What you need to do to open a joint account
To open a joint bank account, both account holders must visit the bank together or one person can start the account and add the other person later. You will need a government-issued photo ID for each person, a Social Security number or tax ID for each person, and proof of address (usually a recent utility bill or lease). The bank will run a background check through ChexSystems, which looks at your banking history—not your credit score. If either person has unpaid overdrafts or fraud flags from another bank, the account may be denied.
The process takes 15 to 30 minutes in person. Online banks typically require you to verify your identity through video call or by uploading documents, which can take a few hours to a few days. Once approved, the bank issues debit cards for both account holders and sets up online access. Both people can deposit, withdraw, and transfer money immediately.
If you cannot both be present, most banks allow one person to open the account alone and add the other person as a joint owner afterward. The second person will still need to provide ID and sign documents, either in person or by electronic signature depending on the bank's policy.
Key Takeaways
- Both account holders need a government photo ID, Social Security number, and proof of address to open a joint account.
- Banks check ChexSystems for banking history, not credit score, so past overdrafts or fraud can block approval.
- You can open the account together in person or one person can open it alone and add the other person later.
- Online banks typically complete the process in a few hours to a few days; in-person accounts are ready in 15 to 30 minutes.
- Both account holders have full access to all money and can make transactions without permission from the other person.
What happens when you add someone to an existing account
If one person already has a bank account and wants to add a joint owner, the process is simpler than opening a new account. The account holder brings the other person to the bank with their ID and Social Security number. The bank updates the account registration, issues a new debit card, and sets up online access for the new owner. This usually takes 10 to 20 minutes in person.
Some banks allow you to add a joint owner by phone or online if you are already a customer, though most still require the new person to come in or verify their identity through video. The original account holder remains responsible for any overdrafts or fees that occurred before the joint owner was added, but both people are responsible for all activity after that point.
Which banks offer joint accounts and what they cost
Nearly every bank and credit union offers joint accounts with no additional fee. The account type and monthly cost depend on the bank you choose, not on whether it is joint or individual. A checking account at a large bank like Chase, Bank of America, or Wells Fargo typically costs $0 to $15 per month depending on the account tier and whether you meet balance or direct deposit requirements. Credit unions often charge $0 to $5 per month. Online banks like Ally, Charles Schwab, and Discover usually charge $0 per month.
The main cost difference is whether the account requires a minimum balance. Some accounts waive monthly fees if you keep $500 to $1,500 in the account, or if you set up direct deposit. Joint accounts do not change these requirements—they apply the same way whether one or two people own the account.
How liability and access work on a joint account
On a joint account, both people own all the money equally and have full access to it. Either person can withdraw the entire balance, transfer money out, or close the account without permission from the other person. This is different from a power of attorney or authorized user arrangement, where one person controls the account but the other person retains ownership rights.
If one account holder dies, the money in the account typically passes to the surviving joint owner automatically, without going through probate. This is called right of survivorship, and it is the default on most joint accounts. Some states and banks allow you to opt out of survivorship, in which case the deceased person's share becomes part of their estate.
Both account holders are equally liable for overdrafts and fees. If the account goes negative, the bank can pursue either person for the debt. If one person commits fraud or theft using the account, the other person may have a civil claim against them, but the bank will not reverse the transaction based on the account being joint.
Tax and legal considerations for joint accounts
The IRS does not tax joint accounts differently than individual accounts. Interest earned on the account is taxed to whoever earned it—if both people contributed equally and earned interest, you may need to split the interest income, though the bank typically reports all interest to one Social Security number. You should keep records of who contributed what if the contributions are unequal, in case there are tax questions later.
If you are married, a joint account is straightforward. If you are unmarried, a joint account creates a legal claim to the money for both people. If you break up, both people retain ownership rights to the full balance unless a court order says otherwise. Some people use joint accounts with family members (parent and adult child, for example) to manage shared expenses, but this creates the same full-access situation—either person can take all the money.
If you are concerned about one person having too much control, a joint account is not the right tool. Instead, consider a power of attorney (one person controls the account but the other retains ownership) or separate accounts with a shared savings goal.
What to do if you want to remove someone from a joint account
To remove a joint owner, you must visit the bank in person with your ID. The bank will change the account registration to remove the other person's name. The account becomes individual, and the other person loses access to the debit card and online login. This does not split the money—all funds stay in the account under the remaining owner's name.
The person being removed cannot stop you from removing them, and you do not need their permission or presence. However, if both people want to split the money in the account, you will need to decide how to divide it before or after the removal. The bank will not split the account automatically.
If the other person refuses to meet with you or you are concerned about your safety, contact the bank directly and ask about their process for removing a joint owner when one person cannot or will not come in. Some banks have procedures for this, though they vary.
Joint accounts versus other ways to share money
A joint account is not the only way to manage shared finances. Here are the main alternatives:
Authorized user: You add someone to your account, but they do not own it. The bank issues them a debit card and online access, but you remain the sole owner. You can remove them at any time without their permission. This works well if you want to give someone spending power without giving them ownership.
Power of attorney: You give someone legal authority to manage your account on your behalf, but you retain ownership. They can make transactions, but you can revoke the power of attorney at any time. This is common when an adult child manages finances for an aging parent.
Separate accounts with shared goals: Each person keeps their own account and transfers money to a shared savings account for specific expenses (rent, vacation, emergency fund). This keeps finances separate while allowing collaboration on specific goals.
Payable-on-death account: You name a beneficiary who receives the money if you die, but they have no access while you are alive. This avoids probate without giving anyone control during your lifetime.
Frequently Asked Questions
Can I open a joint account online without going to the bank?
Most online banks allow you to open a joint account entirely online if both people have government ID and can verify their identity through video call or document upload. Traditional banks usually require at least one person to come in person, though some now offer hybrid options where you start online and finish by video. Call your bank to ask about their specific process.
What happens to a joint account if one person has bad credit?
Banks do not check credit score for joint accounts—they check ChexSystems, which tracks banking history. Bad credit does not affect the account. However, if either person has unpaid overdrafts, fraud flags, or other banking problems, the bank may deny the account. The person with the clean banking history can usually open an account alone and add the other person later.
Can I have a joint account with someone who is not a U.S. citizen?
Yes, but they must have a Social Security number or Individual Taxpayer Identification Number (ITIN). Some banks require additional documentation for non-citizens. Call ahead to confirm what the bank needs before you both go in.
What if one person on the joint account owes money to the bank?
The bank can freeze or seize money from the joint account to cover that person's debt, even if the other person contributed the money. This is called offset or setoff. To protect your money, keep it in a separate individual account or ask the bank about opening an account in only your name.
Do I need to tell the IRS about a joint account?
No, you do not report the account itself to the IRS. You report interest income and other earnings on your tax return. If you are splitting income or expenses with the other person, keep records of who paid what in case there are questions later.