What you need before you walk in
To open a joint savings account, you and the other account holder will both need to be present at the bank or credit union, and you'll each need to bring a government-issued photo ID. A driver's license, passport, or state ID card all work. You'll also need your Social Security number — the bank will ask for it from both of you.
Bring a small amount of money to deposit. Most banks and credit unions require an opening deposit, though the amount varies widely — some ask for $25, others for $100 or more. A few have no minimum at all. Call ahead or check the bank's website to find out what that institution requires.
If either of you is new to that bank or credit union, you may also need proof of your current address — a recent utility bill, lease, or bank statement with your name and address on it. Some institutions skip this step if you have an existing account there.
Key Takeaways
- Both account holders must be present in person with photo ID and Social Security numbers to open a joint account at most banks and credit unions.
- You will need to decide whether the account is "joint and several" (either person can withdraw all funds) or requires both signatures for withdrawals, and this choice affects what you can do later.
- The opening deposit amount varies by institution — call your bank or credit union first to confirm what they require.
- The entire process usually takes 15 to 30 minutes, and you will receive a debit card and account number the same day or within a few days.
Choosing how the account works: "either or" versus "both"
Before you sit down with the banker, you and your co-owner need to decide one thing: who can withdraw money? This choice is called the account structure, and it matters because you cannot easily change it later.
In a joint and several account (also called "joint with rights of survivorship" in some places), either person can withdraw any amount without asking the other. This is the most common structure for couples and family members who trust each other completely. It is also the fastest to set up because the bank does not need to verify both signatures.
In a joint account requiring both signatures, both owners must sign off on any withdrawal above a certain amount — often $500 or $1,000. This protects both people but slows down access to money. Some couples use this for shared bills or savings goals where they want mutual oversight. Ask the bank what their threshold is before you open the account.
Tell the banker which structure you want when you sit down. They will note it in the account setup, and it will appear on your account agreement.
The steps to open the account
Walk into the bank or credit union together with your IDs and opening deposit. Tell the person at the desk you want to open a joint savings account. They will take you to a banker or account representative — this is not a teller, but someone at a desk who handles new accounts.
The banker will ask you both to fill out an process form. This form asks for your names, addresses, Social Security numbers, dates of birth, and employment information. It also asks you to confirm the account structure — "joint and several" or "both signatures required." Read this part carefully before you sign.
The banker will then verify your IDs, confirm your Social Security numbers, and run a background check through a system called ChexSystems. This is a standard check that takes a few minutes. If either of you has a history of unpaid overdrafts or fraud at another bank, this may show up and could delay or prevent the account opening — but most people pass this check without issue.
Once the check clears, the banker will give you the account number and a temporary debit card, or will mail one to you within a few business days. You will also receive a welcome packet with your account agreement, which you should keep. The whole process usually takes 15 to 30 minutes.
What happens if one person cannot come in person
Most banks and credit unions require both account holders to be present and sign the process in person. This is a legal requirement for joint accounts, not just a bank policy. If one person is out of town, ill, or otherwise unable to come in, you will need to wait until both of you can be there together.
Some larger banks offer video notarization, where one person can sign remotely while a notary watches through a video call. This is less common and usually costs extra, so ask your bank whether they offer it before you assume they do not.
If one person is in another country or cannot travel, a few banks will accept a power of attorney document — a legal paper that lets one person sign on behalf of the other. This requires a lawyer to draw up and notarize, so it is usually only worth the cost and time if the account is for a significant amount of money or a long-term arrangement.
Differences between banks and credit unions
Banks and credit unions follow the same basic process, but they differ in a few ways that might matter to you. Credit unions are member-owned, so you may need to become a member before you open an account — this usually means paying a small one-time fee, often $5 to $25, or meeting a membership requirement like living in a certain area or working for a certain employer. Banks do not have this step.
Credit unions often have lower minimum deposits and lower monthly fees than banks. They also tend to have fewer branches, so if you need to visit in person often, a bank might be more convenient. Both offer the same legal protections for your money — your deposits are insured up to $250,000 per person by the federal government.
Online banks (banks with no physical branches) can sometimes open joint accounts, but they usually require you to verify your identity through video call or mail rather than in person. The process takes longer — sometimes a week or more — but the accounts often have no monthly fees and higher interest rates on savings.
After you open the account: what to do next
Once the account is open, set up direct deposit if you plan to deposit paychecks. You will need to give your employer the bank's routing number and your new account number — both are on your welcome packet or available through the bank's website or app.
If you plan to deposit checks by phone or mail, ask the banker how to do this. Some banks let you photograph checks with your phone; others require you to mail them in. Knowing this ahead of time saves frustration later.
Set up online access so you can both check the balance and see transactions. Most banks and credit unions let you create separate login credentials for each account holder, so you can each see the account without sharing a password. This is safer than sharing one login.
Agree on how you will communicate about withdrawals and spending. Even in a "joint and several" account where either person can withdraw anything, many couples and families set a rule — like "tell the other person before you withdraw more than $500" — to avoid surprises. Write this down or discuss it clearly so there is no misunderstanding later.
Frequently Asked Questions
Can we open a joint account if we are not married?
Yes. Joint accounts work the same way whether you are married, related, or friends. The bank does not ask about your relationship — they only need both people present with ID and Social Security numbers. The account structure and legal protections are identical.
What if one of us has a bad credit score?
Credit score does not matter for opening a savings account. Banks check ChexSystems (a record of overdrafts and fraud) but not credit bureaus. A low credit score will not prevent you from opening a joint savings account, though it may affect whether you can open a joint checking account or get a loan.
Can we add a third person to the account later?
Most banks do not allow you to add a third owner after the account is open. You would need to close this account and open a new one with all three people present. Some credit unions are more flexible — ask yours whether they allow account modifications before you open.
What if we want to close the account or remove one person?
Closing a joint account usually requires both owners to agree and sign a form. Removing one person is harder — most banks require you to close the account and open a new one in the remaining person's name alone. Ask about this policy before you open, especially if you think the arrangement might change.
Does opening a joint account affect my credit score?
No. Opening a savings account does not show up on your credit report or affect your credit score. Credit scores track borrowing and repayment, not deposits. The bank will do a soft inquiry that does not impact your score.