Can You Get a Joint Account Without Being Married?

Joint bank accounts are available to various individuals, not just married couples. Financial institutions commonly offer them to domestic partners, family members, friends, or roommates. These accounts provide a way for multiple people to manage shared finances, whether for household expenses, joint savings goals, or for convenience in financial transactions.

Eligibility and Opening Requirements

Most financial institutions permit two or more individuals to open a joint account, regardless of marital status, provided they meet eligibility criteria. Each prospective account holder needs to meet age requirements, meaning at least 18 years old to open an account independently. Minors can be added to a joint account with an adult as a co-owner or custodian.

To open a joint account, each applicant must provide valid government-issued identification, such as a driver’s license or passport. A Social Security Number (SSN) or Individual Tax Identification Number (ITIN) is also a standard requirement for identification and tax purposes. Additionally, proof of address, such as a utility bill or lease agreement, is requested.

The application form will require personal details for all parties, including full names, addresses, and contact information. Some institutions may also request occupation details. While some banks offer online or remote options, all prospective account holders need to be present to sign the necessary documents in person to finalize the account opening. An initial deposit may be required to fund the new joint account, and some banks establish minimum deposit amounts.

Understanding Ownership Structures

Joint bank accounts involve distinct ownership structures that determine how funds are handled, particularly upon the death of an account holder. The most prevalent structure for joint bank accounts is Joint Tenancy with Right of Survivorship (JTWROS). Under JTWROS, all account holders possess equal rights to the entire balance, and upon the death of one owner, the funds automatically transfer to the surviving account holder(s) without needing to go through probate. This means the deceased’s share bypasses their will and directly passes to the other joint owners.

Another less common ownership structure for bank accounts is Tenancy in Common (TIC). In a TIC arrangement, each account holder owns a specific, undivided percentage of the account. Upon the death of an owner, their share does not automatically transfer to the surviving account holder(s) but instead passes to their estate, to be distributed according to their will or applicable probate laws. This structure allows for individual shares to be bequeathed to heirs.

Beyond these primary joint ownership types, individuals can also designate a Payable on Death (POD) beneficiary for their accounts, sometimes referred to as a “Totten Trust.” With a POD designation, the primary account holder(s) retain full control over the funds during their lifetime. Upon their death, the funds are directly transferred to the named beneficiary or beneficiaries, bypassing the probate process. The beneficiary needs to present a death certificate and identification to claim the funds.

Managing and Closing a Joint Account

Once established, a joint bank account allows either account holder to conduct transactions independently. Any owner can deposit funds, make withdrawals, or manage bill payments without requiring the consent or presence of the other account holders. This flexibility streamlines shared financial activities.

However, this also introduces “joint and several liability,” where each account holder is individually responsible for the entire balance, including any overdrafts or debts incurred by any party on the account. A bank can seek repayment from any account holder for the full amount owed, even if only one person caused the debt.

All account holders can view statements, set up online banking access, and manage account features. Open communication between account holders is important to ensure alignment on spending habits and financial decisions, preventing potential disputes. If a disagreement arises, a financial institution may freeze the account, preventing any transactions until the matter is resolved by all parties.

Closing a joint account requires the agreement of all account holders. Most financial institutions will require all owners to sign a closure request form, and sometimes all parties must be present in person. However, bank policies can vary; some may allow one person to initiate the closure, or permit written requests or phone calls. Before closing, it is advisable to transfer any remaining funds and update direct deposits or automatic payments to a new account to avoid disruptions or fees.