What you need before you walk in

A joint savings account requires both account holders to be present at the bank, or to complete paperwork together if you're opening online. Before you go, gather these documents: a government-issued photo ID for each person (driver's license, passport, or state ID card), proof of your current address for each person (a recent utility bill, lease, or mortgage statement), and your Social Security numbers or tax identification numbers.

You'll also need to decide on a few things together before you arrive. Talk about how much money you want to deposit to open the account — banks typically require a minimum opening deposit, which ranges from $0 to $300 depending on the bank. Decide whether you want both people to be able to withdraw money without the other person's permission, or whether you want restrictions. Most joint accounts allow either person to withdraw any amount, but some banks offer alternatives.

If you're opening the account online, you can complete most of the process separately, but the bank will usually require one person to verify their identity through video call or by uploading documents. The second person will then add their information and verify their identity the same way.

Key Takeaways

  • Both account holders need a government photo ID, proof of address, and Social Security number before opening a joint account in person or online.
  • Most banks require a minimum opening deposit between $0 and $300, so confirm this amount with your bank before you go.
  • You can open a joint account at any bank or credit union — you do not have to use the bank where either person already has an account.
  • The account will be in both names, and either person can typically withdraw money without permission unless you choose a restricted option.
  • The entire process usually takes 15 to 30 minutes in person, or one to three business days if you open online.

Opening an account in person at a branch

Walk into any branch of the bank where you want to open the account. Tell the person at the desk that you want to open a joint savings account. They will take you to a banker or account representative who will walk you through the process.

The banker will ask you to choose an account type — most banks offer a basic joint savings account, but some have versions with higher interest rates if you keep a certain balance or set up automatic deposits. Ask about any monthly fees and what the current interest rate is. The interest rate is the percentage the bank pays you on the money you keep in the account.

You'll fill out a signature card or account process form. This form asks for both people's names, addresses, Social Security numbers, dates of birth, and how you want the account titled. The most common option is "Joint Tenants with Rights of Survivorship," which means if one person dies, the money automatically goes to the other person. Ask the banker to explain the options if you're unsure.

Both people sign the form in front of the banker. You'll provide your IDs and proof of address. The banker will make copies. You'll make your opening deposit — by cash, check, or transfer from another account. Within 15 to 30 minutes, the account is open. You'll receive debit cards, a checkbook if you requested one, and information about online banking.

Opening an account online

Go to the bank's website and look for "Open an Account" or "New Accounts." Select "Joint Savings Account." You'll enter basic information: both people's names, addresses, Social Security numbers, dates of birth, phone numbers, and email addresses.

The bank will ask you to verify your identity. Usually, one person completes this first by uploading a photo of their ID and proof of address, or by doing a video call with a bank representative. This takes 5 to 10 minutes. The bank will send a confirmation email.

The second person then logs in using the email address provided during signup, verifies their identity the same way, and reviews the account terms. Once both people have verified their identity, the account is officially open. You can make your opening deposit by transferring money from another bank account or by mailing a check to the address the bank provides.

Online accounts usually take one to three business days to fully set up. You'll receive debit cards by mail within 7 to 10 business days, and you can start using the account for transfers and bill pay before the cards arrive.

What happens after you open the account

Both people will receive login information for online and mobile banking. You can each log in separately using your own username and password, but you'll see the same account balance and transaction history. Either person can transfer money out, deposit checks using a mobile app, set up bill pay, or withdraw cash at an ATM.

The bank will send statements to the address on file. You can usually choose to receive paper statements, electronic statements, or both. Set up online banking right away so you can monitor the account and catch any unauthorized transactions quickly.

If you want to add a third person to the account later, you'll need to contact the bank. Some banks allow this, but others require you to close the account and open a new one. Ask about this when you open the account if you think you might need to add someone later.

Choosing between banks and credit unions

Banks and credit unions both offer joint savings accounts, and the process is nearly identical. The main differences are in fees, interest rates, and customer service. Banks are for-profit companies and are insured by the Federal Deposit Insurance Corporation (FDIC). Credit unions are member-owned nonprofits and are insured by the National Credit Union Administration (NCUA). Both types of insurance protect your money up to $250,000 per account holder if the institution fails.

Compare interest rates and monthly fees across several banks and credit unions in your area before you decide. A bank with no monthly fee but a 0.01% interest rate may cost you less than a credit union with a $5 monthly fee but a 0.05% interest rate — it depends on how much money you plan to keep in the account. Use online banking comparison tools or call banks directly to ask about current rates and fees.

If you're a member of a credit union, you may have access to accounts with lower fees or higher interest rates than banks offer. If you're not a member, you may be able to join if you live or work in a certain area, or if a family member is already a member.

Understanding account ownership and taxes

A joint account is owned equally by both people, regardless of who deposited the money. This means either person can withdraw all the money without the other person's permission. If you want to protect money that belongs to one person, a joint account is not the right choice — you would need a separate individual account instead.

For tax purposes, the bank will report interest earned on the account to both people. You'll each receive a 1099-INT form at the end of the year showing your share of the interest. If you earned $10 in interest total, the bank might report $5 to each person, or it might report all $10 to one person — this depends on the bank's policy. Talk to a tax professional or accountant about how to report this on your tax return, especially if one person earned significantly more than the other.

If one account holder dies, the money in the account goes to the surviving account holder if the account is titled "Joint Tenants with Rights of Survivorship." This happens automatically and does not go through probate, which is the legal process that usually happens when someone dies. Make sure you understand the titling option you chose when you opened the account.

Frequently Asked Questions

Do both people have to go to the bank to open a joint account?

Not if you open online. If you open in person at a branch, both people should be present, but some banks allow one person to open the account and the second person to add their name later by visiting a branch or completing an online form. Call your bank to ask about their specific policy.

What if one person does not have a Social Security number?

You can use an Individual Taxpayer Identification Number (ITIN) instead. This is a tax ID number issued by the IRS to people who do not have a Social Security number. Bring the ITIN documentation to the bank along with your other ID.

Can I open a joint account if we do not live at the same address?

Yes. Each person provides their own current address on the account process. The bank will send statements and cards to the address on file, or you can choose to receive everything electronically.

What if I want to close the joint account later?

Either person can close the account by visiting a branch, calling the bank, or using online banking. The bank will ask what you want to do with the remaining money — you can transfer it to another account or request a check. Some banks require both people to sign off on closing, so ask your bank about their policy when you open the account.

Is my money protected if the bank fails?

Yes, up to $250,000 per account holder through FDIC insurance at banks or NCUA insurance at credit unions. This means if you and another person each have $250,000 in a joint account, the full $500,000 is protected. Money in individual accounts at the same bank is insured separately, so you can have $250,000 in a joint account and $250,000 in an individual account and both are fully protected.