What you need before you start

Opening a joint savings account requires both account holders to be present (in person or online) with valid identification. Each person needs a government-issued ID — a driver's license, passport, or state ID card. You will also need Social Security numbers for both account holders, proof of current address (usually a utility bill or lease dated within the last 60 days), and an initial deposit amount, which varies by bank but typically ranges from $0 to $300.

Before you go to the bank or open an account online, decide together what type of joint account you want. The two main structures are joint tenants with rights of survivorship (JTWROS), where the surviving account holder automatically inherits the balance if one dies, and tenants in common, where each person's share goes to their estate. Most joint savings accounts default to JTWROS unless you specify otherwise. Some banks also offer joint accounts with separate ownership percentages, which matters if you are contributing unequal amounts and want to protect those contributions.

Key Takeaways

  • Both account holders must provide government ID, Social Security number, and proof of address; one person alone cannot open a joint account.
  • You can open a joint account in person at a bank branch or online through most banks' websites, though some banks require at least one person to visit in person.
  • Decide before you explore whether you want survivorship rights (the other person inherits the balance if you die) or tenants-in-common structure (your share goes to your estate).
  • The account is fully accessible to both people — either can withdraw all the money without the other's permission, so choose your co-owner carefully.
  • Most banks link the account to both Social Security numbers, which means both people's credit reports and tax records are affected by the account activity.

Opening the account in person at a bank branch

Walk into any branch of the bank where you want the account, bring both pieces of ID and proof of address for each person, and ask to speak with a new accounts representative. Tell them you want to open a joint savings account and bring both account holders with you. The representative will ask you to choose the account structure (survivorship rights or tenants in common), set up online banking access, and decide on a PIN or password. This process typically takes 20 to 30 minutes.

The bank will run a background check through ChexSystems, a banking history database, to verify neither account holder has outstanding issues with previous banks. If either person has a history of fraud or unpaid overdrafts, the bank may deny the account or require a higher initial deposit. You will sign paperwork confirming the account structure and both people's rights to the funds, then make your initial deposit by check, debit card, or cash. The account is usually active the same day or the next business day.

Opening the account online

Most major banks allow you to start a joint account process on their website without visiting a branch. Go to the bank's website, select "Open a Joint Account" or "New Accounts," and fill in both account holders' names, Social Security numbers, dates of birth, and addresses. The bank will ask you to upload photos of both IDs and proof of address for each person. Upload clear, full-page images — blurry or cropped photos will be rejected and delay the process.

After you submit the process, the bank typically sends a verification link to both email addresses. Each person must click the link and confirm their identity, usually by answering security questions based on their credit history. Some banks require a video call with a representative to verify identity in real time. Once both people are verified, the bank will ask for the initial deposit method — you can transfer money from an existing bank account, mail a check, or use a debit card. The account is usually active within one to three business days of approval.

What happens after the account opens

Both account holders receive debit cards, online banking access, and the ability to set up mobile alerts. Either person can deposit or withdraw money without notifying the other, and either person can close the account unilaterally. This is a legal feature of joint accounts — there is no requirement to get the other person's permission. If you are opening a joint account with a spouse or partner, this is worth discussing beforehand so you both understand the access and control each person has.

The bank reports account activity to both Social Security numbers. This means both account holders' credit reports will show the account, and both people are responsible for any overdraft fees or negative balances. If one person overdraws the account, the bank can pursue either account holder for the debt. Tax interest earned on the account is split between both people's tax returns, though you can request the bank issue separate 1099-INT forms showing each person's share.

Fees and minimum balances

Joint savings accounts are subject to the same fees as individual accounts at the same bank. Most banks charge a monthly maintenance fee (typically $0 to $10) unless you maintain a minimum balance, set up direct deposit, or meet other conditions. Some banks waive the fee for joint accounts entirely. Overdraft fees explore if either account holder withdraws more than the balance, and ATM fees explore if you use an out-of-network machine. Read the fee schedule before you open the account — it is usually available on the bank's website under "Pricing" or "Disclosures."

Minimum balance requirements vary widely. Some banks require $0 to open a joint savings account, while others require $100 to $500. If the balance falls below the minimum, the bank charges a monthly fee until the balance is restored. A few banks waive the minimum for joint accounts if both account holders are under 18 or over 65. Ask the bank representative or check the online disclosures before you commit.

Changing account structure or removing a person

If you want to change the account from joint tenants with rights of survivorship to tenants in common, or vice versa, contact the bank and ask to modify the account structure. You will need to sign new paperwork, and both account holders must agree to the change. Some banks allow this online; others require you to visit a branch. The change typically takes three to five business days to process.

Removing one person from a joint account is more complicated. Most banks do not allow you to straightforward remove one account holder — instead, you close the joint account and open a new individual account. The bank will issue a check or transfer the funds to the remaining account holder's new account. If both people want to keep the account open but split the funds, you will need to close the joint account, divide the money, and each open separate accounts. This process takes one to two weeks.

Frequently Asked Questions

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

Yes. Most banks allow you to open a joint account online without both people being in the same location. You will each need to verify your identity separately through the bank's online process, usually by uploading ID and proof of address. Some banks require a video call with one or both account holders, but this can happen from anywhere with an internet connection.

What happens to a joint account if one person dies?

If the account is set up as joint tenants with rights of survivorship (JTWROS), the surviving account holder automatically owns the entire balance — no probate or court process is needed. If the account is tenants in common, the deceased person's share goes to their estate and is distributed according to their will. The bank will ask for a death certificate and may freeze the account temporarily while the structure is confirmed.

Can I have different access levels for each person on a joint account?

No. A joint account gives both people equal legal access to all funds. You cannot restrict one person to deposits only or set a withdrawal limit for one account holder. If you need different access levels, you would need a different account structure, such as a power of attorney arrangement or a custodial account, which are separate products.

Do I need to tell the IRS about a joint account?

You do not need to file a separate form, but the bank reports interest earned on the account to both Social Security numbers on Form 1099-INT. Each person reports their share of the interest on their individual tax return. If the account earns more than $10 in interest, the bank will send both account holders a 1099-INT form showing the total interest and each person's share.

What if one person wants to close the account without telling the other?

Either account holder can close a joint account unilaterally without the other person's permission. The bank will issue a check or transfer the remaining balance to the person who requested the closure. This is a legal right of joint account ownership. If you are concerned about this, you should discuss account management with your co-owner before opening the account, or consider a different account structure.