I want to add my partner to my BoA savings account. How do I go about doing this? Do I need to open a new account or what?

| improve this question | | | | |
  • 1
    This is a customer service question for your bank, not a personal financ question. – JTP - Apologise to Monica Mar 19 '15 at 20:35

Short answer - It depends on the bank.

There are 3 primary ways you can "add" someone to an account.

  1. Add someone as an "authorized user." This person can use the account and get money in or out of the account but doesn't "own" the account.
  2. Add someone as "Joint Tenancy with Rights of Survivorship". This is what we typically think of as a joint account that a married couple would have. Both people fully own the account and if one dies, the other owns the entire account.
  3. Add someone as a "Tenant in common". If two people own an account this way, then each owns 50% of the account.

There should not be any account number changes required to add an authorized user.

If you want a Joint Tenancy with Rights of Survivorship, aka typical joint account - It depends on the bank on whether they can add an owner or have to create a new account. I've seen both ways.

I believe for a Tenant in Common account you will need a new account.

| improve this answer | | | | |

Not the answer you're looking for? Browse other questions tagged or ask your own question.