What Banks Offer Joint Accounts & How to Open One

A joint bank account allows two or more individuals to manage shared finances from a single account. This type of account offers a convenient way to pool resources for common expenses, such as household bills, or to work towards shared savings goals. Each person named on the account has equal access to deposit, withdraw, and manage the funds. This shared access can simplify financial coordination for couples, family members, or even housemates, making it easier to track and pay for collective financial responsibilities.

Types of Financial Institutions Offering Joint Accounts

Most major financial institutions across the United States offer joint accounts. This includes traditional brick-and-mortar banks, which provide in-person services through their branch networks. Many large banks, such as Chase, Bank of America, Wells Fargo, and Capital One, commonly make joint accounts available. These institutions often allow both checking and savings accounts to be held jointly.

Credit unions also widely offer joint accounts, providing a member-owned alternative to traditional banks. Some credit unions, like Alliant Credit Union, extend joint account options to members. Online-only banks, also known as neobanks, represent another significant category. These digital-first institutions, including examples like Ally Bank and SoFi, frequently offer joint accounts and can sometimes provide benefits such as higher interest rates or lower fees due to their reduced overhead.

Understanding Joint Account Structures

Joint bank accounts typically operate under specific legal structures that define ownership and asset distribution, particularly upon the death of an account holder. The most common structure is Joint Tenancy with Right of Survivorship (JTWROS). Under JTWROS, all account holders have an equal and undivided interest in the entire account balance.

A key feature of JTWROS is the right of survivorship, where the deceased account holder’s share automatically transfers to the surviving account holder(s) without needing to go through probate. This characteristic can simplify the transfer of assets and is often chosen by married couples or close family members for estate planning purposes. While either party can withdraw funds or even close the account, the right of survivorship ensures the remaining funds pass directly to the survivor.

In contrast, Tenancy in Common (TIC) is another structure where multiple individuals own shares of an asset, but it does not include the right of survivorship. In a TIC arrangement, each owner holds a distinct, often unequal, share of the account. If one account holder passes away, their portion of the account does not automatically transfer to the surviving co-owners. Instead, the deceased owner’s share typically passes to their designated heirs or beneficiaries, as outlined in their will or through probate. This structure offers more flexibility for individual control over one’s share and its inheritance.

Information and Documents Needed to Open a Joint Account

Opening a joint bank account requires specific information and documentation from each prospective account holder to satisfy regulatory requirements. Financial institutions must comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, which are designed to verify identities and prevent financial crimes. These regulations necessitate a thorough verification process for all individuals listed on the account.

Applicants will generally need to provide:
Personal identification, such as a government-issued photo ID (e.g., driver’s license, state ID, or passport)
Proof of current address (e.g., utility bills or a lease agreement)
Social Security Number (SSN) or Taxpayer Identification Number (TIN) for identification and tax purposes
Basic contact information, including phone numbers and email addresses

The Process of Opening a Joint Account

After gathering all necessary information and documents, the process of opening a joint account can begin, either in person or online. For in-person applications at a branch, both account holders typically need to be present and bring their prepared identification and documentation. An appointment may be helpful to ensure efficient service. Bank staff will assist in completing the application forms and verify the provided documents.

Opening a joint account online often involves navigating the financial institution’s website or mobile application. Applicants will upload digital copies of their documents and provide personal details through secure online portals. Electronic signatures are commonly used to finalize agreements. Some online processes may involve one person initiating the application and then inviting the other account holder to complete their portion.

Following submission, the financial institution will process the application and conduct compliance checks. This typically includes identity verification and risk assessment under KYC/AML protocols. The account may be operational within minutes for online applications or within one to two business days. An initial deposit may be required to activate the account, and this amount can vary by institution. Debit cards and online banking credentials are usually mailed separately, arriving within 7 to 10 business days.