What you need before you start
You can open a joint savings account online at most banks and credit unions in under 15 minutes, but both account holders need to be present and have specific documents ready. The bank will ask for government-issued ID, Social Security numbers, and proof of address for each person. One person typically starts the application, then the second person logs in or receives a link to verify their identity and sign the account agreement.
Before you choose a bank, decide whether you want a traditional bank, an online-only bank, or a credit union. Traditional banks (Chase, Bank of America, Wells Fargo) have physical branches if you need to deposit cash or speak to someone in person. Online-only banks (Ally, Marcus, Discover) usually offer higher interest rates but no branches. Credit unions often have lower fees and may be easier to work with if one account holder has limited credit history.
Check the minimum opening deposit required—some banks ask for $0, others for $25 or $100. Confirm the interest rate the account pays and whether it changes. Look at monthly fees: many banks charge nothing, but some charge $5 to $15 per month if you don't meet a minimum balance.
Key Takeaways
- Both account holders must provide government ID, Social Security number, and proof of address; the bank will verify both identities before the account opens.
- One person starts the application online, then the second person receives a link to verify their identity and sign the agreement—you do not both need to be at a computer at the same time.
- Online-only banks typically pay higher interest rates than traditional banks, but you cannot deposit cash in person.
- The account usually opens within one business day after both people have verified their identity, though some banks take up to three business days.
- Both account holders have equal access to the money and can withdraw or transfer funds without permission from the other person.
Documents each person needs to provide
The first account holder should gather these items before starting the online application: a government-issued photo ID (driver's license, passport, or state ID), Social Security number, and a recent utility bill, lease, or mortgage statement showing your current address. The second account holder needs the same three things.
If your address is very recent (less than 30 days old), some banks will accept a bank statement, credit card statement, or lease signed within the last 90 days instead of a utility bill. A few banks will accept a government benefits statement or tax return if you do not have a utility bill in your name.
Have both Social Security numbers written down before you start. The bank will verify them against government records during the application. If either person has a name change (marriage, divorce, legal change), bring documentation of that too—a marriage certificate, divorce decree, or court order. The name on your ID must match the name you use to open the account.
The online application process
The first account holder goes to the bank's website and clicks "Open an Account" or "New Accounts." You will enter your name, date of birth, Social Security number, and address. The bank will ask what type of account you want (savings, money market, or high-yield savings) and whether it is individual or joint. Select joint.
Next, you will upload or photograph your government ID. Most banks use automated verification—you take a photo of the front and back of your ID with your phone or computer, and the system checks it against government records. This usually takes a few seconds to a few minutes. If the system cannot read your ID, you may be asked to verify your identity by phone or video call with a bank representative.
You will then enter the second account holder's name, date of birth, and Social Security number. The bank will send that person an email or text with a link to verify their identity. The second person clicks the link, uploads their ID, and reviews the account agreement. Once both people have verified their identity, the bank processes the application.
Some banks ask security questions during this step (previous addresses, past employers, loan history). Answer honestly—the bank is checking your identity against credit bureaus and public records. If you answer incorrectly, the bank may ask you to verify by phone instead.
How long it takes from start to usable account
Most online banks open the account within one business day after both people have verified their identity. Some banks (Ally, Marcus, Discover) open accounts the same day if you complete the application before 5 p.m. Eastern time. Traditional banks (Chase, Bank of America) typically take one to three business days.
Once the account is open, you can log in and see your account number and routing number immediately. You can set up direct deposit or transfers from another bank right away. If you need to deposit cash, you will have to wait for a debit card to arrive in the mail (usually 5 to 10 business days) or visit a branch if the bank has one.
If the bank cannot verify one person's identity automatically, it will call or email to ask for additional information. This can add one to three business days to the process. If you do not respond within a few days, the application may be cancelled and you will have to start over.
What happens after the account opens
Both account holders can log into the account using their own username and password. You can each set up separate login credentials, or one person can manage the account and share the password with the other—the choice is yours. The bank does not require you to use the same password or login.
Both people have equal rights to the money. Either person can withdraw, transfer, or spend the funds without permission from the other. If one person removes all the money, the other person cannot reverse it or get it back through the bank. The bank treats the account as belonging to both of you equally, regardless of who deposited the money.
If one account holder dies, the money in the account usually goes to the surviving account holder automatically—it does not go through probate. This is called "right of survivorship" and is the default for most joint accounts. If you want the money to go to someone else instead, you need to change the account type or make a will; contact the bank to learn your options.
Fees and interest rates to compare
Most online banks charge no monthly fee for joint savings accounts. Traditional banks may charge $5 to $15 per month if you do not keep a minimum balance (usually $500 to $2,500). Some banks waive the fee if you set up direct deposit or keep a linked checking account open.
Interest rates vary widely. Online-only banks currently pay between 4% and 5.35% annual percentage yield (APY) on savings accounts, though this changes frequently. Traditional banks pay between 0.01% and 0.5% APY. The difference adds up: on $10,000, you would earn $400 to $535 per year at an online bank versus $1 to $50 at a traditional bank. Check the current rate before you open the account, because rates can drop without notice.
Some banks offer promotional rates for new accounts—for example, 5.5% APY for the first three months, then 4.5% after that. Read the fine print to see when the rate changes and what the regular rate will be.
What to do if verification fails
If the bank cannot verify your identity automatically, it will send you a message explaining why. Common reasons include a mismatch between your ID and the name in government records, an address that does not match, or a Social Security number that cannot be verified. Do not panic—this does not mean you cannot open the account.
The bank will offer you a way to verify by phone or video call. A representative will ask you to confirm your name, address, date of birth, and Social Security number. They may ask security questions or ask you to read information from your ID. This process usually takes 10 to 15 minutes and happens during business hours (typically 8 a.m. to 8 p.m. Eastern time).
If you cannot reach the bank or do not want to verify by phone, you can visit a branch in person with your ID and Social Security card. Bring proof of address too. A teller can open the account on the spot, though you will still need the second account holder to verify their identity online or in person.
Frequently Asked Questions
Can we open a joint account if we live in different states?
Yes. Online banks do not care where you live. You can both be in different states, and the account will still open. If you use a traditional bank, check whether it has branches in both states or whether it operates nationwide. Some regional banks only serve certain states.
What if one person does not have a Social Security number?
Most banks require a Social Security number or Individual Taxpayer Identification Number (ITIN) for both account holders. If someone does not have either, call the bank and ask whether they accept alternative identification. Some banks will work with you; others will not. Credit unions are sometimes more flexible than traditional banks.
Do we both have to be online at the same time to open the account?
No. One person starts the application, and the bank sends the second person a link via email or text. The second person can verify their identity hours or even days later. You do not need to be at a computer together.
Can we change the account to individual later if we want to?
Yes, but the process varies by bank. Some banks let you change it online; others require you to visit a branch or call. Contact your bank to ask. Be aware that if you change a joint account to individual, the other person loses access to the money and account information.
What if one person wants to close the account?
Either person can close the account without permission from the other. The bank will send the remaining balance to one of you (usually the person who requested the closure). If you want to prevent this, you need to remove your money first or change the account type. Talk to your bank about your options before this becomes a problem.