How to Open a Joint Account
First timer’s start here!
If you do not have an open account at tastyworks yet, please register with us first by creating a username and password. You can register by visiting our homepage at tastyworks.com and clicking OPEN AN ACCOUNT, or click here. Also, if it’s your first time with us, please do not forget to confirm your email address. You will receive an e-mail confirmation with a link in it. Please click the link in the e-mail to confirm.
After you register with tastyworks by creating a username and password, you will enter the first page of the account opening process.
Current tastyworks account holders, please start here!
If you already have a tastyworks account, then you're halfway there. Please sign in to your account at tastyworks, or click here for a shortcut to open a joint account. After signing in, scroll down and click OPEN ANOTHER ACCOUNT.
However, if you are looking to grant trading access to an individual account with another person instead of opening a joint account, you can consider filling out a Limited Trading Authorization (LTA) form. To learn more LTA's, please click here.
Joint Accounts Types
There are two joint account types: joint tenants in common & joint with rights of survivorship (WROS). Both joint account types have TWO account owners, but assets are handled very differently in the event of a death.
Joint Tenants in Common (TIC)
A Joint Tenants in Common (TIC) account is a joint account type in which two owners each have a specific proportion of the account's assets. When one account owner dies, their assets are passed on to their estate.
Joint With Rights of Survivorship (WROS)
A Joint With Rights of Survivorship (WROS) is a joint account type in which two owners have an equal share of assets. When one owner dies, the surviving owner will have full rights to the account.
Joint Account Opening Instructions
An individual account cannot be converted to joint accounts. You may transfer assets from an individual account to a joint account after your joint account is open and approved by filling out an internal transfer request; please click here to learn more.
First, select the joint account type you’d like to open.
Location of the joint account selection at the beginning of the application process.
After selecting your joint account type, choose the type of trading account you want to open. You can choose between a cash account or a margin account. To learn more about the differences between cash or margin accounts, please click here.
Example of account type (cash or margin) selection.
After you’ve selected your account type, you will proceed to the next page to enter your personal information in section 1 (Contact Information). After completing, please list the joint account owner's first name, last name, and email in section 2 (Secondary Owner Information).
The other joint owner will receive an email in regards to a joint account application. An example of this e-mail is pictured below. The same email address cannot be used for the other joint owner. The other joint owner must have their own e-mail address. The other joint account owner MUST click the link in the e-mail to complete the joint account application.
Location of section 2, Secondary Owner Information, to list the other joint owner's information.
After the joint owner that initiated the joint application submits it, the other joint owner will receive a message like the one illustrated below.
Example of the email with the link to complete the joint application sent to the other joint owner.
If you and the other joint owner are using the same computer, then please sign out of tastyworks.com before the joint owner completes their application. Both joint owners cannot use the same e-mail address. The link to complete the joint accounts applications will remain active for one week.
Joint account owners who do not have a tastyworks account or have not registered must create tastyworks credentials to complete their application. If the joint account owner already has a tastyworks account, please use the e-mail address currently associated with their tastyworks account.
A green checkmark located along each section title will denote a properly filled-out section. If you do not see a green checkmark, please verify that all required fields are satisfied.
**Please Note: If you already have a tastyworks account, sections 3 through 6 may be pre-populated.
When the application is correctly filled out (7 green check marks in total), a green CONTINUE TO TRADING ACCESS button will illuminate at the bottom of the page.
When all required fields of the application are NOT satisfied, you will see the button pictured below. Please review your application to see if you might have overlooked anything.
The trading access page is where your trading level is determined. At tastyworks, we have three trading levels. The trading level you receive is based on how you determine your investment knowledge level (section 1), trading objective (section 2), and financial information (section 3). To learn more about our trading levels, please click here.
Once your trading access page is correctly filled out, the button below will illuminate green and allow you to CONTINUE TO SECURITY.
On the Important Documents page, you can review all of your important account opening documents. Nothing has to be signed, but you can download each document to your computer for your records. If you agree to all the provisions in each document, then click YES. These documents are also hosted on our Forms and Agreements page.
Lastly, you will have an opportunity to review your account information and agree to the terms and conditions. If you agree, click the radio button, and the Sign and Submit Application button will illuminate green at the bottom of the page.
After verifying and clicking agree, your application will be submitted to our accounts team for review. The joint account opening process for the other joint account owner is similar to what is spelled out in this article.
A joint account application will not be reviewed until the joint account owner complete’s the account application. Please inform the joint account owner to PROMPTLY complete their joint account application to prevent delays in account opening.
When your application is submitted, you will return to the account management page. Your application will remain in a Pending status until the joint account owner completes the joint account application.
Once the joint owner completes their application, the account will switch to a Processing state, as illustrated below.