What you need to do to open a joint account

Opening a joint bank account requires both account holders to visit the bank together, bring government-issued ID, and decide who owns what share of the money. Most banks let you open an account in person at a branch, by phone, or online — though joint accounts opened online usually still need one signature in person. The process takes 15 to 30 minutes if you have your documents ready, and the account is typically active the same day or within one business day.

Before you go, you and the other account holder should agree on three things: which bank, what type of account (checking, savings, or both), and how the account will be titled. The title matters legally — it determines what happens to the money if one owner dies or if the account is frozen.

Key Takeaways

  • Both account holders must provide government-issued photo ID and a Social Security number or tax ID; the bank will run a background check on both of you.
  • You can choose between a joint account with right of survivorship (money goes to the surviving owner if one dies) or a tenants-in-common account (your share goes to your estate).
  • Most banks let you set different permission levels — one person can be the primary account holder with full control, or both can have equal access and signing authority.
  • The account is opened in both names, so both owners can deposit, withdraw, and see all transactions; most banks do not limit how much either person can move.

Documents and information you need to bring

Each account holder must bring 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 Individual Taxpayer Identification Number (ITIN) for each person. If either of you has changed your name since your ID was issued, bring a marriage certificate, divorce decree, or court order showing the legal name change.

Have your employer's name and address ready, along with your job title. Some banks ask for this; others do not. If you are opening the account online, you may be able to upload photos of your ID instead of showing it in person, but most banks still require at least one in-person visit to verify identity before the account is active.

Choosing between right of survivorship and tenants-in-common

The way the account is titled determines what happens to the money if one owner dies. A joint account with right of survivorship (sometimes called JTWROS) means the surviving owner automatically owns all the money in the account — it does not go through probate and does not become part of the deceased owner's estate. This is the most common choice for spouses and partners.

A tenants-in-common account means each owner's share belongs to their own estate when they die. If you own 50 percent and you die, your 50 percent goes to whoever you named in your will or to your heirs under state law. This is less common but may make sense if you are opening an account with a business partner or adult child and want your share to stay within your family.

Ask the bank which option is the default — most banks assume right of survivorship unless you specifically request otherwise. The choice is made when you open the account and can usually be changed later by visiting the bank with both owners present.

Permission levels and who can do what

Most banks allow you to set different levels of control on a joint account. One common setup is to name one person the primary account holder and the other a secondary account holder — both can access the account and move money, but only the primary holder receives statements and tax documents by default. Some banks let you change this so both owners receive statements.

Another option is to name one person as the account owner and the other as an authorized user. An authorized user can usually withdraw money and make deposits but may not be able to close the account or change account settings. This setup is common when a parent opens an account for a child or when one spouse wants to manage finances but the other wants limited access.

Ask the bank what options they offer before you open the account. The permission structure can usually be changed later, but it requires both owners to visit the bank together or to sign paperwork.

What happens after you open the account

Once the account is open, the bank will issue debit cards to both owners (unless you request otherwise) and provide online login credentials. Both of you can see all deposits, withdrawals, and transfers in real time. Most banks do not limit how much either person can withdraw or transfer, so you will need to trust the other account holder or set your own rules about how the money is used.

If you want to add spending limits or require approval for large transfers, ask the bank what tools they offer. Some banks let you set daily withdrawal limits or require a second person to approve transfers over a certain amount. These features are less common on joint accounts than on individual accounts, so ask specifically.

You will receive statements together unless you request separate statements. Tax documents like 1099 forms will be issued to the primary account holder, though both owners are responsible for reporting interest income on their tax returns.

Joint accounts at different types of banks

Traditional banks, credit unions, and online banks all offer joint accounts, and the process is similar at each. The main difference is how you open the account. At a traditional bank or credit union, you typically go to a branch in person. At an online bank, you can start the process online but usually need to verify identity in person or through a video call before the account becomes active.

Credit unions may require you to become a member before opening an account, which usually means living or working in a certain area or having a family member who is already a member. Online banks often have lower fees and higher interest rates on savings accounts, but they have no physical branches if you need to deposit cash or speak to someone in person.

Compare fees across banks before you choose — some charge monthly maintenance fees, overdraft fees, or fees for transfers. Many banks waive monthly fees if you keep a minimum balance or set up direct deposit.

Closing or changing a joint account later

If you want to close a joint account, most banks require both owners to request the closure together, either in person or by signing paperwork. Some banks allow one owner to close the account unilaterally, but this is rare and may require written notice to the other owner. Check your bank's policy before you open the account.

If you want to remove one owner from the account, you typically need to close the joint account and open a new individual account, then transfer the money. Some banks allow you to convert a joint account to an individual account without closing it, but this also usually requires both owners to visit the bank together.

If the account holders separate or divorce, the account remains joint unless a court order says otherwise. You may want to close the joint account and open separate accounts to avoid disputes over who can access the money.

Frequently Asked Questions

Do both people need to be present when we open the account?

Most banks require both owners to be present in person at least once, even if you start the process online. Some banks let you open the account online and then verify identity separately through a video call, but you should confirm this with your bank before you start. If one person cannot visit a branch, call the bank to ask whether they offer alternatives.

What if one account holder dies?

If the account has right of survivorship, the surviving owner automatically owns all the money and can continue using the account. The bank may freeze the account temporarily while they verify the death, but this usually takes only a few days. If the account is tenants-in-common, the deceased owner's share becomes part of their estate and goes through probate.

Can one person withdraw all the money without telling the other?

Yes, unless you set up spending limits or require approval for large transfers. Most joint accounts give both owners equal access to all the money. If you are concerned about this, ask the bank what controls they offer, or consider an authorized user arrangement instead of a true joint account.

Will opening a joint account affect my credit score?

Opening a joint account does not directly affect your credit score because banks do not report deposit accounts to credit bureaus. However, if the bank runs a hard inquiry on your credit report as part of their background check, it may cause a small temporary dip. This is different from a credit card or loan process.

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

Yes, joint accounts are available to anyone — spouses, partners, family members, business partners, or friends. The bank does not require proof of marriage or relationship. You both just need government-issued ID and a Social Security number or ITIN.