Yes, but the account type and your relationship determine what you can actually do with the money

You can open a savings account with another person, but the bank will require you both to be present (or to sign documents separately) and to provide identification. The critical difference is whose name appears on the account and what rights each person has. A joint account means both of you own the money equally and can withdraw it all without permission. An account where one person is the owner and another is an authorized user means the owner controls the account and the authorized user can only withdraw — they cannot close it or change the terms.

Banks do not require you to be married, related, or in any particular relationship to open a joint account. You can open one with a business partner, an adult child, a roommate, or anyone else. What matters to the bank is that both people can prove their identity and that both agree to the account terms.

Key Takeaways

  • A joint account means both owners have equal rights to all the money and can withdraw or close the account without the other person's permission.
  • An authorized user account means one person owns it and another person can withdraw money but cannot close it or change account settings.
  • Both people must provide government-issued ID and a Social Security number or tax ID to open the account, whether joint or authorized user.
  • Joint account owners are both responsible for overdrafts and fees, and creditors can pursue either owner if the account goes negative.
  • If one person dies, the surviving joint owner keeps the money; if one person is an authorized user, the account goes to the owner's estate.

Joint accounts: equal ownership and equal access

In a joint account, both people own 100 percent of the money. Either person can deposit, withdraw, or close the account without asking the other. If one person takes out all the money, the other has no legal claim to it — the account is not split 50/50 in the eyes of the law, it is fully owned by both people together.

This structure works well for couples managing household expenses, parents and adult children saving for a shared goal, or business partners pooling operating funds. It is also the simplest way to may support that if one person dies, the surviving person can access the money when ready without waiting for probate. The account passes to the survivor by right of survivorship, which is automatic at most banks.

The downside is liability. If the account goes overdrawn, the bank can pursue either owner for the full amount owed. If one owner is sued or owes taxes, a creditor can freeze the entire account and take money that belongs to the other owner. For this reason, joint accounts are riskier if one person has significant debt or legal exposure.

Authorized user accounts: one owner, one helper

An authorized user is a second person added to an account that one person owns. The authorized user can withdraw money and see the account balance, but cannot close the account, change the account terms, add or remove people, or set up automatic transfers. The owner retains full control.

This structure is common when a parent opens an account for a minor child and wants the child to be able to withdraw money but not close it. It is also used when an adult child manages finances for an aging parent — the child can pay bills and withdraw money, but the parent remains the account owner and can revoke the authorization at any time.

If the account owner dies, the authorized user loses access when ready. The account becomes part of the owner's estate and goes through probate or passes according to the owner's will. The authorized user has no claim to the money unless they are named in the will.

What both people need to bring to the bank

Whether you are opening a joint account or adding an authorized user, both people must provide a government-issued photo ID — a driver's license, passport, or state ID card. The bank will also ask for a Social Security number (or an Individual Taxpayer Identification Number if the person does not have a Social Security number) for each person.

Some banks require both people to be present in person. Others allow one person to open the account and the second person to sign documents separately, either in a branch or by mail. A few banks now allow remote account opening with video verification, though this is less common for joint accounts.

If either person does not have a Social Security number, they can still open an account, but the bank will need an ITIN or other tax identification. Some banks have restrictions on accounts for non-citizens; call ahead to confirm before you visit.

How banks report joint accounts to credit bureaus

A joint savings account does not appear on either person's credit report. Savings accounts are not credit products, so banks do not report them to credit bureaus. However, if the account goes overdrawn and the bank sends it to collections, that negative mark can appear on both owners' credit reports.

The bank will report the account to the IRS if it earns more than a certain amount of interest in a year (the threshold changes annually, but is typically around $10). Both owners will receive a 1099-INT form showing their share of the interest, though the bank may report the full amount to one owner and you will need to sort out the split on your tax return.

What happens if one person wants out

If you have a joint account and one person wants to close it or remove the other person, they can do so unilaterally at most banks. The person closing it can withdraw all the money and shut down the account without the other person's consent. This is why joint accounts require a high level of trust.

If you want to protect money in a joint account, your only real option is to move it to an account in your name alone. You cannot force a joint account to stay open or prevent the other person from accessing the money.

If one person is an authorized user and the owner wants to remove them, the owner can do so by calling the bank or visiting a branch. The authorized user will lose access when ready and will not be notified by the bank — the owner is responsible for telling them.

Alternatives if you want to share money but keep control

If you want to pool money with someone but keep some control over withdrawals, a joint account is not the right tool. Some alternatives:

  • Separate accounts with a power of attorney: You keep your account in your name and give another person a power of attorney document that lets them manage it on your behalf. You can revoke this at any time, and it ends automatically if you die.
  • Authorized user on your account: You open the account in your name and add another person as an authorized user. They can withdraw but cannot close it or change terms.
  • Trust account: You can set up a formal trust with a bank and name a trustee to manage it. This is more expensive and complex, but gives you the most control over how money is used.

Frequently Asked Questions

Can I open a joint account with someone I am not married to?

Yes. Banks do not require any particular relationship. You can open a joint account with a friend, business partner, adult child, or anyone else who can provide identification and a Social Security number. The bank only cares that both people agree to the account terms.

What happens to a joint account if one person dies?

The surviving owner keeps the money automatically through right of survivorship. The account does not go through probate. If the account is set up as an authorized user account instead, the money becomes part of the deceased owner's estate and goes to whoever is named in their will.

Can I remove someone from a joint account without their permission?

Yes. Either owner can close a joint account and withdraw all the money without the other person's consent. If you want to keep the account open but remove the other person, you will need to close it and open a new account in your name alone, then move your money over.

Will a joint savings account hurt my credit score?

No. Savings accounts do not appear on credit reports. However, if the account goes overdrawn and goes to collections, that negative mark will appear on both owners' credit reports and can lower both scores.

Can I have a joint account with someone who has bad credit?

Yes. Banks do not check credit scores for savings accounts. However, if that person has outstanding debts or tax liens, a creditor could potentially freeze the joint account to collect what they are owed, affecting your access to the money too.