Savings or Money Market Account with Two Owners?

1) I want to open some sort of interest bearing account under two owners who can do transactions without having to be approved by both owners.

Under a joint account, it binds two owners' names with an "and" whereas I'm looking for something that can be either or so that if one dies, it won't require legally proving death to be able to still use the account.

2) Also, how would tax work with two owners? Do both have to report? If so, how would that work?

Thanks

A joint account IS the correct account to set up if you want both parties to have unfettered access to the account. See the link below. Also, I've had a joint account with my wife for decades. There's only one signature required on our checks. (What a hassle the alternative would be!)

Also, most joint accounts have right of survivorship. Just ask to make sure that your bank follows the standard.

On the tax side, I can't help you. We just include the income in our joint return.

The account can just as easily be designated " and/ or"...
...and if you file seperate returns, you just claim half the interest for each social security number. ( Only in case of audit...which is highly unlikely...IRS does not go after many " little guys" anymore ( short-staffed) unless you completely leave off income that is in some way documented by someone else's form ie. a bank interest statement.

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