What Adelfi offers for joint savings
Adelfi does not offer joint savings accounts. Adelfi is a digital banking platform focused on serving people who are new to the formal banking system or returning after a gap, and their current product lineup includes individual savings accounts only.
If you need a joint account — one where two or more people can deposit, withdraw, and manage money together — you will need to look at other banks. The good news is that joint savings accounts are widely available through traditional banks, credit unions, and other online banks, often with no monthly fees.
Before you move on to another bank, it helps to understand what you actually need the joint account to do. That shapes which bank makes sense for you and what documents you and the other account holder will need to bring.
Key Takeaways
- Adelfi currently offers only individual savings accounts, not joint accounts.
- Joint accounts let two or more people manage the same money, but both account holders are legally responsible for the full balance.
- Most traditional banks and credit unions offer joint savings accounts with no monthly fee.
- You and the other account holder will both need government-issued ID and proof of address to open a joint account at most banks.
Why banks offer joint accounts and what they cost
Banks offer joint accounts because many households need one place to manage shared money — rent, groceries, childcare, household bills. A joint account means both people can deposit paychecks and withdraw cash without asking permission or waiting for transfers.
Most joint savings accounts have no monthly maintenance fee, though some banks charge a small fee (usually $5 to $15 per month) if you do not keep a minimum balance. The interest rate you earn on the money in the account is the same whether it is individual or joint — it depends on the bank and the account type, not on how many owners there are.
The trade-off is legal: both account holders are responsible for the entire balance. If one person overdraws the account or the bank needs to recover money, they can go after either owner for the full amount. This is why it matters who you open a joint account with.
Where to find joint savings accounts if Adelfi does not work for you
Start with banks where you already have a relationship — your current bank almost certainly offers joint accounts, and you may be able to open one online or by phone without visiting a branch.
If you want to move to a new bank, credit unions often have lower fees and simpler requirements than large national banks. You can find credit unions in your area through the CO-OP Network or Alliant Credit Union's locator tool. Online banks like Ally, Marcus, and Discover also offer joint savings accounts with no monthly fee and competitive interest rates.
Call or visit the bank's website and ask three things: whether they offer joint savings accounts, what the monthly fee is (if any), and what documents you and the other account holder need to bring. This takes five minutes and saves you a trip if the bank does not offer what you need.
What you and the other account holder need to bring
Both people must be present (in person or online, depending on the bank) to open a joint account. Each person will need a government-issued photo ID — a driver's license, passport, or state ID card — and proof of current address, usually a utility bill, lease, or bank statement from the last 60 days.
Some banks also ask for a Social Security number or Individual Taxpayer Identification Number (ITIN) for each account holder. If either person does not have a Social Security number, ask the bank whether they accept an ITIN instead — many do.
You will also need to decide what type of joint ownership you want. Most banks offer "joint tenants with rights of survivorship," which means if one owner dies, the money automatically goes to the other owner. Some banks also offer "tenants in common," where each owner's share goes to their estate instead. Ask the bank which option they offer and which one makes sense for your situation.
How joint accounts work day-to-day
Once the account is open, both account holders get a debit card and online access. Either person can deposit money, withdraw money, pay bills, or set up automatic transfers without permission from the other person. There is no daily limit on how much one person can move — the only limit is the account balance itself.
This flexibility is useful when both people contribute to shared expenses. It also means you need to trust the other person completely, because they can empty the account without telling you.
Most banks let you set up alerts so both account holders get a text or email when the balance drops below a certain amount or when a large withdrawal happens. This does not stop the other person from spending the money, but it means you will know about it right away.
What happens if you and the other account holder disagree
If one person wants to close the account or remove the other person, the bank usually requires both people to agree. If you disagree, you may need to go to court to divide the money, which is expensive and slow.
If you are worried about this — for example, if you are opening an account with someone you do not fully trust, or if you are in a relationship that feels unsafe — talk to a lawyer or a domestic violence advocate before you open the account. They can explain your options and help you protect yourself.
If the account is already open and you want out, contact the bank and ask what steps you need to take. Some banks let one person close their access to the account without closing the whole account; others require both people to agree to any change.
Frequently Asked Questions
Can I open a joint account online if the other person lives far away?
Some banks allow both people to open a joint account online using video verification, but many still require at least one person to visit a branch in person. Call the bank and ask whether they offer online joint account opening — if they do, they will walk you through the video process.
What if the other person does not have a Social Security number?
Many banks accept an Individual Taxpayer Identification Number (ITIN) instead. Call ahead and ask — do not assume the bank will turn you away. If your bank does not accept ITINs, credit unions are often more flexible on this requirement.
Can I have a joint account with someone who is not a family member?
Yes. You can open a joint account with a friend, roommate, business partner, or anyone else. Both people are equally responsible for the account, so make sure you trust the other person completely.
If one person dies, does the other person automatically get the money?
Usually yes, if the account is set up as "joint tenants with rights of survivorship" — which is the default at most banks. The money bypasses the dead person's will and goes straight to the surviving account holder. Ask the bank to confirm this is how your account is set up.
Can I remove the other person from the account without closing it?
Most banks require both people to agree to any change to the account. If the other person will not agree, you may need to close the account and open a new individual account instead. Ask your bank what options you have.