Yes, two people can open a joint account at almost any bank
Two people can open a joint bank account together. Both of you will need to be present at the bank, or you can start the process online and complete it in person. The bank will ask for identification from both account holders, proof of address for each person, and a Social Security number or tax ID for each. Once the account is open, both of you own it equally and can deposit money, withdraw money, and make decisions about the account unless you set different rules with the bank.
The specifics depend on the bank you choose and the type of account. Some banks let you open a joint account entirely online with electronic signatures; others require at least one visit to a branch. Credit unions, regional banks, and national banks all offer joint accounts, though the documentation they need and the fees they charge vary.
Key Takeaways
- Both account holders must provide a government-issued ID, proof of address, and a Social Security number or tax ID before the account opens.
- You can open a joint account online at many banks, but some require at least one person to visit a branch in person.
- By default, both account holders have equal access to all the money and can withdraw the full balance without permission from the other person.
- The bank will ask how you want the account titled — usually "joint tenants with rights of survivorship" or "tenants in common" — and this affects what happens to the money if one person dies.
What the bank will ask for from each person
When you and the other person show up to open the account, bring a government-issued photo ID for each of you — a driver's license, passport, or state ID card. The bank will also ask for proof that you live at the address you give them. A utility bill, lease, or mortgage statement dated within the last 60 days usually works. Some banks accept a bank statement or government mail instead.
Each person will need to provide a Social Security number. If either of you does not have one, you can use an Individual Taxpayer Identification Number (ITIN) instead. The bank uses this to report interest earned on the account to the IRS and to check for fraud or unpaid debts. You will also sign documents that say you understand the account terms and agree to the bank's rules.
If you are opening the account online, the bank will ask you to upload photos of your ID and proof of address, and to verify your identity through a video call or by answering security questions. The process usually takes 10 to 15 minutes per person.
How access and ownership work once the account is open
Once the account exists, both of you own it equally. That means either person can walk into the bank or log into the account online and withdraw all the money without asking the other person's permission. Either person can also deposit money, set up automatic payments, or close the account. The bank treats you as one account holder with two names on it, not as two separate people with limited access.
This is different from a power of attorney or authorized user arrangement, where one person controls the account on behalf of another. In a true joint account, both people have the same legal rights and the same ability to move money. If you want to limit what one person can do — for example, if you want one person to be able to deposit and withdraw but not close the account — you will need to ask the bank whether they offer that option. Most do not.
The difference between "rights of survivorship" and "tenants in common"
When you open the account, the bank will ask you to choose how the account is titled. The two most common options are joint tenants with rights of survivorship (JTWROS) and tenants in common. This choice matters only if one of you dies.
With rights of survivorship, the surviving account holder automatically owns all the money in the account. The money does not go through probate — the legal process that distributes a dead person's assets — and it does not become part of the dead person's estate. The surviving person can access it when ready. This is the default at most banks, and it is what most couples choose.
With tenants in common, each person owns a specific share of the account (usually 50/50, but you can choose differently). If one person dies, their share goes to their estate and is distributed according to their will or state law. This takes longer and may involve probate. Tenants in common is less common but is sometimes chosen when the account holders are not married or when they want their share to go to a specific person other than the other account holder.
What happens if one account holder wants to close the account
Either person can close a joint account without the other person's permission. The bank will ask for the account number and a form of ID, and they will freeze the account while they process the closure. The remaining balance will be sent to the address on file, usually within 5 to 10 business days. If the other person has set up direct deposits or automatic payments from that account, those will stop.
This is a real risk if you open a joint account with someone you do not fully trust. If you are concerned about this — for example, if you are opening an account with an adult child or a business partner — talk to the bank about whether they offer any alerts or notifications when the account is accessed or closed. Some banks will send a text or email to both account holders when a withdrawal over a certain amount is made, but this is not standard.
Fees and minimum balances
Joint accounts are subject to the same fees and minimum balance requirements as individual accounts. The bank does not charge extra for having two names on the account. However, the specific fees depend on the account type and the bank. A basic checking account might have no monthly fee and no minimum balance, while a premium account might require you to keep $5,000 or more in the account to avoid a monthly charge.
Ask the bank about overdraft fees, ATM fees, and any fees for closing the account early. Some banks charge $25 to $35 if you overdraw the account, and some charge $5 to $10 each time you use an out-of-network ATM. These fees explore to the joint account just as they would to an individual account, and either account holder can trigger them.
Opening a joint account online versus in person
Many large banks and online banks let you open a joint account without visiting a branch. You and the other person will each need to upload a photo of your ID and proof of address, verify your identity through a video call or security questions, and sign the account agreement electronically. The process usually takes 24 to 48 hours from start to finish, and you can start using the account as soon as the bank confirms it is open.
Some banks require at least one account holder to visit a branch in person, especially if you are opening the account in a state where the bank does not have many branches. Credit unions almost always require an in-person visit. If you choose to open the account in person, bring both IDs, both proofs of address, and be prepared to spend 20 to 30 minutes at the branch.
Frequently Asked Questions
Do both people have to be present when we open the account?
Not always. Many banks let you open a joint account online with both people signing electronically from different locations. If you open the account in person at a branch, some banks require both people to be there, while others let one person open it and add the second person later. Call the bank ahead of time to ask what they require.
What if one person does not have a Social Security number?
You can use an Individual Taxpayer Identification Number (ITIN) instead. The bank will ask for it during the account opening process. If the person does not have an ITIN, they can explore for one through the IRS, though the process takes several weeks.
Can we set up the account so only one person can withdraw money?
Most banks do not offer this option for a true joint account. If you want one person to have limited access, ask about adding them as an authorized user instead of a joint owner, though this gives them fewer rights. Alternatively, some banks offer accounts with multiple signers where both people must approve large withdrawals, but these are uncommon.
What happens to the money if one of us dies?
If the account is set up with rights of survivorship, the surviving person automatically owns all the money. If it is set up as tenants in common, the dead person's share goes to their estate and is distributed according to their will or state law. You choose which option when you open the account.
Can we close the account if we disagree?
Either person can close the account without the other person's permission. The bank will send the remaining balance to the address on file. If you are concerned about this, discuss it with the other person before opening the account, or consider a different arrangement like a power of attorney instead.