Yes, you can open a shared account online, but the process depends on which bank you choose and whether both account owners are present

Many banks now let you open a shared account entirely online, but not all of them. Some require at least one account holder to visit a branch or verify their identity through video call. The fastest route is usually a bank that offers full online account opening with remote identity verification — you and the other account owner can complete the whole process from home in 15 to 30 minutes.

A shared account (also called a joint account) means both people own the account equally, can deposit and withdraw money, and are responsible for any overdrafts or fees. Before you open one, you should understand that both account holders can see all transactions and both are legally liable for the account balance.

Key Takeaways

  • Banks that offer full online account opening include Ally, Charles Schwab, and some local credit unions, though availability varies by state.
  • You will need both account holders present (either in person or online) and valid government-issued ID for each person.
  • The other account holder does not need to be present at the exact moment you start the process, but most banks require them to verify their identity separately before the account is active.
  • Some banks charge monthly fees for shared accounts while others do not, so compare fee schedules before you choose.
  • Once the account is open, both people can use the same debit card, or you can request separate cards for each account holder.

What you need to open a shared account online

Each account holder will need a valid government-issued ID — a driver's license, passport, or state ID card. The bank will ask you to photograph or upload this during the process. You will also need a Social Security number or Individual Taxpayer Identification Number (ITIN) for each person, because the bank reports account activity to the IRS.

Have a phone number and email address for each account holder ready. The bank will use these to send verification codes and account confirmation. If either person is opening a bank account for the first time, the bank may ask for proof of address — a recent utility bill, lease, or government mail works for this.

You will also need to decide how the account will be titled. Most shared accounts are titled "Person A and Person B" (meaning either person can act alone) or "Person A or Person B" (same thing, different wording). Some banks offer "Person A and Person B" with the word "and" meaning both signatures are required, but this is rare for consumer accounts and usually only available in person.

Banks that let you open shared accounts fully online

Ally Bank allows you to open a shared savings or checking account online. Both account holders need to be present during the process, and Ally will verify identity through a combination of questions about your financial history and document upload. The process takes about 20 minutes.

Charles Schwab offers online joint account opening for checking accounts. You can start the process alone, but the other account holder must complete their own identity verification before the account becomes active. This usually happens within one business day.

Local credit unions vary widely. Some allow full online opening for members, while others require at least one person to visit a branch. Call your credit union or check their website for "joint account" to see what they offer. Credit unions often have lower fees than large banks.

Large national banks like Chase, Bank of America, and Wells Fargo typically require at least one account holder to visit a branch in person, though they may let you start the process online. Call ahead to confirm their current policy, as this changes.

What happens after you submit the process

Once both account holders have verified their identity, the bank will review the process — this usually takes one to three business days. You will receive confirmation by email that the account is open. Some banks set up the account when ready; others wait until the next business day.

The bank will mail debit cards to each account holder at the address you provided. This takes five to ten business days. While you wait, you can usually transfer money into the account using the routing number and account number the bank provides online, or you can set up direct deposit from an employer or government benefit.

If you need a debit card sooner, some banks offer a temporary digital card you can add to your phone's payment app (like Apple Pay or Google Pay) within hours of account opening. Ask the bank about this when you open the account.

Fees and account types to compare

Shared checking accounts may have a monthly maintenance fee, a per-transaction fee, or no fees at all — this varies by bank. Some banks waive the fee if you maintain a minimum balance (often $500 to $1,500) or set up direct deposit. Shared savings accounts usually have lower or no monthly fees but may limit how many withdrawals you can make per month.

Before you open an account, compare the fee schedule of at least two banks. Look for whether the bank charges for overdrafts, out-of-network ATM use, or early account closure. A bank with no monthly fee but high overdraft fees may cost more than one with a small monthly fee and low overdraft charges.

Some banks also offer shared accounts with different features — for example, a "family" account that lets you set spending limits for one account holder, or a "savings goal" account where you can set aside money for a specific purpose. These are less common but worth asking about if you have a specific reason for opening the account.

What to know about shared account liability

When you open a shared account, both account holders are equally responsible for the account balance. This means if one person overdrafts the account, the bank can pursue either person for the negative balance. If the account is overdrawn and the bank cannot collect from one person, they can go after the other.

Both account holders can see all transactions and both can withdraw all the money. There is no way to hide transactions from the other person or to restrict what the other person can do with the account. If you need to keep some money separate, you may want to open individual accounts instead and use a shared account only for joint expenses.

If one account holder dies, the account usually stays open and the surviving account holder can continue to use it. However, the bank may freeze the account temporarily while they verify the death. Check with your bank about their specific policy.

Alternatives if you cannot open a shared account online

If the bank you want requires an in-person visit and you cannot both go to a branch, ask whether one person can open the account alone and then add the other person later. Many banks let you add an account holder after the account is open, sometimes online and sometimes by visiting a branch with the other person.

Another option is to open separate accounts and use a bill-splitting app or service to manage shared expenses. Apps like Venmo, PayPal, or Square Cash let you send money back and forth quickly, though they are not a replacement for a true shared account if you need to write checks or receive direct deposits together.

If you are opening an account for the first time and the other person is not, you might also ask whether the bank will let the experienced account holder sponsor you. Some banks have programs for this, though it is less common than it used to be.

Frequently Asked Questions

Do both people have to be online at the same time to open the account?

Most banks do not require you to be online at the exact same moment. You can start the process, and the other person can complete their identity verification separately, usually within a few days. However, some banks (like Ally) do require both people to be present during the video call portion. Check with your specific bank.

Can I open a shared account if the other person lives in a different state?

Yes. Banks that offer full online account opening do not care where either account holder lives. However, if the bank requires an in-person visit, you will both need to visit a branch in a state where the bank operates. Some banks have branches in only a few states.

What if the other account holder does not have a Social Security number?

They can use an Individual Taxpayer Identification Number (ITIN) instead. This is a nine-digit number issued by the IRS to people who do not have a Social Security number but need to file taxes or open a bank account. The process process is the same.

Can I remove the other person from the account later?

Yes, but the process varies by bank. Some banks let you remove an account holder online; others require both people to visit a branch together or require the person being removed to sign a form. Call your bank to ask about their specific process before you open the account.

Will opening a shared account affect my credit score?

Opening a shared checking or savings account does not affect your credit score. Banks do a "soft pull" of your credit history to check for fraud, but this does not show up on your credit report. However, if the bank reports the account to ChexSystems (a banking history database), it may affect your ability to open accounts at other banks if there are problems with this account.