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 application together online if the institution allows it. You will need a government-issued ID for each person, a Social Security number for each person, and proof of address (a recent utility bill, lease, or bank statement works). Some banks also ask for an initial deposit before the account opens—this ranges from nothing to $100 or more depending on the institution.
The two of you should decide in advance which bank or credit union you want to use. You can compare options by visiting bank websites, calling their customer service lines, or visiting a branch in person. Ask specifically whether they allow joint accounts, what the minimum opening deposit is, what the monthly fee is (if any), and whether the account earns interest on the balance.
One person can sometimes start the process online and the second person can finish it, but most banks require both of you to sign documents or verify your identity at the same time. If you live far apart, some banks will mail documents for remote signing, but this takes longer—usually one to two weeks instead of same-day opening.
Key Takeaways
- Both account holders must provide a government ID, Social Security number, and proof of address, and most banks require both people to be present or to complete the application together.
- You can open a joint account at a bank, credit union, or online bank, and the process usually takes 15 to 30 minutes in person or one to three business days online.
- Decide in advance whether you want both people to have equal access and signing authority, or whether one person will manage the account with the other's permission.
- Joint accounts are owned equally by both people, so either person can withdraw all the money without the other's consent unless you set up restrictions with the bank.
Choosing between a bank, credit union, or online option
Banks, credit unions, and online banks all offer joint savings accounts, but they differ in fees, interest rates, and how quickly you can open an account. A traditional bank branch lets you open an account the same day and talk to someone in person if you have questions. Credit unions often have lower fees and higher interest rates, but you have to be a member first—membership usually requires living or working in a certain area, or belonging to a particular employer or organization. Online banks typically have no monthly fees and higher interest rates than brick-and-mortar banks, but you cannot walk into a branch if you need help.
Compare the monthly maintenance fee, the interest rate (called APY, or annual percentage yield), and any minimum balance requirement. A bank that charges $10 a month in fees will cost you $120 a year, which can eat into the interest you earn. If you plan to keep $5,000 or more in the account, a higher interest rate matters more. If you plan to keep less than $1,000, a low or zero monthly fee matters more.
What "joint" actually means for access and liability
A joint account means both people own the money equally and both have full access to it. Either person can deposit money, withdraw money, or close the account without asking the other person's permission. This is different from an authorized user on someone else's account—an authorized user can use the account but does not own it. If you want one person to manage the account and the other to have limited access, a joint account is not the right structure; you would instead set up a power of attorney or a separate account with limited permissions.
If one person dies, the money in a joint account usually passes to the surviving account holder automatically, without going through probate (the legal process that settles an estate). This is called "right of survivorship" and it happens by default in most states, but confirm this with the bank when you open the account. If you want the money to go to someone else instead, you will need a different account structure or a will.
If one person owes money to a creditor or has a judgment against them, that creditor can sometimes freeze or seize money in a joint account, even if the other person contributed the funds. This is a real risk, so discuss it before opening a joint account with someone who has debt or legal judgments pending.
The application process, step by step
If you are opening the account in person at a branch, both of you should go together. Bring your IDs, Social Security numbers, and proof of address. Tell the bank representative you want to open a joint savings account. They will ask you to choose a name for the account (usually something like "John and Jane Smith Joint Savings"), decide on the initial deposit amount, and sign the account agreement. The account opens immediately and you receive a debit card and checks (if you want them) within one to two weeks.
If you are opening the account online, one person usually starts the application on the bank's website and enters both people's information. The second person then logs in to verify their identity and sign electronically. Some banks use a video call to verify identity; others use a code sent to your phone. The account usually opens within one to three business days, and you can access it online or through the bank's app right away.
After the account opens, set up online banking access for both people so you can both see the balance and transaction history. Decide whether you want to set up alerts—for example, a text message when the balance drops below a certain amount, or when a large withdrawal happens. These alerts help both of you stay aware of what is happening in the account.
Fees and interest rates to compare
Monthly maintenance fees range from $0 to $15 depending on the bank. Some banks waive the fee if you keep a minimum balance (often $500 to $2,500) or if you set up direct deposit. Interest rates on savings accounts vary widely—currently from 0.01% APY at some traditional banks to 4% or higher at online banks, though rates change frequently. The difference between 0.01% and 4% on a $5,000 balance is about $200 a year, so it is worth comparing.
Read the fine print about what counts as a "withdrawal." Some banks limit you to six withdrawals per month before charging a fee. If you plan to withdraw money frequently, look for an account with no withdrawal limits or a higher limit. Also ask whether the bank charges a fee to close the account early—most do not, but some do.
What happens if one person wants to close the account
Either person can close a joint account without the other person's permission. If one person closes it without telling the other, the surviving balance gets sent to one of you (usually the person who initiated the closure, but this varies by bank). This is a real risk if you and the other account holder disagree about money. If you are concerned about this, discuss it before opening the account and consider whether a joint account is the right choice for your situation.
If you want to close the account, contact the bank by phone, online, or in person. Ask them to send the remaining balance to a specified account or as a check. The closure usually takes three to five business days. If both of you want to close it, either person can do so, but it is better to agree in advance and have one person handle it so there is no confusion.
Frequently Asked Questions
Can I open a joint account if we are not married?
Yes. Banks do not require you to be married to open a joint account. You can open one with a family member, a friend, a business partner, or anyone else. You both just need to be present (or complete the application together) and provide ID and Social Security numbers.
What if one person has bad credit?
Bad credit does not prevent you from opening a joint savings account. Banks do not usually run a credit check for savings accounts—they check your banking history through ChexSystems (a database of past banking problems like overdrafts or fraud). If either person has a serious banking history issue, the bank may decline the account, but this is rare for savings accounts.
Does a joint account affect my taxes?
A joint account does not change how you file taxes, but if the account earns interest, the bank will send a 1099-INT form to both of you reporting the interest earned. You will each report your share of the interest on your tax return. Discuss with the other account holder how you want to split the interest income for tax purposes.
Can I remove someone from a joint account without closing it?
No. You cannot remove one person from a joint account and keep it open. You would have to close the account and open a new one in a single name, or transfer the money to a new account. Some banks allow you to convert a joint account to a single-owner account, but this requires the other person's signature or consent.
What if we break up or have a disagreement?
Either person can withdraw all the money from a joint account at any time. If you are concerned about this, close the account and move your money to a separate account in your name only. If you are in a divorce or legal dispute, contact your lawyer before closing the account—a court may order you to keep it open pending settlement.