What you need before you start

To open a joint savings account, you and the other account holder will both need to be present at the bank or credit union, or complete the process online together if the institution allows it. Bring a government-issued photo ID for each person — a driver's license, passport, or state ID card. You will also need a Social Security number or Individual Taxpayer Identification Number (ITIN) for each account holder.

Some banks and credit unions require a minimum opening deposit, which ranges from zero dollars to several hundred dollars depending on the institution. Check the specific bank's requirements before you go; many post this information on their website or you can call ahead. You will also need to decide on the account type — most joint savings accounts are structured as "joint tenants with rights of survivorship," meaning either person can withdraw money and if one dies, the other automatically owns the full balance.

Have a conversation with the other account holder beforehand about how you will use the account. Will both people deposit money? Can either person withdraw without asking the other? What is the account for — an emergency fund, a shared goal, household expenses? These decisions do not change the mechanics of opening the account, but they matter for how you will manage it afterward.

Key Takeaways

  • Both account holders must provide a government-issued photo ID and a Social Security number or ITIN at the time of opening.
  • You can open a joint account in person at a bank or credit union branch, or online if the institution offers that option.
  • Most joint accounts are set up as "joint tenants with rights of survivorship," which means either person can access all the money and the surviving person inherits the account if one dies.
  • The opening deposit requirement varies by bank and account type, from zero to several hundred dollars.
  • Decide together before opening whether both people will deposit money, whether either can withdraw without permission, and what the account is for.

Opening the account in person at a branch

Walk into any branch of the bank or credit union where you want to open the account. Tell the teller or banker that you want to open a joint savings account. They will take you to a desk, verify both IDs, and collect the Social Security numbers or ITINs for each person. This usually takes 15 to 30 minutes.

You will sign paperwork that spells out the account terms — the interest rate (if any), monthly fees, minimum balance requirements, and withdrawal rules. Read this carefully, especially the fee schedule. Some banks charge a monthly maintenance fee unless you keep a certain balance or set up direct deposit. Others charge a fee every time you withdraw more than a certain number of times per month. Ask the banker to explain any fee you do not understand before you sign.

Once you sign, the account is open. You will receive a debit card for each account holder (usually mailed within 5 to 10 business days) and online access information so you can check the balance and transfer money. Some banks give you a temporary debit card at the branch that you can use immediately.

Opening the account online

Many large banks and some credit unions allow you to open a joint account entirely online. Start on the bank's website and look for "open an account" or "new accounts." Select "joint savings account" from the account type menu. You will be asked to enter both account holders' names, addresses, Social Security numbers or ITINs, and dates of birth.

The bank will then ask you to verify your identity, usually by uploading a photo of your government-issued ID or by answering security questions based on your credit history. Some banks require both account holders to complete this verification step separately, which means you will each need to log in and verify yourselves. This can take a few minutes to an hour per person, depending on how quickly the bank's system can confirm your information.

After verification, you will review the account terms and sign electronically. The account opens immediately, though you may not be able to deposit money or use a debit card until the bank mails you physical cards — usually 5 to 10 business days. Some banks offer a temporary digital card you can add to your phone's wallet and use right away.

What happens after you open the account

Once the account is open, either account holder can deposit money by transferring from another account, depositing a check through mobile deposit, or visiting a branch with cash. The money is available to both people immediately — there is no waiting period or approval needed for the other person to see or use the funds.

Both account holders can withdraw money at any time without permission from the other. This is true whether you withdraw at an ATM, at a teller window, or by transferring money to another account. The bank does not require one person's approval before the other can take money out. If you want to prevent one person from withdrawing without the other's permission, a joint savings account is not the right structure — you would need to look into other account types, which vary by bank.

You will receive statements together. Most banks send one statement per account per month, and both account holders can access it online. If you set up online banking, you can each log in separately and see the full balance and transaction history. Some banks allow you to set up alerts so that both people get a text or email when the balance drops below a certain amount or when a large withdrawal happens.

Fees and interest to watch for

Joint savings accounts charge the same fees as individual savings accounts at the same bank. Common fees include a monthly maintenance fee (usually $5 to $15 if you do not meet a minimum balance), an overdraft fee (charged if you try to withdraw more than you have), and an ATM fee if you use an out-of-network ATM. Some banks waive the monthly fee if you keep a certain balance — often $500 to $2,500 — or if you set up direct deposit.

Interest rates on savings accounts are very low at most traditional banks, typically 0.01% to 0.05% per year. This means that on a $1,000 balance, you might earn less than $1 per year in interest. Credit unions and online banks often pay higher rates, sometimes 4% to 5% per year, though these rates change frequently. Compare rates across a few institutions before you open the account if interest earnings matter to you.

Ask the bank whether the interest rate is fixed or variable. A fixed rate stays the same for as long as you have the account. A variable rate can change whenever the bank decides, usually in response to changes in the federal interest rate. Banks must notify you before they lower the rate, but the notification may come only a few days before the change takes effect.

Changing account ownership or closing the account

If you want to remove one person from the account later, you will need to visit a branch or call the bank. The bank will not allow you to remove someone online. Both account holders usually need to agree to the change, though some banks allow one person to close the account unilaterally if they are the one who opened it. Ask your bank about their specific policy before you open the account.

To close a joint account, contact the bank and ask to close it. You can do this in person, by phone, or sometimes online depending on the bank. The bank will transfer any remaining balance to an account you specify or issue a check. Make sure both account holders agree to close the account before you do, because once it is closed, neither person can access it.

If one account holder dies, the surviving account holder usually inherits the full balance automatically if the account is set up as "joint tenants with rights of survivorship" — which is the standard for most joint accounts. The surviving person can continue using the account or close it. They will need to provide a death certificate to the bank. No probate or court process is required.

Frequently Asked Questions

Can I open a joint account with someone who does not live in the same state?

Yes. You can open a joint account with anyone, regardless of where they live. If you open in person, you both need to be at the same branch at the same time. If you open online, you can each complete the process from your own location, though you will likely need to verify your identity separately.

What if one account holder wants to withdraw all the money without telling the other?

They can. In a joint account, either person can withdraw the full balance at any time without permission. If you want to prevent this, a joint account is not the right choice. Some banks offer accounts where both people must sign off on large withdrawals, but these are less common and may have higher fees. Talk to your bank about alternatives if this is a concern.

Does opening a joint account affect my credit score?

No. Opening a savings account does not affect your credit score because the bank does not report it to the credit bureaus. Your credit score is based on borrowing and repayment history, not on savings accounts. Both account holders' credit remains separate and unaffected.

What if I want to add a third person to the account later?

Most banks do not allow you to add a third person to an existing joint account. You would need to close the current account and open a new one with all three people present. Some banks may make exceptions, so call and ask, but do not count on it.

Do I need to report a joint account to the IRS?

No. A joint savings account itself does not need to be reported to the IRS. However, if the account earns interest, the bank will send a 1099-INT form to each account holder reporting the interest earned. Each person reports their share of the interest on their own tax return. The bank usually splits the interest equally between both account holders unless you tell them otherwise.