Opening a joint account requires both account holders to visit the bank together with ID, provide Social Security numbers, and decide who can withdraw money and make decisions
A joint account is one that two or more people own together. Both owners have equal legal rights to the money inside, unless you set it up differently. When you open one, the bank will ask you to choose what type of ownership you want — this choice determines what happens to the money if one owner dies, and who can act without the other person's permission.
Most banks require both people to show up in person with a government-issued ID and your Social Security number. Some banks now allow one person to open the account and add the other person later, but the second person still has to verify their identity before they can access the account. The whole process usually takes 15 to 30 minutes if you have your documents ready.
Key Takeaways
- Both account holders must provide ID and a Social Security number, and most banks require both people to be present at opening.
- You can choose between "joint tenants with rights of survivorship" (money goes to the surviving owner if one dies) or "tenants in common" (your share goes to your estate).
- Each owner can usually withdraw all the money without permission from the other, unless you specifically request signature requirements.
- Joint accounts affect credit reports only if the bank reports the account to credit bureaus, which varies by bank and account type.
- Closing a joint account requires agreement from both owners, or a court order if one owner refuses.
What documents you need to bring
Bring a government-issued photo ID for each person — a driver's license, passport, or state ID card. You will also need your Social Security number (or Individual Taxpayer Identification Number if you do not have an SSN). Some banks ask for a second form of ID, such as a utility bill or lease showing your current address.
If you are opening the account by mail or online, the bank will ask you to upload images of your ID and may require you to verify your identity through a video call or by answering security questions. The process is slower this way — usually three to five business days — because the bank has to confirm both owners are real people who actually want the account.
Choosing ownership type: survivorship or tenants in common
The bank will ask you to choose between joint tenants with rights of survivorship and tenants in common. This choice only matters if one owner dies.
With survivorship, the surviving owner automatically owns all the money in the account. The money does not go through probate (the court process that distributes a dead person's assets). This is the most common choice for spouses and family members. With tenants in common, each owner's share goes to their estate when they die, which means it goes through probate and is distributed according to their will or state law.
Some states have a third option called tenants by the entirety, which is only for married couples and offers extra protection — creditors of one spouse cannot seize the account to pay that spouse's debts. Ask the bank whether your state allows this and whether it applies to your situation.
Who can withdraw money and make decisions
By default, each owner can withdraw all the money without asking the other owner's permission. This means either person can empty the account alone. If you do not want this, you can request that the bank require both signatures for any withdrawal over a certain amount, or for all withdrawals. This is called a signature requirement or dual control.
Signature requirements slow down transactions — you cannot use the ATM or online banking to withdraw money if both signatures are needed. Some banks do not offer this option for joint accounts, so ask before you open the account. If the bank does offer it, the cost is usually zero, but confirm this.
You can also decide who gets online access and who can make transfers. Some banks let you set different permission levels for each owner, so one person might be able to view the balance but not transfer money. Ask what options the bank offers.
How joint accounts affect credit and taxes
A joint account does not automatically appear on either owner's credit report. Banks report accounts to credit bureaus only if the account is overdrawn or in default. If the account stays in good standing, it will not show up on your credit report at all. This means opening a joint account will not help or hurt your credit score.
For taxes, the bank will send a 1099 form to the Social Security number listed as the primary account holder if the account earns interest above a certain threshold (usually $10 or more per year). Only one owner gets the tax form, even though both own the account. You and the other owner are responsible for splitting the interest income on your tax returns if you file separately, but most couples file jointly and report it together.
If one owner receives government benefits based on income or assets, a joint account may affect those benefits. The account balance counts as an asset for programs like Supplemental Security Income (SSI) or Medicaid. Talk to the benefits program before opening a joint account if you receive means-tested benefits.
Adding or removing an account holder later
You can add a second owner to an existing account, but the bank will require that person to verify their identity in person or through a video call. The process takes a few days to a week. Both the original owner and the new owner usually have to sign paperwork authorizing the change.
Removing an owner is harder. If both owners agree, you can visit the bank together and change the account back to a single-owner account, or transfer the money to a new account in one person's name. If one owner refuses to remove themselves, the other owner cannot force them off without a court order. Some banks will close the account entirely and issue checks to both owners for their share, but this requires both owners' written consent.
What happens if one owner dies
If the account is set up as joint tenants with rights of survivorship, the surviving owner owns all the money automatically. You do not need a court order or probate. The surviving owner can continue using the account or close it and move the money elsewhere.
If the account is set up as tenants in common, the deceased owner's share becomes part of their estate. The surviving owner still owns their share and can use it, but the deceased owner's share goes through probate. The bank may freeze the account temporarily while the estate is being settled. You will need to provide the bank with a death certificate and proof that you are the executor or beneficiary of the estate.
Closing a joint account
To close a joint account, both owners usually have to visit the bank together or sign a written request. The bank will ask how you want to distribute the money — you can withdraw it in cash, transfer it to separate accounts, or request a check. If there is a dispute about who owns what portion of the money, the bank may require a court order before releasing the funds.
If one owner wants to close the account and the other does not, you cannot close it without that person's consent or a court order. Some banks will allow one owner to remove themselves and convert the account to a single-owner account, but this varies. Call your bank and ask what options are available if you and the other owner disagree.
Frequently Asked Questions
Can I open a joint account online without going to the bank?
Some banks allow one owner to open the account online and add the second owner later, but the second owner must still verify their identity in person or through a video call. A few banks now offer fully remote account opening with video verification for both owners, but this is not standard. Call your bank to ask whether they offer this option.
What if I want to add someone to my account but they live far away?
Most banks can mail documents to the other person for them to sign and return, or they can conduct a video call to verify identity. This takes longer — usually one to two weeks — but you do not have to be in the same location. Some banks charge a small fee for remote verification, usually $0 to $25.
Does a joint account protect money from creditors?
It depends on the type of ownership and your state's laws. In most states, a creditor of one owner can seize that owner's share of a joint account. If the account is set up as tenants by the entirety (available in some states for married couples), creditors of one spouse cannot touch the account. Talk to a lawyer in your state if you are worried about creditor claims.
Can I have a joint account with someone I am not married to?
Yes. You can open a joint account with a family member, business partner, friend, or anyone else. The bank does not require you to be married. Both owners have the same legal rights and responsibilities regardless of your relationship.
What if the other owner takes all the money without telling me?
Because both owners have equal rights to the money, the other owner can legally withdraw it all. You cannot force the bank to return it or prevent the withdrawal. If you believe the money was taken illegally — for example, if you are a victim of financial abuse or fraud — you can report it to police and consult a lawyer about civil recovery. Some banks will help you freeze the account if you report suspected fraud, but this requires proof.