How To Open a Joint Checking Account

Merging money is a big step for many couples. Here's how to do it.

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Amy Fontinelle
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Amy Fontinelle has more than 15 years of experience covering personal finance, corporate finance and investing.

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Updated August 12, 2024
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Jared Ecker
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Fact checked by Jared Ecker
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Jared Ecker is a researcher and fact-checker. He possesses over a decade of experience in the Nuclear and National Defense sectors resolving issues on platforms as varied as stealth bombers to UAVs. He holds an A.A.S. in Aviation Maintenance Technology, a B.A. in History, and a M.S. in Environmental Policy & Management.
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Part of the Series
Guide to Checking Accounts
Types of Checking Accounts
  1. What Is a Checking Account? Here's Everything You Need To Know
  2. 6 Different Checking Accounts
  3. Joint Checking Account
    CURRENT ARTICLE
Checking Account Basics
  1. Account Balance
  2. Non-Sufficient Funds
  3. Routing Transit Number
  4. Overdraft Protection
  5. Overdraft Protection: Pros and Cons
  6. Overdraft Consequences
Opening a Checking Account
  1. The Documents You Need
  2. Pros and Cons of Checking Accounts
  3. Checking Account Beneficiaries
Paying With Checks
  1. What is a Check?
  2. Bounced Check
  3. Do Checks Expire?
  4. How to Write a Check
Using a Debit Card
  1. Debit Cards
  2. Keeping Transactions Safe
  3. Prepaid Debit Card Precautions
Best Checking Accounts
  1. Best Checking Accounts for Teens
  2. Best Rewards Checking Accounts
  3. Best High-Interest Checking Accounts

Opening a joint bank account is a big step for a lot of couples. For some, it happens when they move in together, get engaged, or get married. Other times, couples keep their finances separate at first and then later decide that they want to mingle their money. (And sometimes, even married couples choose to keep all of their accounts separate.)

For people who share expenses, it's often easier and more practical to have at least some of their money in shared accounts, which makes it convenient to pay for joint expenses like housing, food, and other regular bills. While couples often share savings and investment accounts, too, a joint checking account can be a good place to start.

Key Takeaways

  • Couples, parents with teenagers, and adult children with aging parents can benefit from the conveniences of a joint checking account.
  • Opening a joint account is similar to opening a personal account and will require information from both partners.
  • It may make sense to retain individual checking accounts, as well as share a joint checking account.

Who Should Open a Joint Checking Account?

Couples (whether married or not) who are in committed, long-term relationships are good candidates for joint accounts. You need to fully trust the person you open a joint account with because each account holder has full access to the money held by the account. That means that either person could withdraw money or even drain the account and close it without the other person's consent.

This equal access comes in handy during illness or other times of crisis; for example, if one of the account holders gets sick, the other can access funds and pay medical bills as well as keep the household running. And if one person dies, the other will have continued access to those joint funds without needing to deal with a will, probate court, or lawyer, as long as the account has the right of survivorship.

Newly married couples managing money together aren't the only people who will benefit from a joint account. Parents and teens—as well as adult children caring for their aging parents—may want to consider a joint checking account. The parent of a teenager can then monitor their child's account activity with this type of account and deposit money on their behalf. And caregivers of older or ill adults can easily access funds to pay for care.

How to Open a Joint Checking Account

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How To Open a Joint Checking Account

Opening a joint checking account is very similar to opening an individual checking account. Select "joint account" when you fill out your application or, after you fill in one person's information, choose to add a co-applicant.

Both people may need their Social Security number, birthdate, mailing address, photo ID, and information for the accounts you plan to use to fund your new account. Another option is to add one partner to the other partner's existing account.

In a joint bank account, each account holder is insured by the FDIC. That means the total insurance on the account is higher than it is in an individual account.

Things To Consider

Managing money as a couple requires clear communication and expectations. It's important to discuss how you'll each deposit money into the account and use the money once it's there, ideally before you open the account. Remember, each person can access joint funds and talk to the bank without notifying the other person. Additionally, any money in a joint account may become vulnerable if one person has unpaid debts, as creditors can, in some cases, go after money in the joint account.

Keeping Some Money Separate

Opening a joint checking account doesn't mean you need to close your individual accounts. Many couples keep individual accounts for personal expenses, as well as joint ones for household and other joint expenses. In some cases, each partner contributes an equal sum to the account each month. Or, each person contributes an equal percentage of their take-home pay. Whichever path you choose, be sure to clearly lay out the expectations for both deposits and withdrawals.

What Do You Need To Open a Joint Checking Account?

What is needed to open a joint checking account is the same as what's needed to open a regular checking account. These items include proof of identification of both individuals, personal identification such as Social Security numbers, proof of address, and possibly cash to fund the account.

Can I Open a Joint Checking Account With Anyone?

Yes, individuals can open a joint account with anyone. Most often, however, joint checking accounts are opened between partners or family members, but any two people can open one together.

Do Both Parties Need To Be Present To Open a Joint Checking Account?

Both parties do not necessarily need to be present to open a joint checking account. Many accounts today can be opened online, therefore, both parties do not need to be present but the identification of both parties will need to be provided.

What Are the Negatives of Having a Joint Checking Account?

Joint accounts can cause problems at times because they generally provide all parties unlimited access to the funds. So, if one spouse has difficulty controlling their spending habits, this may affect the other spouse, who may be more frugal. The frugal spouse can't challenge the withdrawals or transactions of the other spouse with the bank because they are listed as a joint account holder.

The Bottom Line

A joint checking account can be a good place to start for couples looking to merge their finances. Having a joint checking account comes with many benefits, such as better protection and an easier way to pay for joint expenses.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

  1. Consumer Financial Protection Bureau. "I Have a Joint Checking Account. The Other Person Closed the Account Without Telling Me. Is That Allowed?"

  2. Consumer Financial Protection Bureau. "I Have a Joint Account With Someone Who Died. What Happens Now?"

  3. FDIC. "Your Insured Deposits."

  4. Nolo. "Bank Levies on Joint Accounts (Spouse)."

Part of the Series
Guide to Checking Accounts
Types of Checking Accounts
  1. What Is a Checking Account? Here's Everything You Need To Know
  2. 6 Different Checking Accounts
  3. Joint Checking Account
    CURRENT ARTICLE
Checking Account Basics
  1. Account Balance
  2. Non-Sufficient Funds
  3. Routing Transit Number
  4. Overdraft Protection
  5. Overdraft Protection: Pros and Cons
  6. Overdraft Consequences
Opening a Checking Account
  1. The Documents You Need
  2. Pros and Cons of Checking Accounts
  3. Checking Account Beneficiaries
Paying With Checks
  1. What is a Check?
  2. Bounced Check
  3. Do Checks Expire?
  4. How to Write a Check
Using a Debit Card
  1. Debit Cards
  2. Keeping Transactions Safe
  3. Prepaid Debit Card Precautions
Best Checking Accounts
  1. Best Checking Accounts for Teens
  2. Best Rewards Checking Accounts
  3. Best High-Interest Checking Accounts
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