What you need to do it
Opening a joint savings account takes one visit to a bank or credit union, either in person or online. You and the other account holder both need to be present (or authorize the bank to proceed with one person signing on behalf of both). Bring a government-issued ID for each person, proof of your current address, and your Social Security number or tax ID. Some banks also ask for an initial deposit—usually $25 to $100, though some have no minimum.
The process itself takes 15 minutes to an hour in a branch, or 10 to 20 minutes online if your bank supports it. You'll choose the account type (usually a basic savings account), decide how the account is owned, and set up how withdrawals and transfers work. The account opens the same day or within one business day.
Key Takeaways
- Both account holders must provide ID, proof of address, and a Social Security number or tax ID before the account opens.
- You can choose between joint tenancy (both owners have equal rights) or tenancy in common (each owner controls their own share), and this choice affects what happens if one owner dies.
- Most banks let you open online, but some require at least one person to visit a branch in person.
- An initial deposit of $25 to $100 is typical, though some banks have no minimum.
- The account is active the same day or next business day, and both owners can deposit and withdraw immediately.
Choosing between joint tenancy and tenancy in common
When you open the account, the bank will ask how you want to own it. Joint tenancy with rights of survivorship means both owners have equal rights to the full balance, and if one owner dies, the surviving owner automatically owns the entire account. This is the most common choice for couples and family members saving together.
Tenancy in common means each owner has a separate share of the account. If one owner dies, their share goes to their estate (and their heirs), not to the surviving owner. This is less common but useful if you're saving with a business partner or friend and want to keep your contributions separate.
Ask the bank which option is the default—most default to joint tenancy with rights of survivorship. If you want tenancy in common, you may need to request it in writing or sign an additional form.
What happens when you both sign the paperwork
The bank will have you (or both of you, depending on the bank's process) sign a signature card and account agreement. The signature card tells the bank which signatures are authorized to withdraw money. On a joint account, both signatures are usually authorized, meaning either owner can withdraw the full balance without the other's permission.
Some banks offer a dual-signature requirement, which means both owners must sign off on withdrawals above a certain amount. This is rare on savings accounts but common on business accounts. Ask if your bank offers it—it adds a layer of protection if you're concerned about one owner making large withdrawals without discussion.
You'll also sign the account agreement, which outlines the bank's rules: how interest is paid, what fees apply, how disputes are handled, and what happens if one owner dies or the account is closed.
Setting up online and mobile access
Once the account opens, both owners can set up online banking and a mobile app using their own login credentials. The bank will ask each person to create a username and password. Some banks require you to verify your identity a second time (usually by answering security questions or confirming a code sent to your phone) before you can access the account online.
Both owners will see the same balance and transaction history. Either owner can set up bill pay, transfers, and alerts. If you want to restrict what one owner can do online—for example, preventing transfers to external accounts—ask the bank if it offers permission settings. Most do not, so assume both owners have full access to everything.
Initial deposit and first transactions
You can fund the account immediately with cash, a check, or a transfer from another account. If you're transferring from another bank, the money usually arrives within one to three business days. If you're depositing cash or a check in person, it posts the same day or next business day.
Both owners can make deposits and withdrawals right away. There's no waiting period. If the account has a monthly withdrawal limit (some savings accounts limit you to six withdrawals per month), that limit applies to the account as a whole, not to each owner separately—so if one owner makes four withdrawals, the other can make only two that month.
What to know about taxes and interest
The bank will issue one 1099-INT form (interest income statement) for the account, not separate forms for each owner. You and the other owner will need to decide how to split the interest income on your tax returns. If you each own half, you each report half the interest. If you own it as joint tenancy with rights of survivorship, the IRS assumes you each own half unless you can prove otherwise.
Keep records of how much each person contributed and how you're splitting the interest. If there's ever a dispute or if one owner dies, these records matter for taxes and for settling the account.
Closing the account or removing an owner
Either owner can close the account without the other's permission. The bank will send the balance to whichever owner initiated the closure, or split it between you if you both agree. If you want to remove one owner and keep the account open, you'll both need to visit the bank or call together to authorize the change. Some banks allow this online if both owners log in and confirm.
If one owner dies, the surviving owner can usually close the account or keep it open by providing a death certificate. If the account was joint tenancy with rights of survivorship, the surviving owner owns the full balance immediately and does not need the other owner's estate to approve.
Frequently Asked Questions
Can I open a joint account if the other person lives in a different state?
Yes. Most banks allow you to open online without both people being present. One person can start the application, and the other can complete their part online or by phone. You'll both need to verify your identity, usually by providing ID and answering security questions. Some banks still require at least one person to visit a branch, so check with your bank first.
What if one owner wants to withdraw all the money without telling the other?
They can. On a standard joint account, both owners have equal rights to the full balance. The bank will not stop one owner from withdrawing everything. If you're concerned about this, ask the bank about dual-signature requirements or consider a different account structure (like tenancy in common with separate sub-accounts, if the bank offers it).
Does opening a joint account affect my credit score?
No. A savings account does not appear on your credit report. Opening a joint account will not raise or lower your credit score. The bank may do a soft credit check to verify your identity, but this does not affect your score.
What if I want to change from joint tenancy to tenancy in common later?
You can, but you'll need to contact the bank and usually sign new paperwork. Both owners should be present or authorize the change in writing. The bank may charge a small fee or require you to close the account and open a new one with the new ownership structure.
Do both owners need to be U.S. citizens?
No, but both need a Social Security number or tax ID. If one owner is not a U.S. citizen, they can use an ITIN (Individual Taxpayer Identification Number) instead. Bring the ITIN documentation when you open the account.