Yes, you can open a savings account with another person, but the structure depends on what you both want to do with the money

You have two main paths: a joint account, where both people own the money equally and can withdraw or manage it independently, or an authorized user account, where one person owns it and adds another person limited access. A joint account is what most couples, parents and adult children, or business partners use. An authorized user setup is less common for savings but works when one person needs to help manage an account without owning it.

The account holder (or both holders, in a joint account) must be present at the bank or credit union to open it. You will need identification for each person, proof of address, and Social Security numbers. Some banks let you start the process online, but you typically have to finish it in person or by video call with a bank representative.

Key Takeaways

  • A joint account gives both people equal ownership and full access to withdraw money; either person can close it or move the money without the other's permission.
  • An authorized user can access the account and make withdrawals, but the original owner retains legal ownership and can remove the authorized user at any time.
  • Both people must provide identification, proof of address, and a Social Security number to open a joint account; authorized user setups usually require only the primary account holder to be present.
  • Joint accounts do not require a minimum balance to open, but monthly fees, overdraft charges, and interest rates vary by bank and account type.
  • If one person dies, a joint account with survivorship rights passes to the surviving owner; an authorized user account goes through the deceased's estate.

How a joint account works and what each person can do

In a joint account, both owners have equal legal rights to the money. Either person can deposit funds, withdraw money, write checks, use a debit card, or close the account entirely without permission from the other. The bank treats both signatures as valid for any transaction. This means if one person withdraws all the money, the other person has no legal recourse through the bank—the money belonged to both of them equally.

Joint accounts are common between spouses, between a parent and an adult child managing household expenses, or between business partners who share operating costs. The account is reported on both people's credit reports if the bank reports account activity to credit bureaus, though most savings accounts do not. If one account holder dies, the money typically passes to the surviving owner automatically if the account is set up with survivorship rights (also called "joint tenants with rights of survivorship"). Ask the bank whether this is the default or whether you need to request it.

Authorized user accounts: limited access without shared ownership

An authorized user is added to an account by the primary owner. The authorized user can usually deposit money, withdraw funds, and check the balance, but the primary owner retains full legal ownership. The primary owner can remove the authorized user at any time without notice. This setup works when one person needs to help manage bills or access funds for a specific purpose—for example, an adult child helping an aging parent pay medical bills, or a business manager handling payroll deposits.

Not all banks offer authorized user options on savings accounts the way they do on checking accounts. Call your bank or credit union to ask whether they allow it and what permissions the authorized user will have. Some banks restrict authorized users from closing the account or changing account settings, while others give them full access except the ability to remove themselves.

What you need to bring to open a joint account

Both account holders must provide a government-issued photo ID (driver's license, passport, or state ID card), proof of current address (usually a utility bill or lease dated within the last 60 days), and a Social Security number. Some banks also ask for a second form of ID or verification of employment. Bring originals, not copies—banks will not accept photocopies of identification.

If you are opening the account in person, both people should go to the bank together. If one person cannot be there, some banks and credit unions offer video call appointments where both people can verify their identity on camera. Online-only banks sometimes let you start the application together but require a video call to complete it. Call ahead to confirm what your bank accepts and whether you need an appointment.

Fees, interest rates, and minimum balances for joint accounts

Joint savings accounts have the same fee structure as individual accounts at the same bank. Monthly maintenance fees range from zero to $10 or more, depending on the bank and account type. Some banks waive fees if you keep a minimum balance (often $500 to $2,500) or set up direct deposit. Interest rates on savings accounts are currently low across most banks—typically 0.01% to 0.05% annually—though some online banks and credit unions offer higher rates.

Overdraft fees apply if the account goes negative, and they vary widely: some banks charge $25 to $35 per overdraft, while others charge nothing. Ask about the bank's overdraft policy before opening the account. If both people will be withdrawing money, discuss a spending limit or a way to check the balance before large withdrawals to avoid overdrafts.

What happens to a joint account if one person dies

If the account has survivorship rights, the surviving owner inherits the money automatically and does not have to go through probate court. This is the most common setup for joint accounts between spouses and between parents and adult children. The surviving owner simply notifies the bank with a death certificate, and the account remains open in their name.

If the account does not have survivorship rights, the money becomes part of the deceased person's estate and goes through probate. This can take months or years, and the surviving account holder may not be able to access the money during that time. When you open a joint account, ask the bank explicitly whether survivorship rights are included or whether you need to request them. Get the answer in writing.

Risks of joint accounts and when to choose an authorized user instead

The main risk of a joint account is that either person can withdraw all the money without the other's knowledge or permission. If you are opening an account with someone you do not fully trust with unsupervised access to the funds, an authorized user setup is safer. The primary owner can monitor withdrawals and remove the authorized user if needed.

Joint accounts can also complicate things if the relationship ends. In a divorce, a joint account is considered marital property and may be frozen or divided by court order. If you are opening an account with someone other than a spouse, consider whether a joint account or an authorized user setup better matches what you are trying to do. A parent helping an adult child pay rent might prefer an authorized user setup so the parent retains control. Two business partners splitting operating costs might prefer a joint account so both can manage expenses.

Frequently Asked Questions

Can I open a joint account if the other person is not a U.S. citizen?

Yes, but the other person must have a Social Security number or an Individual Taxpayer Identification Number (ITIN). Some banks accept ITINs; others require a Social Security number. Call your bank to confirm. Both people still need to provide identification and proof of address.

What if one person wants to close the joint account and the other does not?

Either person can close a joint account unilaterally. The bank will close it and issue the balance to whoever requests the closure. To prevent this, keep the balance low or use a different account structure. If you need protection, an authorized user account gives the primary owner more control.

Does a joint savings account affect credit scores?

Most savings accounts are not reported to credit bureaus, so opening a joint savings account should not affect either person's credit score. Checking accounts and credit products like credit cards are reported; savings accounts usually are not. Ask your bank if they report savings account activity to credit bureaus.

Can I add someone to my existing savings account without opening a new one?

Yes. Contact your bank and ask to add a joint owner or authorized user to your current account. You will need the other person's identification and Social Security number. The bank will update the account ownership and issue new debit cards if needed. This usually takes a few business days.

What if the other person has bad credit or owes money to the bank?

A joint account does not require a credit check, so bad credit will not prevent someone from being added as a joint owner. However, if the other person owes money to the bank (such as an unpaid overdraft or loan default), the bank may freeze the joint account to collect the debt. Ask your bank about their debt collection policy before opening a joint account with someone who has outstanding obligations.