What you need before you walk in or log on
To open a joint savings account, you and the other account holder will each need a government-issued photo ID, your Social Security number, and proof of your current address. Most banks accept a driver's license, passport, or state ID card. For the address, bring a recent utility bill, lease, or mortgage statement—something dated within the last 60 days.
You'll also need to decide how much money to deposit to open the account. This opening deposit varies by bank: some require as little as $25, others ask for $100 or $500. A few banks have no minimum at all. Call ahead or check the bank's website to find out what that specific institution requires.
Bring both pieces of ID and both proofs of address to the bank branch, or have them ready if you're opening the account online. Some banks let one person open the account and add the second person later, but most require both account holders to be present or to sign documents electronically during the process.
Key Takeaways
- Each account holder needs a government photo ID, Social Security number, and proof of current address within the last 60 days.
- Opening deposits range from $0 to $500 depending on the bank, so check your chosen bank's requirement before you go.
- Most banks require both account holders to be present in person or to sign documents electronically; one person cannot usually open the account alone.
- You'll decide during setup whether the account is "joint and several" (either person can withdraw everything) or has other restrictions, and this choice affects what each person can do.
- The account is typically funded and ready to use the same day, though some online banks take one to three business days.
Choosing between banks and account types
Traditional banks (Chase, Bank of America, Wells Fargo) have physical branches where you can deposit cash and speak to someone in person. Credit unions often have lower fees and higher interest rates on savings, but you must be a member—membership is usually free and based on where you work, live, or go to school. Online banks (Ally, Marcus, Discover) have no branches but typically offer the highest interest rates and lowest fees because they have no physical locations to maintain.
When you sit down to open the account, the bank will ask you to choose the ownership structure. A joint and several account means either person can withdraw all the money without permission from the other. A joint tenants with rights of survivorship account means if one person dies, the money automatically goes to the surviving account holder. Some banks offer tenants in common accounts, where each person owns a specific percentage and their share goes to their estate if they die, not to the other account holder. Ask which option the bank offers and which one matches what you and the other account holder want.
What happens during the account opening process
At a bank branch, a representative will ask you both to provide your IDs and proof of address. They'll run a check through ChexSystems, a banking history database that flags accounts closed for fraud or overdraft abuse. This check takes a few minutes and doesn't hurt your credit. You'll then sign the account agreement, which lists the fees, interest rate, and rules for the account.
If you're opening the account online, you'll upload photos of your IDs and proof of address through the bank's website or app. You'll create a username and password, and the bank will send you a link to sign the account agreement electronically. Some online banks require both account holders to sign separately; others let one person complete the process and add the second person afterward by sending them an invite link.
Once you've signed, the account is usually open immediately at online banks or within a few minutes at a branch. You can deposit money right away. If you're opening at a branch, you can deposit cash on the spot. If you're opening online, you'll link a bank account to transfer money in, which typically takes one to three business days to clear.
Funding the account and setting up access
Both account holders will receive a debit card in the mail within 7 to 10 business days. Until the card arrives, you can access the account online or through the bank's mobile app to transfer money in and out. At a branch, you can also withdraw cash or make deposits using a teller.
When you link an external bank account to fund the joint account, the bank will make two small test deposits (usually under $1 each) to verify you own that account. You'll log into your original bank's website and confirm the amounts, which tells the new bank the link is real. This verification takes one to three business days. After that, you can transfer money between accounts whenever you want.
If you're depositing cash, you can do it at the branch immediately. If you're depositing a check, sign the back and write "For deposit only" plus the account number. The check will clear in one to three business days depending on the amount and the bank's policy.
Fees and interest rates to compare
Monthly maintenance fees range from $0 to $15, though many banks waive the fee if you keep a minimum balance (often $500 to $1,500) or set up direct deposit. Some banks charge a fee only if the account falls below that balance; others charge it automatically every month regardless. Read the fee schedule before you open the account.
Interest rates on savings accounts vary widely. As of now, rates at online banks range from 4% to 5% annual percentage yield (APY), while traditional banks often offer 0.01% to 0.5%. The difference matters: $10,000 in a 4.5% account earns about $450 per year, while the same amount in a 0.01% account earns $1. If you're saving for something specific and won't need the money for months or years, the higher rate at an online bank is worth the trade-off of not having a physical branch.
Some accounts charge fees for overdrafts (when you spend more than you have), excessive withdrawals, or wire transfers. Check the fee schedule on the bank's website or ask a representative which fees apply to the account you're opening.
What to do if one account holder wants to close or leave
If one person wants to close the account, most banks require both account holders to agree. You'll both need to sign a form or call the bank together to authorize the closure. The bank will send any remaining balance to the address on file, or you can request a check be mailed to each account holder for their share.
If one person dies, the account's ownership structure determines what happens next. With joint and several or rights of survivorship, the surviving account holder can access the money immediately. With tenants in common, the deceased person's share goes to their estate, and the surviving account holder cannot touch it without going through probate court. This is why it's important to choose the right ownership structure when you open the account.
If you want to remove one person from the account without closing it, most banks do not allow this. You'll need to close the joint account and open a new individual account, or open a new joint account with different account holders. Ask your bank whether they offer any middle-ground options.
Online versus in-person: which is faster
Opening an account online takes 10 to 15 minutes if both account holders have their documents ready and can sign electronically at the same time. The account is usually active within minutes, though transfers from an external bank take one to three business days to clear. Opening at a branch takes 20 to 30 minutes because a representative walks through the account agreement with you and answers questions in real time.
If you need to deposit cash immediately, a branch is faster because you can hand over the money and it's in the account right away. If you're comfortable with online banking and don't need to deposit cash, opening online is simpler because you don't have to coordinate schedules to both be at the branch at the same time.
Frequently Asked Questions
Can one person open a joint account without the other person being there?
Most banks require both account holders to be present in person or to sign documents electronically. Some online banks let one person start the process and send an invite link to the other person to sign separately, which takes a few extra hours or days. Call your bank to ask whether they allow this.
What if we don't have proof of address?
If you don't have a utility bill or lease, bring a recent bank statement, credit card statement, or government letter with your name and current address. Some banks accept a cell phone bill or insurance statement. Call ahead to ask what documents your specific bank accepts.
Do both people need to be on the debit card?
The bank will issue one debit card per account holder, so you'll each get your own card. Both cards access the same money. If you don't want one person to have a card, ask the bank whether you can request a card-free account or have one card issued instead of two.
What happens if we disagree about spending from the joint account?
In a joint and several account, either person can withdraw all the money without permission from the other. There's no legal way to stop this through the bank. If you're concerned about this, discuss spending rules before you open the account, or consider a different ownership structure that your bank may offer.
How long does it take to transfer money into the joint account?
Cash deposits at a branch are available immediately. Checks take one to three business days. Transfers from another bank account take one to three business days after you've verified the link. Wire transfers are usually available the same day but may cost $15 to $30.