Joint Bank Account

A Step-By-Step Guide To Open A Joint Bank Account And Start Saving

Table of Contents

A Step-By-Step Guide To Open A Joint Bank Account And Start Saving

Open A Joint Bank Account

Want to manage your household funds much easier and more conveniently?

If you answer yes, then opening a joint bank account is for you! 

Joint bank accounts are very effective as they make managing finances much easier, especially for couples who will have all their money accessible when both want to access them.

However, it is crucial that you only open a joint bank account with someone that you trust because this can have serious consequences if you don’t.

But first: 

What Is A Joint Bank Account?

Joint bank accounts are shared by two or more people, each having an equal stake in the account.

They work in the same way as solo accounts, with the only distinction that all account holders can gain access to the funds. That means each owner can write checks, make purchases, and add or withdraw funds from the account.

Joint bank accounts have the benefit of managing finances easily and efficiently. They offer effective collaboration for spending and saving. However, like many other things, it also has some risks. For this reason, it is important to only open a joint account with someone you trust completely.

The pros and cons of joint bank accounts can help you decide whether to open one. Let’s take a look at them.

Pros Of Opening A Joint Bank Account

One big advantage of joint bank accounts is that they conveniently have money in one accessible place.  

Having a joint bank account with someone you share financial responsibilities with can be very beneficial. It makes it easy to deposit and withdraw money and gives both parties equal access to the account’s funds – perfect for running a household or business. Joint accounts are especially beneficial for couples wanting to manage their finances easily together. 

If you are a couple, putting all your money into one account can aid you in reaching the minimum requirements needed for maintenance fee benefits and lower interest rates on loans.

Cons Of Opening A Joint Bank Account

When opening joint accounts, you should be cautious and pick your partners wisely. This is because joint accounts allow all parties equal access. Therefore, for example, if things go array between your spouse or partner and they empty the account, you can do nothing to rectify the situation.

Furthermore, if you and your partner decide to end your relationship, they could try to lay claim to half of the account balance regardless of whether you feel that the funds independently belong to you.

Joint bank account holders should also be aware that creditors have the right to pursue any shared funds if one of them has outstanding debts. This means the money can be taken from the account to pay off those obligations.

Lastly, joint bank accounts lack privacy because all parties have clear access to the account’s transactions. If you have doubts about this, another option can be to have a joint account for household expenses and a separate account for independent purchases.

Consequently, it is of utmost importance to only open a joint bank account with someone you trust completely. Set up rules and expectations before you open the account as an extra precautionary measure. You can never be too safe when it comes to money!

Joint Bank Account

Steps To Open A Joint Bank Account

Now that you know what a joint bank account is and its pros and cons, let’s go over the steps needed to open one.

Choose The Right Bank And Bank Account

Agree on a place that meets all the parties’ needs. You should consider account fees, access to funds, electronic banking tools, and customer service in your decision. 

If you decide to open a joint account with someone you live with, you should also consider getting a place near your residence.

Gather Your Document

Check with your bank what documents and information are required because different banks may have different requirements.

Generally, these are the documents you should include:

  • Your driver’s licence
  • A state ID
  • A passport

Fill Out The Forms At The Bank Of Your Choice Together

Check your bank’s website to see if you must go in person or complete the forms online to start your account.

Select the “joint account” option and give all the relevant information needed to open the account.

  • Make sure that both of you go to the bank together to open a joint bank account, as both parties have to be there to sign the paperwork.
  • If you are signing up online, merely have the paperwork on hand.
  • As a guardian, you may be required to sign a permission form if you’re setting up an account on behalf of a minor. This is to give them the authority to open the account.

Add Funds To The Account

Find out the minimum amount you are required to start an account at the bank of your choice. Decide how much each of you wants to deposit. You can transfer your money electronically via wire transfer from another bank account. Some banks may allow you to deposit a check or cash in person.


Joint bank accounts are extremely beneficial if you are looking to save money and manage your finances with someone easily and conveniently. However, one should also consider the risks and only open a joint bank account with someone they completely trust.

The steps are easy to follow, so after taking in all the useful information, why not go ahead and save money by setting up a joint bank account with someone you trust now!


Can a joint account holder see all of my accounts?

Yes, they can if your joint account holder uses your Login ID and password. 

Therefore, they will be able to have full access to see all accounts that are associated with your Social Security Number.

Can you remove someone from a joint bank account without their knowledge?

No, because you will need their consent if you want to remove someone.

You will both need a selfie and a photo ID to proceed with the application to remove a recipient from a joint account.

How do you protect money in a joint bank account?

Speak with your bank and ask that any joint account arrangement be modified so that both of you must consent to any money withdrawn – or, alternatively, freeze it. Be aware that if you choose to freeze the account, both parties must concur to ‘unfreeze’ it.