How to Open a Joint Savings Account

Opening a joint savings account is simple.

Joint savings accounts benefit couples in several ways. Instead of opening and maintaining separate savings accounts, a joint savings account allows a couple to deposit their savings into one account, which allows you both to build up your savings quicker with more money generated from interest. Each person listed on the joint account has full access to the account, which means either one of you have the right to withdraw any amount of money from the account at any time.

Instructions

1. Choose a bank. Different banks offer different interest rates on savings accounts. Call around or search online for banks that offer the highest interest rate for savings accounts. Visit Bankrate.com for a comprehensive search and listing of banks and their savings account interest rates.

2. Open your account either at the bank or online. Some banks will allow you to open a joint savings account only in-person; while others give you more freedom by opening an account online. You will both need to provide your names, Social Security numbers, address, city, state and other general personal information. A separate form for each person is provided online to verify both of your identities.

3. Maintain the account, and talk to your partner before making any drastic decisions with the account. Opening a joint savings account means that you both have full access to the money that's in there.

References

• Financial Web: How to Open a Joint Bank Account

Resources

• RateLines.com: Joint Savings Accounts and If You Should Have One
• Bank Rate: Savings Account Reviews