What you need before you walk in
To open a joint savings account, you and the other account holder both need to be present at the bank or credit union, or you need to 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 tax ID for each account holder.
Some banks ask for a second form of ID or proof of address, such as a utility bill, lease, or recent bank statement. Call the bank ahead of time to confirm what they require, because requirements vary by institution and by state. If either account holder does not have a Social Security number, ask whether the bank accepts an Individual Taxpayer Identification Number (ITIN) instead.
Decide in advance how you want the account titled. Most joint accounts are set up as "joint tenants with rights of survivorship," which means either person can withdraw money and, if one dies, the surviving account holder owns the full balance. Some couples or family members choose "tenants in common," where each person owns a specific percentage and their share goes to their estate if they die. The bank will explain the difference and let you choose.
Key Takeaways
- Both account holders must provide a government-issued photo ID and Social Security number or tax ID in person or online, depending on the bank's process.
- You will choose how the account is titled — usually "joint tenants with rights of survivorship" — which determines who can withdraw money and what happens if one person dies.
- Banks typically charge a monthly maintenance fee ranging from zero to fifteen dollars, though many waive it if you maintain a minimum balance or set up direct deposit.
- The account is usually open within one business day if you complete the process in person, or within two to five business days if you apply online.
- Both account holders can deposit and withdraw money immediately once the account opens, and both receive statements and online access.
Choosing a bank or credit union
You do not have to use the same bank where either of you already has an account, but doing so can simplify things. If you both bank at the same institution, you can often open the joint account in a single visit or online session. If you bank at different places, you will need to choose one institution or open the account at a third bank entirely.
Compare monthly fees, minimum balance requirements, and interest rates across a few options. Some banks charge no monthly fee if you keep a certain balance — often $500 to $2,500 — or if you set up direct deposit. Credit unions sometimes offer lower fees and higher interest rates than banks, but you must be a member to open an account. Membership is usually free or costs a small one-time fee.
Check whether the bank or credit union offers online account opening for joint accounts. Some institutions require both people to be present in person, while others let you complete the process remotely with video verification. Online opening can save time if you live far apart or have scheduling conflicts.
The application and verification process
If you are opening the account in person, you and the other account holder will fill out a signature card and an account application. The bank will verify your identities, confirm your Social Security numbers, and run a background check through ChexSystems or Early Warning Services — systems that track banking history and fraud. This check does not affect your credit score.
If either account holder has a history of overdrafts, fraud, or unpaid bank fees, the bank may deny the application or require a deposit to open the account. Ask the bank directly if there are any concerns before you apply. If you are denied, you can request a copy of the ChexSystems report and dispute any errors.
For online applications, you will typically upload photos of both IDs, provide your Social Security numbers, and answer questions about your identity. The bank may ask you to verify your identity through a video call or by answering security questions based on your credit history. Once verification is complete, the account usually opens within two to five business days.
What happens after you open the account
Both account holders receive a debit card, checks, and online banking access. You can set up online bill pay, automatic transfers, and alerts for low balances or large withdrawals. Both people can see the full transaction history and account balance at any time.
Decide together how you will manage the account. Some couples or families assign one person to pay bills and track spending, while others share the responsibility. You can set up alerts to notify both account holders when a withdrawal exceeds a certain amount, which can help prevent surprises.
If either account holder wants to close the account or remove the other person, most banks require written consent from both parties. Some institutions allow one person to close the account unilaterally, so ask about the bank's policy before you open it. Understanding this upfront can prevent conflict later.
Fees and minimum balances
Monthly maintenance fees typically range from zero to fifteen dollars, though this varies widely. Many banks waive the fee if you maintain a minimum balance — often $500 to $2,500 — or if you set up direct deposit of at least $500 per month. Some banks waive fees for accounts held by seniors or students.
You may also pay fees for overdrafts, returned deposits, or excessive withdrawals from savings accounts. Federal Regulation D limits you to six withdrawals or transfers per month from a savings account; exceeding this limit usually costs $25 to $35 per transaction. Checking accounts have no withdrawal limit.
Interest rates on joint savings accounts are typically very low — often less than 0.5% annually — though some online banks offer higher rates. If you are saving money long-term, compare rates across institutions. The difference between 0.01% and 0.5% is small on a small balance, but meaningful if you are saving thousands of dollars.
Tax and legal considerations
A joint savings account does not create a legal partnership or change your tax status. Each account holder reports their own income and pays their own taxes. If the account earns interest, the bank will issue a 1099-INT form to each account holder for their share of the interest, or to one account holder if the bank does not split it. You may need to divide the interest reported on your tax returns based on who actually owns each portion of the money.
Joint accounts are not protected by creditor claims the way some other accounts are. If one account holder has unpaid debts, a creditor can potentially freeze or seize the entire joint account balance, even if the other person contributed all the money. If this is a concern, talk to a lawyer about whether a joint account is the right choice for your situation.
If one account holder dies, the surviving account holder typically has full access to the account immediately, without waiting for probate. This is one reason many couples choose joint accounts — the surviving spouse can pay bills and access money without court involvement. However, if the account is titled as "tenants in common" instead of "joint tenants with rights of survivorship," the deceased person's share goes to their estate and may be subject to probate.
Frequently Asked Questions
Can we open a joint account online if we live in different states?
Many banks allow online account opening for joint accounts, but both account holders must complete the process together. You will typically need to verify your identities through video call or security questions. Contact the bank to confirm they support remote joint account opening and whether there are any state-specific restrictions.
What if one account holder wants to close the account?
Most banks require written consent from both account holders to close a joint account. Some institutions allow one person to close it unilaterally, which can leave the other person without access to their money. Ask the bank about their closure policy before you open the account, and discuss this with the other account holder.
Does opening a joint account affect either person's credit score?
Opening a joint savings account does not affect your credit score. The bank runs a background check through ChexSystems, which tracks banking history but does not impact credit. However, if the account goes into overdraft or is sent to collections, it could appear on your credit report.
Can we add a third person to the account later?
Most banks do not allow you to add a third account holder to an existing joint account. You would need to close the current account and open a new one with all three people present. Some institutions may have different policies, so ask your bank about their rules.
What if one account holder has a history of overdrafts or fraud?
The bank may deny the application or require a deposit to open the account if either person has a negative banking history. You can request a copy of the ChexSystems report and dispute any errors. If you are denied, ask the bank which specific issue caused the denial and whether you can address it.