issue debit cards and checks to both account holders, usually within five to ten business days. You can set up online banking and mobile apps immediately, and both people can log in with their own username and password. Each account holder can see all transactions, set up bill pay, and transfer money without permission from the other person.

If you want to add restrictions—such as requiring both signatures to withdraw over a certain amount—you will need to ask the bank about dual-control accounts or accounts that require dual authorization. Not all banks offer this, and it is more common in business accounts than personal ones. If your bank does not offer it, you may need to use a separate account for large transfers or set up a spending agreement outside the bank.

Protecting yourself from unauthorized withdrawals

Because both account holders have full access, either person can withdraw all the money without the other's knowledge or permission. If you are opening an account with someone you do not fully trust—a teenage child, an aging parent, or a caregiver—consider keeping most of your money in a separate account and transferring only what you expect to be spent into the joint account each month.

If someone withdraws money from the joint account without your permission and you believe it is theft, you can report it to the bank and the police. However, because both account holders are legally authorized to access the account, the bank may not reverse the withdrawal or treat it as fraud. Document any agreement you have about how the account will be used, and consider having that conversation in writing or via email so there is a record if a dispute arises later.

Tax and benefit reporting for joint accounts

Interest earned in a joint account is reported to the IRS on a 1099-INT form. The bank will issue this form to whichever account holder's Social Security number is listed first on the account, but both people are responsible for reporting their share of the interest on their tax return. If you earn more than $10 in interest per year, make sure you and your co-account holder agree on how to split the tax liability before filing.

If you receive means-tested benefits—such as Supplemental Security Income (SSI), Medicaid, or SNAP—a joint account may affect your benefit amount or your may be able to access. The government counts money in a joint account as belonging to you, even if the other person contributed it. If you are on benefits and considering opening a joint account, contact your benefits administrator first to understand how it will be treated.

Closing a joint account or removing an account holder

Either account holder can close a joint account without the other person's permission. The bank will typically issue a check for the remaining balance to the person who initiated the closure, or split it between both account holders if the bank's policy requires it—policies vary. If you want to prevent the other person from closing the account, you cannot, but you can move your money to a separate account and stop using the joint account.

You cannot remove one person from a joint account and keep it open; you have to close the account and open a new one in a single name. If you want to transition from a joint account to individual accounts, close the joint account, divide the money, and each person opens their own account at the same bank or a different one.

Frequently Asked Questions

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

Some banks allow you to start the application online, but most require at least one in-person visit or video verification from both account holders before the account is active. Check your bank's website or call to ask whether they offer fully remote account opening for joint accounts.

What if one account holder has a bad ChexSystems report?

A negative ChexSystems report—such as unpaid overdrafts or fraud—may cause the bank to deny the account or require a deposit hold. Some banks will still open the account if only one person has the issue, but others will deny both applicants. Ask the bank upfront whether a ChexSystems issue will affect your application.

Does a joint account affect my credit score?

No. Joint bank accounts do not appear on your credit report and do not affect your credit score. Credit bureaus only track credit accounts like credit cards and loans, not checking or savings accounts.

What if I want to add someone to my existing account?

You cannot add someone to an existing account; you have to close it and open a new joint account with both people present. The bank will issue new account numbers and routing numbers, so you will need to update any automatic payments or direct deposits.

Can I have a joint account with someone who is not a U.S. citizen?

Yes, but they will need an Individual Taxpayer Identification Number (ITIN) instead of a Social Security number, and the bank will still run identity verification. Some banks have additional requirements for non-citizens, so call ahead to confirm what documents you will need.