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?
Short answer - It depends on the bank.
There are 3 primary ways you can "add" someone to an account.
- 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.
- 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.
- 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.