What is Needed to Open a Joint Bank Account?

Let’s talk about joint bank accounts! Whether you’re looking to open a joint bank account for yourself and your partner, a roommate, or a family member, there are a few things you’ll need to know about completing the process.

Offers Joint Accounts

1. Make sure the bank you're applying with offers joint accounts – While the process is similar to opening a regular bank account, not all financial institutions offer joint accounts. It’s always good to double-check to avoid confusion or unnecessary applications. At Zeta, we focus on modernizing joint bank accounts to make them digital-first and more collaborative.

Identification Documents

2. When it comes to what’s needed to open a joint account, you and the person you’re applying for the joint bank account with will need to verify your identity. This can be a government-issued photo ID or even a passport in some instances. Our Zeta Joint Accounts always require this documentation as identity protection so we know that the person applying is actually you (and not someone who’s found some of your identity details).

Address verification

3. If you (or your partner on the joint account) have a different current address than the one listed on the government IDs submitted in the process, you may need address verification. Address verification for opening a Zeta account can be any of the following: Utility Bill (Gas, Water, Electric, Cable, Landline Phone dated within 3 months) Property Tax Bill Auto Registration Bank Statement (personal checking or saving) with address (dated within 3 months) Student Loan Bill with address (dated within 3 months) Mortgage Bill/Statement (dated within 3 months)

Having “The Talk”

4. Opening any joint account with someone requires lots of trust since you’ll both have full access to the funds in the account. You and the other person should sit down and evaluate if the financial institution you’re looking at offers the perks and benefits you are looking for. It can also be helpful to discuss any financial details, such as how you’ll contribute to the account or what you’ll use it to spend. Answering these questions upfront will make your shared banking go a lot more smoothly.

Preparing your finances

5.One last tip! When setting up your new joint bank account, map out the bills or payments you want to transition over to this account. Zeta’s Bill Reserve helps you identify and map out these bills on a calendar, making it easy for both you and your partner to see what’s coming up. The goal here is to help alleviate any stress or anxiety when you’re setting it up so that you can know – with the utmost confidence – that you won’t miss any payments or have any accidents and unnecessary late fees.

Opening a joint bank account is a big step and requires a lot of trust and active communication with not only your partner on the account but also the financial institution you choose. For more info on opening a joint bank account with Zeta visit this link!