Yes, you can set up a joint savings account at most banks and credit unions
A joint savings account is a standard product that nearly every bank and credit union offers. You and another person (or sometimes more than two) can open one together, and both of you own the money in it equally. The account holder who is not the primary account owner is called a joint owner or co-owner. Both of you can deposit money, withdraw money, and see the balance at any time.
The process takes about 15 to 30 minutes in person, or 10 to 20 minutes online if your bank offers remote account opening. You will need to bring identification and proof of address for both account holders, and you will both need to sign or electronically consent to the account agreement.
The main decision is whether you want the account to pass to the surviving owner if one of you dies, or whether it becomes part of the deceased person's estate. This is called survivorship, and the default varies by state and by bank. You can usually choose which way you want it to work when you open the account.
Key Takeaways
- Joint savings accounts require identification and proof of address for both owners, and both must sign or consent to the account agreement.
- You can open a joint account in person at a branch, by mail, or online depending on your bank's options.
- Both owners have full access to all the money in the account at all times, with no limits on who can withdraw what.
- You need to decide whether the account includes survivorship (passes to the other owner if one dies) or whether it becomes part of an estate.
- Joint accounts do not protect money from creditors, lawsuits, or tax claims against either owner.
What you need to bring to open a joint account
Both account holders must be present (in person or online) and must provide a government-issued photo ID — a driver's license, passport, or state ID card. You will also need proof of your current address, which can be a recent utility bill, lease, mortgage statement, or bank statement dated within the last 60 days. Some banks accept a government document with your address on it instead.
If you are opening the account online, you may be able to upload photos of these documents. If you are opening in person, bring the originals. If you are opening by mail, the bank will tell you which documents to send and whether they need to be certified copies.
You will also need to provide your Social Security number and date of birth. The bank uses this to run a background check and to report interest earned to the IRS.
The difference between survivorship and non-survivorship accounts
A joint account with survivorship (sometimes called a "joint tenancy with rights of survivorship" or JTWROS) means that if one owner dies, the money automatically passes to the surviving owner outside of probate. The surviving owner does not have to go to court or wait for the estate to be settled — they simply remain the account owner and keep the money.
A joint account without survivorship (sometimes called "tenancy in common") means that if one owner dies, their share of the account becomes part of their estate. The surviving owner keeps their own share, but the deceased owner's share goes through probate and is distributed according to their will or state law. This can take months and may involve court fees.
The default rule varies by state and by bank. Some states assume survivorship unless you say otherwise; others assume the opposite. When you open the account, the bank will ask you which way you want it set up, or they will show you what the default is and let you change it. If you are unsure which is right for your situation, ask the bank representative or consult a lawyer.
How to open a joint account in person, online, or by mail
In person: Go to a branch with both account holders present. Bring identification and proof of address for both people. A bank representative will verify your information, explain the account terms, and have you both sign the account agreement. The account is usually open the same day, and you can start using it immediately or within one business day.
Online: Some banks let you open a joint account entirely online. Both account holders will need to create or log into an account on the bank's website, upload photos of identification and proof of address, and electronically sign the account agreement. The process usually takes 10 to 20 minutes, and the account opens within one to three business days. Not all banks offer this option, so check your bank's website first.
By mail: A few banks still allow you to open an account by mail. You will receive an application form, fill it out, have both owners sign it, and mail it back with copies of your identification and proof of address. This route takes longer — usually one to two weeks — because the bank has to receive and process the documents by hand.
What happens to the money if one owner dies
If the account has survivorship, the surviving owner automatically owns all the money. They can keep using the account as normal. The bank may ask for a death certificate to update their records, but the surviving owner does not lose access to the money while this happens.
If the account does not have survivorship, the surviving owner's share remains theirs, but the deceased owner's share becomes part of their estate. The surviving owner can still access and use their own share, but the deceased owner's portion will be frozen or transferred to the estate during probate. This can take several months, and the surviving owner may not be able to touch that money until the court process is complete.
Some banks will release the deceased owner's share to the surviving owner if the amount is small enough (usually under $5,000 to $15,000, depending on state law), without waiting for probate. Ask your bank what their policy is.
Joint accounts and creditors, taxes, and liability
A joint account does not protect the money from creditors of either owner. If one owner has unpaid debts, a creditor can pursue the entire account balance, not just that owner's share. This is true even if the other owner contributed all the money and the debtor contributed nothing.
Similarly, if one owner is sued and loses, the judgment can attach to the joint account. The same applies to tax liens, child support orders, and other legal claims against either owner.
For tax purposes, the bank reports all interest earned on the account to the IRS. If the account earns $10 in interest, both owners may receive a 1099-INT form, or the bank may report it all to one owner's Social Security number. Check with your bank about how they report interest, because you may need to split the income on your tax return.
Frequently Asked Questions
Can I open a joint account if the other person is not present?
No. Both owners must be present in person or must both consent electronically if opening online. The bank needs to verify the identity of both people and have both sign the account agreement. A few banks may allow one person to open the account and add the other person later, but this creates a different legal structure and is not the same as opening a true joint account together.
What if one owner wants to close the account or remove the other owner?
Either owner can usually close the account or withdraw all the money without permission from the other owner. This is because both owners have equal rights to the full balance. If you want to prevent this, a joint account is not the right tool — you would need a trust or a formal agreement with legal teeth, which requires a lawyer.
Do I need a joint account to share money with someone?
No. You can transfer money to someone else's individual account, use a peer-to-peer payment app, or give them cash. A joint account makes sense if you both need regular access to the same pool of money — for household expenses, a business, or shared savings — and you trust each other completely.
Can I open a joint account with more than two people?
Some banks allow three or more owners on a single account, but this is less common. The more owners you add, the more complicated access and liability become. Ask your bank whether they support accounts with more than two owners, and consider whether a trust or a business account might work better for your situation.
What if I want to add someone to my existing account?
You can usually add a joint owner to an account you already have, but the process varies by bank. Some banks let you do it online or by phone; others require you to go to a branch. The new owner will need to provide identification and consent to the account agreement. Adding someone after the fact may also change the survivorship status of the account, so ask the bank how this works before you proceed.