How to Open a Joint Bank Account with your Spouse

It is a relatively simple task to open a joint bank account with your spouse if you have the correct information, but there are other personal considerations that you should contemplate before committing to the account.

The decision to open a joint bank account with your spouse should not be taken lightly as it is a big financial step. You should only commit to it if you are married to the person because that is legally binding and offers you protection and security. To open up a joint account can be done simply enough once you decide what type you would like, of which there are more than maybe you realise.

Choose the financial institution you want to use to open a joint bank account with your spouse

The institution you choose may be important to you; would you like to remain with the bank you are currently using? Will this cause a problem with your partner? The best solution is to agree to use a local and trusted bank or credit union in the area. Credit unions are much better at helping clients to qualify for a mortgage or loan so bear that in mind.
There are more than one type of joint account available so you should decide on which you would like. For married couples, the most common account is "joint tenants with rights of survivorship," which essentially passes all of the assets of the account onto the surviving member should one of the account holders die.
"Tenant in Common" is another type of joint account which gives 50% of the assets to the other person while the rest goes to the deceased estate, likely to be given out in a will. The final joint account is " Tenancy by the Entirety," which states that both parties must sign and give consent to each transaction on the account, including all withdrawals and deposits.

Finishing the paperwork to open a joint bank account with your spouse

There is a little paperwork to be completed in order to finalise the account. You will have to fill in your basic information such as age, social security number, address and employer. There will also be some additional questions regarding the beneficiary of the account should both something happen to both holders of the account. It is also on this form where you choose the account type and it is very important that this is filled in correctly. Ask the bank staff questions as making a mistake on the day could change the nature of how you want to open a joint bank account with your spouse. Make sure everything is clear and clarified on the day so that you are satisfied and sure of what you are signing.