Yes, you can open a joint savings account with your boyfriend

A joint savings account is a bank account owned by two people at the same time. Both of you can deposit money, withdraw money, and make decisions about the account. The bank treats it as one account with two owners, not two separate accounts.

Most banks allow joint accounts. You and your boyfriend would both go to the bank together, bring identification, and sign the paperwork. The account would be in both your names. Either of you can use the account whenever you want — you do not need the other person's permission to withdraw money or check the balance.

A joint account is different from adding someone as an authorized user on your existing account. With a joint account, you both own it equally from the start. With an authorized user, one person owns the account and gives another person permission to use it.

Key Takeaways

  • Both people on a joint account have equal ownership and can withdraw all the money without asking the other person.
  • You will both need a government-issued ID, proof of address, and your Social Security number to open the account together.
  • The bank will run a background check on both of you through ChexSystems, a banking history database.
  • Joint accounts are useful for shared expenses, but they carry the risk that one person can empty the account without the other's knowledge.
  • If you break up, both people still own the money in the account unless a court order says otherwise.

What documents you both need to bring

When you and your boyfriend go to the bank together, bring these items for each person: a government-issued photo ID (driver's license, passport, or state ID card), proof of your current address (a utility bill, lease, or bank statement dated within the last 60 days), and your Social Security number.

The bank will ask you to fill out a signature card — a form where you both sign your names. This tells the bank how to recognize your signatures on future transactions. Some banks also ask for your employment information and how much money you plan to keep in the account, but this is usually optional.

Bring a small amount of money to deposit when you open the account. Most banks require a minimum opening deposit, which ranges from $0 to $300 depending on the bank and account type. Ask the bank what their minimum is before you go.

How the bank checks your background

The bank will run both of your names through ChexSystems, a database that tracks banking history. ChexSystems records things like unpaid overdrafts, accounts closed for cause, or fraud. If either of you has a negative history, the bank may deny the account or ask you to explain what happened.

This is not a credit check. The bank is not looking at your credit score or whether you have paid loans on time. ChexSystems only cares about your history with bank accounts specifically.

If the bank denies you, ask why. You have the right to know what information ChexSystems reported. You can also contact ChexSystems directly to see your own report and dispute anything that is wrong.

What happens if one of you wants to close the account

Either of you can close a joint account without the other person's permission. This is one of the biggest risks of a joint account — your boyfriend could withdraw all the money and close the account without telling you first.

If you break up or separate, the money in the account belongs to both of you equally, even if one person deposited most of it. A court can order the money split, but only if you go to court. The bank will not split it on its own.

If you want to protect yourself, consider keeping separate accounts for money that is only yours, and opening a joint account only for money you both agree to share. Some couples use a joint account only for shared bills and keep personal savings separate.

Different types of joint accounts

Banks offer joint accounts in different forms, though the differences matter mainly if one of you dies. The two most common are joint tenants with rights of survivorship and tenants in common.

With joint tenants with rights of survivorship, if one person dies, the money automatically goes to the other person. With tenants in common, if one person dies, their share goes to their estate (which may go to their family, not to you). Most banks set up joint accounts as joint tenants with rights of survivorship unless you ask for something different.

For a couple who is dating, this distinction usually does not matter right now. But if you get married or stay together for many years, you may want to talk to a lawyer about which form makes sense for your situation.

Fees and interest you should know about

Joint savings accounts work the same way as individual savings accounts regarding fees and interest. The bank pays you interest on the money you keep in the account — the rate varies by bank and changes over time. You will also pay fees if you overdraft (spend more than you have), make too many withdrawals in a month, or fall below a minimum balance.

Ask the bank about their fee schedule before you open the account. Some banks charge monthly maintenance fees, some charge only when you overdraft, and some charge nothing. The interest rate also varies — some banks pay almost nothing, and some pay more. Comparing banks before you open the account can save you money.

Both of you will receive statements showing all the deposits and withdrawals. You can usually see the account online or on a mobile app, so you can both check the balance whenever you want.

Frequently Asked Questions

Can we open a joint account if we are not married?

Yes. Banks do not require you to be married to open a joint account. You just both need to be at least 18 years old and have valid identification. Some banks may ask about your relationship, but they cannot refuse to open the account because you are dating rather than married.

What if my boyfriend has a ChexSystems record and the bank denies us?

You can still open an account in your name alone. Some banks also offer second-chance accounts for people with banking history problems — these accounts have higher fees but let you rebuild your banking record. Your boyfriend can contact ChexSystems to see what is on his report and dispute anything that is wrong.

Can I open a joint account if we live in different states?

Most banks allow you to open a joint account even if you live in different states, but you may both need to go to a branch in person. Some banks let you open accounts online, but they may require at least one person to visit a branch to verify identity. Call the bank first to ask what they require.

What if I want to add him to my existing account instead of opening a new one?

You can add him as a joint owner on your current account, but the process varies by bank. Call your bank and ask if they allow this. Some banks will not convert an individual account to a joint account and will require you to open a new account instead. Adding someone as an authorized user is different — they can use the account but do not own it.

Does opening a joint account affect our credit scores?

No. Opening a savings account does not affect your credit score. The bank checks ChexSystems, not your credit report. Your credit score only changes when you borrow money (like taking out a loan or opening a credit card) or when you fail to pay back borrowed money.