What you need to do to open a joint account

Opening a joint bank account requires both account holders to visit a bank or credit union in person, bring valid identification, and sign the account paperwork together. The process usually takes 15 to 30 minutes. You will choose whether the account is owned jointly with rights of survivorship (meaning the surviving owner inherits the balance if one dies) or as tenants in common (meaning each owner's share goes to their estate). Most couples choose joint with rights of survivorship.

You do not need to be married to open a joint account. Banks will open joint accounts for spouses, domestic partners, adult children and parents, business partners, or any two adults who want shared access to money. Some banks also allow one person to add a second owner to an existing account without both parties present, though the second owner must still sign paperwork before they can withdraw funds.

Key Takeaways

  • Both account holders must bring government-issued photo ID (driver's license, passport, or state ID card) and proof of current address such as a utility bill or lease.
  • You will choose between joint with rights of survivorship (the surviving owner inherits the full balance) and tenants in common (each owner's share goes to their estate).
  • The account is opened at a single bank or credit union, and both owners can deposit and withdraw money from any branch or ATM that bank operates.
  • Banks typically run a background check through ChexSystems or Early Warning Services; a prior account closure for overdraft or fraud may prevent you from opening a new account.
  • You will receive two debit cards, two checkbooks, and separate online login credentials if you want them, or you can share one login.

Documents and information to bring

Each account holder needs to bring a government-issued photo ID. A driver's license, passport, or state ID card all work. The bank will also ask for proof of your current address — a recent utility bill, lease, mortgage statement, or bank statement dated within the last 60 days. If you have moved recently and your ID does not match your current address, bring both the old ID and the address proof.

You will also need to provide your Social Security number or Individual Taxpayer Identification Number (ITIN). The bank uses this to run a background check and to report interest earned on the account to the IRS. If either account holder has a history of unpaid overdrafts or fraud at another bank, that information will show up in the ChexSystems or Early Warning Services database, and the bank may decline to open the account. Ask the bank upfront whether they use ChexSystems so you can check your own record before you arrive.

Choosing between ownership structures

The two most common ownership structures are joint with rights of survivorship and tenants in common. With joint with rights of survivorship, if one owner dies, the surviving owner automatically inherits the full account balance without going through probate. This is the default for most couples and is what most banks recommend. Tenants in common means each owner has a separate share of the account, and if one owner dies, their share goes to their estate and is distributed according to their will or state law.

Some states also recognize tenants by the entirety, which is only available to married couples and offers additional creditor protection — a creditor of one spouse cannot seize the joint account to pay that spouse's individual debt. Ask the bank whether your state recognizes this structure and whether they offer it. If you are not sure which structure is right for your situation, speak with an estate planning attorney or tax professional before you open the account, because changing the structure later requires closing the account and opening a new one.

What happens after you sign the paperwork

Once both owners sign the account agreement, the account is active when ready. The bank will issue two debit cards, usually within 5 to 10 business days. You can request that the cards be mailed to different addresses if you want. Checkbooks are typically ordered at the time of opening and arrive within 7 to 14 days. Both owners can use the debit cards and checks interchangeably — there is no separate "owner 1" card or "owner 2" card.

For online and mobile banking, you have two options. You can both use the same login and password, which means you see the same transaction history and cannot hide activity from each other. Or you can request separate logins, which gives each owner a private view of the account while still accessing the same money. Some banks charge a small monthly fee for a second login; others include it free. Ask about this before you leave the bank.

Banks and credit unions that offer joint accounts

Nearly every bank and credit union in the United States offers joint accounts. The main difference is whether they charge a monthly maintenance fee and what that fee is. Large national banks like Chase, Bank of America, Wells Fargo, and Citibank typically charge $10 to $15 per month for a basic joint checking account, though they waive the fee if you maintain a minimum balance (usually $500 to $1,500) or set up direct deposit. Online banks like Ally, Charles Schwab, and Discover typically charge no monthly fee and pay higher interest on savings accounts.

Credit unions often charge lower fees than banks and may offer better interest rates on savings. To open an account at a credit union, you usually need to become a member first, which requires living or working in a specific geographic area or belonging to a specific employer or organization. Use the CO-OP or Allpoint network locators to find credit union branches and ATMs near you if you choose a credit union.

What to do if one person has a banking problem

If one account holder has been reported to ChexSystems for unpaid overdrafts, fraud, or repeated NSF (non-sufficient funds) checks, some banks will still open a joint account if the other holder has a clean record. However, some banks will decline the entire process if either owner has a negative mark. Call the bank before you visit and ask whether they will open a joint account if one owner has a ChexSystems report. If they decline, you can request a copy of your ChexSystems report and dispute any errors through the ChexSystems website.

If you are both declined, you may be able to open an account at a credit union or a bank that specializes in second-chance banking. These institutions charge higher fees and may require a larger opening deposit, but they do not use ChexSystems as strictly. Alternatively, one person can open an account in their name alone, and the other can be added as an authorized user (though authorized users cannot typically access online banking or order checks).

How joint accounts affect taxes and benefits

A joint account does not change how you file taxes. Interest earned on the account is reported to the IRS on a 1099-INT form, and the bank will send copies to both owners. You will need to decide between yourselves how to report the interest on your individual tax returns — some couples split it 50/50, while others report it all on one person's return. Consult a tax professional if you are unsure.

If either account holder receives means-tested benefits such as Supplemental Security Income (SSI), SNAP, or Medicaid, a joint account may affect those benefits. The entire account balance is counted as a resource for the person receiving benefits, even if only one person contributed the money. If you are concerned about this, speak with a benefits counselor before opening the account. Some states allow joint accounts if the non-beneficiary owner can prove they contributed the funds, but rules vary widely.

Frequently Asked Questions

Can I add someone to my existing account instead of opening a new one?

Yes. Most banks allow you to add a second owner to an existing account by visiting a branch together with ID and having both people sign an account modification form. The process is faster than opening a new account and usually takes 10 to 15 minutes. The second owner will receive their own debit card and can set up their own online login if they want.

What happens to the account if we break up or divorce?

The account remains joint until both owners agree to close it or one owner removes the other. During a divorce, a court may order the account frozen or divided, but the bank will not do this on its own. You will need a court order or written agreement signed by both owners. If you separate, contact the bank and ask about removing one owner from the account.

Can I have a joint account with someone who lives in another state?

Yes. Both owners do not need to live in the same state. However, you both need to visit the same physical bank branch in person to sign the paperwork. If that is not possible, some banks allow one owner to open the account and the second owner to be added by mail, though the second owner must still sign and return the paperwork before they can access the account.

Do I need a minimum deposit to open a joint account?

Most banks require an opening deposit of $25 to $100, though some online banks have no minimum. Credit unions may require a larger opening deposit, typically $25 to $500. Ask the bank what their minimum is before you visit. You can usually deposit this amount by check, debit card, or electronic transfer from another account.

Will opening a joint account hurt my credit score?

No. Opening a checking or savings account does not affect your credit score. The bank will run a background check through ChexSystems, but that is separate from your credit report and does not appear on your credit history. However, if the account goes into overdraft and you do not pay it back, that can be reported to ChexSystems and may prevent you from opening accounts at other banks in the future.