The basic steps to open a joint account

To open a joint bank account, you and the other account owner visit a bank or credit union together, bring required documents, and sign paperwork that names you both on the account. The process usually takes 15 to 30 minutes in person, though some banks now offer online joint account opening if you both have existing accounts with them.

Both people must be present or complete the process together — banks will not let one person open a joint account on behalf of another. This is a legal protection: the bank needs to confirm that both owners understand the account terms and agree to share it.

The account becomes active once you sign the final paperwork. You can deposit money and start using the account the same day, though some banks hold the first deposit for one business day as a security check.

Key Takeaways

  • Both account owners must be present together or complete the opening process simultaneously online, and both must provide identification and proof of address.
  • You will choose whether the account requires both signatures to withdraw money or allows either owner to withdraw without the other's permission.
  • Banks typically charge a monthly fee for joint accounts, though some waive the fee if you maintain a minimum balance or set up direct deposit.
  • Either owner can close the account unilaterally unless you sign a separate agreement stating otherwise, so discuss account rules with the other owner before opening.

What documents you need to bring

Both account owners must bring a government-issued photo ID — a driver's license, passport, or state ID card. The bank will scan or photocopy this to verify your identity.

You will also need proof of your current address. This can be a recent utility bill, lease, mortgage statement, or government mail dated within the last 60 days. A few banks accept a bank statement from another institution instead. If you have moved recently and your ID does not match your current address, bring both your old and new proof of address.

Some banks ask for a Social Security number or tax ID for each owner. If either person does not have a Social Security number, ask the bank whether they can open the account with an Individual Taxpayer Identification Number (ITIN) instead — policies vary by bank.

Deciding on withdrawal rules before you open

When you open the account, the bank will ask whether you want "either/or" or "and" signing authority. This determines who can withdraw money without the other owner's permission.

With either/or authority, either owner can withdraw any amount at any time without asking the other. This is the most common choice for couples and family members who trust each other completely. It is also the fastest way to access money in an emergency.

With "and" authority, both owners must sign or authorize every withdrawal. This is rare for personal accounts because it makes the account impractical — you cannot use an ATM or online banking alone. It is sometimes used for business accounts or when two people want to prevent either one from spending without the other's knowledge.

Think through this choice before you sit down with the bank. If you are opening the account with someone you do not fully trust, or if you want to prevent either person from draining the account, discuss this with the bank representative. Some banks offer a middle ground: either owner can withdraw up to a certain amount per day, but larger withdrawals require both signatures.

Monthly fees and minimum balance requirements

Most banks charge a monthly maintenance fee for joint accounts, typically between $5 and $15. Some waive the fee if you maintain a minimum balance — often $500 to $1,500 — or if you set up direct deposit of your paycheck.

Credit unions often charge lower fees than banks, and some credit unions have no monthly fee at all. If you are choosing between institutions, compare the fee structure before you open. A $10 monthly fee costs $120 per year, which adds up if you are not using the account heavily.

Ask the bank what happens if your balance drops below the minimum. Some banks charge the fee once and then waive it if you bring the balance back up. Others charge the fee every month until you meet the minimum again.

What happens if one owner wants to close the account

Either owner can close a joint account without the other owner's permission, unless you signed a separate agreement saying otherwise. This is important to understand before you open the account, especially if you are opening it with someone you do not live with or are not married to.

If one owner closes the account, the bank will send any remaining balance to that owner. The other owner will lose access to the account and any money in it. This is a real risk if you are opening a joint account with a family member or friend — if the relationship breaks down, the other person can empty the account and close it.

To prevent this, you can ask the bank whether they offer a "survivorship" clause or require written consent from both owners before closing. Not all banks offer this option, so ask before you open the account. If the bank will not offer this protection, you may want to use a different account structure — such as a trust or a separate account with power of attorney — instead.

Opening a joint account online versus in person

Some banks let you open a joint account online if both owners already have accounts with that bank. You log in, request a joint account, and the other owner receives a notification to approve it. The process takes a few minutes and you never visit a branch.

If neither of you has an account with the bank, or if one of you does not, you will need to visit a branch in person. The bank needs to verify both people's identities in real time, which online systems cannot do for new customers.

Credit unions sometimes require an in-person visit even if you are an existing member, because they want to discuss account options with you face-to-face. Call ahead to ask whether your credit union offers online joint account opening.

Joint accounts at different types of institutions

Banks, credit unions, and online-only banks all offer joint accounts. Banks have the most branches and the longest hours, but usually charge higher fees. Credit unions typically charge lower fees and offer better customer service, but you must be a member — membership usually requires living or working in a specific area or belonging to a specific employer or organization.

Online-only banks have no monthly fees and higher interest rates on savings, but you cannot deposit cash or speak to someone in person. If you need to deposit checks or cash regularly, an online bank may not work for you.

Compare the monthly fee, minimum balance requirement, and interest rate across at least two institutions before you decide. A joint account you will use for years should be chosen carefully, not just opened at the bank closest to your house.

Frequently Asked Questions

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

Yes. You can open a joint account with someone in another state as long as you both visit the same bank branch or both complete the process online if the bank offers it. Some banks require at least one owner to live in a state where they have branches, so check the bank's rules first.

What if the other account owner has bad credit?

Bad credit does not prevent someone from opening a joint account. Banks do not run a credit check for checking or savings accounts — they only check whether you have unpaid bank accounts or fraud on your record. The other person's credit score will not affect your ability to open the account.

Do I need to tell my spouse or partner that I am opening a joint account?

Yes — both people must be present or complete the process together. The bank will not open a joint account without both owners' knowledge and consent. If you are thinking about opening an account without the other person knowing, that is not a joint account; it is a separate account.

Can I remove someone from a joint account without closing it?

Most banks do not allow you to remove one owner while keeping the account open. You would need to close the joint account and open a new account in your name alone. Ask your bank whether they offer an exception to this rule.

What if one owner dies?

If the account has a survivorship clause, the surviving owner automatically owns the entire account and can continue using it. If there is no survivorship clause, the account becomes part of the deceased person's estate and may go through probate. Discuss this with the bank when you open the account and consider whether you want survivorship protection.