What you need to do it
Opening a joint savings account requires both account holders to be present at the bank or credit union, or to complete the process online if the institution allows remote account opening. You will need a government-issued photo ID for each person, a Social Security number or tax ID for each person, and an initial deposit (the amount varies by bank, from $0 to $500 or more). Some banks also ask for proof of address, such as a recent utility bill or lease.
The two of you should decide in advance which bank or credit union you want to use, what type of joint account structure you want (see below), and how much money to deposit to open it. You do not need to be married or related to open a joint account — any two adults can do it.
If you are opening the account online, both people typically need to complete their own identity verification step, which may include answering security questions or uploading a photo of your ID. If you are going in person, bring both IDs and be prepared to sign paperwork together.
Key Takeaways
- Both account holders must provide a photo ID, Social Security number, and initial deposit amount, which varies by bank.
- You can choose between "joint tenants with rights of survivorship" (account goes to the surviving owner if one dies) or "tenants in common" (the deceased person's share goes to their estate).
- Each person gets their own debit card and online access, and either person can withdraw or deposit money without permission from the other.
- The account is held at one bank, so you both need to agree on which institution and which account type before you start.
- Some banks charge monthly fees for joint accounts, while others waive fees if you maintain a minimum balance or set up direct deposit.
Choosing the ownership structure
When you open a joint account, the bank will ask you to choose how the account is owned. The two main options are joint tenants with rights of survivorship and tenants in common. The difference matters only if one account holder dies.
With joint tenants with rights of survivorship, the surviving account holder automatically owns the entire account balance when the other person dies. The money does not go through probate (the legal process that distributes a person's assets after death) and passes to the survivor immediately. This is the default option at most banks.
With tenants in common, each person owns a specific percentage of the account (usually 50/50 unless you specify otherwise). When one person dies, their share goes to their estate and is distributed according to their will or state law, not automatically to the other account holder. You have to request this option explicitly — most banks do not offer it by default for joint accounts.
Ask the bank which option is the default and whether you can change it. Some states have different rules about which structure is assumed if you do not specify, so confirm what applies where you live.
What happens after you sign the paperwork
Once both of you have signed the account agreement, the bank will issue debit cards to each person, usually within 5 to 10 business days. You will both receive online login credentials so you can check the balance, transfer money, and set up bill pay from your own devices. Some banks send the cards to one address; others let you choose separate mailing addresses.
The account number is the same for both of you. Any deposit either person makes goes into the same pool of money. Any withdrawal either person makes comes from that same pool. Neither person needs permission from the other to move money or close the account — this is a key risk to understand before you open the account.
Set up online alerts together if the bank offers them. You can ask the bank to notify both of you when the balance falls below a certain amount, when a large withdrawal happens, or when a transfer is made. This keeps both people informed and can catch fraud or unauthorized use faster.
Monthly fees and minimum balance requirements
Joint accounts are subject to the same fees as individual accounts at the same bank. Some banks charge a monthly maintenance fee ($5 to $15 per month is common), while others waive the fee if you maintain a minimum balance, set up direct deposit, or keep a linked savings account open. A few banks offer joint accounts with no monthly fee at all.
Ask the bank about all fees before you open the account, including overdraft fees, out-of-network ATM fees, and wire transfer fees. These apply to the joint account the same way they would to an individual account. If one person overdraws the account, both people are responsible for the overdraft fee.
If the bank requires a minimum balance to waive fees, confirm whether that balance must be maintained at all times or only on certain days (like the last day of the month). Some banks calculate the average daily balance; others look at the lowest balance during the statement period.
How to access the account after it opens
Each account holder can log into the account online using their own username and password, or both can use the same login if you prefer. Most banks allow you to set up mobile app access on separate phones so you can both check the balance and make transfers from anywhere.
You can visit any branch of the bank together or separately to make deposits, withdrawals, or ask questions. If the bank is part of a network (like Allpoint or MoneyPass), you can use ATMs outside the bank's branches without a fee. Confirm the ATM network before you open the account if you plan to use ATMs frequently.
If one person needs to make a large withdrawal or close the account, the bank may require both signatures depending on the amount and the bank's policy. Ask about this upfront so you know what to expect if circumstances change.
What to do if you want to close the account or remove someone
Closing a joint account requires the consent of both people at most banks. If one person wants to close it without the other's permission, the bank will usually refuse unless there is a court order (such as from a divorce proceeding). Some banks allow one person to withdraw their share and close their access, but this varies by institution.
If you want to remove one person from the account and keep it open, you typically cannot do that — you have to close the joint account and open a new individual account. The person being removed will lose access to the debit card and online login. Confirm your bank's policy before you open the account so you know what your options are if the relationship changes.
If one account holder dies, the surviving person should notify the bank immediately with a copy of the death certificate. If the account is set up as joint tenants with rights of survivorship, the surviving person retains full access and ownership. If it is set up as tenants in common, the bank will freeze the account pending instructions from the deceased person's estate.
Fraud and dispute protection on joint accounts
Joint accounts are covered by the same fraud protections as individual accounts. If someone uses your debit card without permission, you can dispute the charge with the bank. You have up to 60 days from the statement date to report unauthorized transactions, though reporting sooner is better.
The risk with a joint account is that the other account holder has full access to the money. If one person withdraws money without the other's knowledge or permission, that is not fraud from the bank's perspective — it is a civil matter between the two account holders. The bank will not reverse the withdrawal or investigate it as unauthorized use.
If you suspect the other account holder has committed fraud or theft, you can file a police report and pursue a civil claim, but the bank will not intervene. This is why it is critical to open a joint account only with someone you trust completely.
Frequently Asked Questions
Can we open a joint account online without going to the bank in person?
Many banks now allow remote account opening for joint accounts, but both people must complete their own identity verification step online. This usually involves uploading a photo of your ID and answering security questions. Some banks still require at least one person to visit a branch in person. Check with your bank about their specific process before you start.
What if one person wants to close the account and the other does not?
Most banks require both people to agree to close a joint account. If you disagree, you may need a court order to close it or remove someone. This is why it is important to discuss what happens if circumstances change before you open the account.
Does opening a joint account affect my credit score?
Opening a joint savings account does not affect your credit score because savings accounts are not reported to credit bureaus. However, if the account is overdrawn and sent to collections, that can show up on your credit report. Both account holders are responsible for overdraft fees and negative balances.
Can I have a joint account with someone who does not have a Social Security number?
Most banks require a Social Security number or tax ID for each account holder. If someone does not have a Social Security number, they may be able to use an Individual Taxpayer Identification Number (ITIN). Call the bank to ask whether they accept ITINs and what documentation is needed.
What happens to the joint account if we get divorced?
A joint account is considered marital property in most states and may be divided as part of the divorce settlement. The court can order the account closed and the balance split, or one person can be ordered to buy out the other's share. You should close or separate the account as soon as possible after separation to avoid disputes over withdrawals.