Yes, you can set up a joint savings account at most banks and credit unions
A joint savings account is a standard product that nearly every bank and credit union offers. You and another person (or sometimes more than two) can open one together, and both of you own the account equally. The process takes 15 to 30 minutes in person or online, depending on the bank and whether you both have existing accounts there.
The main requirement is that both account holders must be present — either physically at a branch or electronically through video verification — to sign the paperwork. Banks do this to confirm identity and prevent fraud. Some banks let one person open the account and add the other person later, but the second person still has to verify their identity before they can access the account.
What you need to bring depends on whether you're opening in person or online. In person, bring a government-issued ID (driver's license, passport, or state ID) for each person. Online, you'll upload photos of your ID and may need to answer security questions or verify your identity through your phone number or email.
Key Takeaways
- Both account holders must verify their identity before the account opens, either in person at a branch or through online video or document upload.
- You can open a joint account at any bank or credit union, and the process typically takes 15 to 30 minutes.
- Most joint accounts come with two debit cards and two online logins, so both people can deposit and withdraw money independently.
- The bank will ask you to choose how the account is owned — either as "joint tenants with rights of survivorship" (the surviving owner inherits the balance) or "tenants in common" (the deceased owner's share goes to their estate).
What happens during the setup process
When you open a joint account, the bank will ask for basic information about both people: full legal name, date of birth, Social Security number, address, and phone number. They'll run a background check through ChexSystems (a banking history database) to see if either person has had problems with previous accounts. This is standard and does not affect your credit score.
The bank will also ask how you want the account titled. The two most common options are joint tenants with rights of survivorship (JTWROS) and tenants in common. With JTWROS, if one owner dies, the surviving owner automatically inherits the full balance. With tenants in common, the deceased owner's share goes to their estate instead. Most couples choose JTWROS; most business partners choose tenants in common. You can change this later if you need to.
After you provide the information and choose the ownership structure, you'll sign the signature card or digital signature page. The bank will then issue two debit cards (one for each person) and set up online access for both of you. Some banks mail the cards; others let you pick them up at a branch the same day.
Opening online versus in person
Opening online is faster if both people are available at the same time and have the documents ready. You'll upload photos of your IDs, answer identity verification questions, and may do a video call with a bank representative. The entire process can happen in 10 to 20 minutes. Your account usually opens the same day, though it can take up to one business day for the system to fully set up.
Opening in person at a branch takes longer because you have to schedule a time and travel, but it can be simpler if either person is uncomfortable with technology or if one person has an unusual ID situation (such as a recent name change or an expired passport). The bank representative can answer questions on the spot and hand you your debit cards when ready in some cases.
Some banks let one person open the account online and then add the second person later, but this creates a delay. The second person still has to verify their identity before they can use the account, so you're not really saving time — you're just splitting the process into two steps.
What you need to bring or provide
| Opening Method | What You Need |
|---|---|
| In person at a branch | Government-issued ID for each person (driver's license, passport, or state ID); current address; phone number |
| Online | Photos of government-issued ID for each person; date of birth; Social Security number; current address; phone number; email address |
If either person does not have a government-issued ID, you can usually open the account in person with alternative documents. Ask your bank what they accept — options often include a passport card, a tribal ID, a military ID, or a combination of documents like a utility bill plus a birth certificate.
If either person is not a U.S. citizen, you can still open a joint account. You'll need an Individual Taxpayer Identification Number (ITIN) instead of a Social Security number, or in some cases a passport number. Not all banks accept ITINs, so call ahead if this applies to you.
Fees and minimum balance requirements
Joint savings accounts have the same fee structure as individual accounts at the same bank. Most banks charge no monthly fee if you maintain a minimum balance (often $100 to $500) or set up direct deposit. Some banks charge a monthly fee regardless; others charge nothing at all. The fee does not change because the account is joint.
Minimum balance requirements vary widely. Some banks require $0; others require $100, $500, or more. If the balance drops below the minimum, the bank will charge a monthly fee (usually $5 to $15) until the balance goes back up. This applies to the account as a whole, not to each person individually — if one person deposits $200 and the other deposits $300, the account balance is $500 total.
Interest rates on joint savings accounts are the same as on individual accounts. If the bank pays 0.01% annual percentage yield (APY) on regular savings accounts, a joint account earns the same rate. The rate does not change because two people own the account.
How access and withdrawals work
Both account holders have equal access to all the money in the account. Either person can deposit funds, withdraw funds, transfer money, or close the account without permission from the other person. This is true even if one person deposited all the money — the account is legally owned equally.
Each person gets their own debit card and their own online login. You can set up separate usernames and passwords, so one person's login does not automatically give them access to the other person's login. However, both logins access the same account balance, so if one person withdraws $500, the other person will see that the balance has dropped by $500.
If you want to restrict access — for example, if you're opening a joint account with a teenager and want to set spending limits — you'll need to check whether your bank offers that feature. Some banks let you set daily withdrawal limits or require both people to approve large transfers. These features are not standard, so ask your bank what options they have.
Frequently Asked Questions
Can I open a joint account if one person doesn't have a Social Security number?
Yes. If one person is not a U.S. citizen, they can use an Individual Taxpayer Identification Number (ITIN) or a passport number instead. Not all banks accept ITINs, so contact your bank first to confirm they can open the account with that form of identification.
What happens if one person wants to close the account?
Either person can close a joint account without the other person's permission. The bank will send the remaining balance to one of the account holders (usually the person who requested the closure). If you want to prevent this, you would need to close the account together or move the money to separate accounts beforehand.
Does opening a joint account affect my credit score?
No. Banks check your banking history through ChexSystems, not your credit report. Opening a joint account does not show up on your credit score and does not affect your ability to borrow money.
Can I change the account from joint to individual later?
You can remove one person from the account, which converts it to an individual account. The person being removed will no longer have access. However, you cannot remove someone without their knowledge — most banks require both people to sign off on the change, or the remaining person must close the account and open a new individual account.
How long does it take for the account to be fully active?
If you open online, the account usually opens the same day, though it can take up to one business day for all features (like transfers and bill pay) to set up. If you open in person, the account is typically active when ready, and you can use your debit card the same day or within one business day depending on when the card is issued.