Best joint bank accounts in Canada
Updated: October 30, 2024
Opening a joint bank account is a relationship milestone. It means you have someone in your life with whom you (hopefully) trust enough to share your finances.
Simply put, a joint bank account is a savings or chequing account with more than one owner. Typically, everyone has equal access to the funds and shares equal responsibility for managing the account.
There are many reasons to open a joint account.
- Perhaps you’re a couple who wants to save for your first house together, or you live with roommates and need an easier way to pay rent
- Maybe you and your friend have a great business idea that you’re ready to get off the ground
- You’re a parent teaching your kid about finances for the first time
Regardless of your reason, joint accounts offer a streamlined way to spend money and save for shared goals. They can be a powerful tool for achieving your financial aspirations. Let’s look at what to consider when choosing the proper joint bank account for you.
- Account type: A chequing account is probably the right choice if you’re looking to use your joint account for daily spending. However, a savings account is preferable if you’re saving toward a shared goal. Some hybrid accounts work well if you want to use your joint account for both saving and spending.
- Account purpose: Your account purpose can determine the features you search for in a joint bank account. For instance, joint bank accounts for unmarried couples, which can include partners in a committed relationship who are not legally married, may prioritize easy access to money, whereas families may want a joint account with parental controls.
- Interest rates: If you want your money to earn more, pay attention to the interest rates on different joint accounts. Interest rates can vary from 0% (as with chequing accounts at traditional banks) to over 4% (more commonly seen at challenger banks).
- Account fees: The account fee is the amount you pay to maintain your joint account (usually charged monthly). Typically, digital-first banks like Tangerine offer no-fee joint bank accounts. However, institutions with physical branches have a monthly fee for their usage.
- Accessibility: While you can do most banking online, you should consider your banking needs and personal preferences. If you expect to use your account for complex transactions or simply enjoy access to in-person support, a joint account from a major Canadian bank, such as TD or RBC, is your best bet. These are often referred to as the 'Big Six banks' in Canada, a group that includes the largest and most influential banks in the country.
- Perks: Many joint accounts offer certain perks, such as rewards programs, cash-back incentives, and budgeting tools. Although perks may not be the deciding factors in which account you choose, they should be considered.
- Number of account holders: The limit on the number of people you can add to the account varies depending on the provider. If you’re looking for a joint account with two or more account holders, ensure your chosen account can accommodate you.
Top joint bank accounts in Canada (2024)
Let’s take a look at some of the best joint bank accounts in Canada. My husband and I use a few of these accounts, so I’ll also share our personal experiences and insights, making this guide more relatable and helpful for you.
EQ Bank Joint Account – Best joint savings account
The EQ Bank Joint Account is my husband’s and my go-to account for our shared savings goals. We’ve opened several of these accounts to organize our finances, including an emergency fund, travel, house and a general “fun” account (which gets used most frequently for bougie date nights).
There’s even a feature to set a goal for your savings – something we used when saving for our recent trip to Japan.
While I share this account with only my husband, you can add up to three other people – perfect for roommates or families. There’s no fee and unlimited transactions. Plus, you get Canadian Deposit Insurance Corporation (CDIC) insurance of up to $100,000 per depositor.
This account advertises a 3.75% interest rate, which can be misleading if you don’t read the fine print. With the EQ Bank Joint Account, you receive 2.00% base interest, plus 1.75% bonus interest when you maintain recurring direct deposits to this account.
Wealthsimple Cash - best for combining investing
Even though we don’t currently have a joint Wealthsimple Cash account, we’re big Wealthsimple fans in our household. This account has no fees or minimum balance requirements. Plus, as with everything Wealthsimple, the user experience is intuitive and beautiful.
The interest rate is a huge selling feature of this account. It ranges from 2.75% to 3.75%, depending on your total asset value with Wealthsimple. You can also get a 0.5% bonus interest rate with a recurring direct deposit into your account (max is 3.75%).
This account is best for people looking to combine their investment goals. With Wealthsimple, you can easily transfer cash from your joint cash account to fund joint investment accounts.
One major bummer is that you can’t currently use the Wealthsimple Cash card with the joint Cash account. If they add this feature in the future, I would consider shifting some of our joint accounts to Wealthsimple.
KOHO Joint Account – Best for high interest
The KOHO Joint account’s main selling feature is its generous 3.5% to 5% interest rate on your entire balance. Unlike EQ and Wealthsimple, unlocking the highest rate isn’t dependent on direct deposits.
KOHO Essential, their first tier plan, earns you 3.5% interest on your account and 1% cash back on groceries, eating & drinking, and transportation. KOHO Extra and Everything plans unlock more interest earnings and cash back, but does come with a higher fee.
KOHO encourages direct deposits differently. Even on the lowest tier account, you’re paying $4 monthly. This cost is reduced to zero if you set up a recurring direct deposit or add $1,000 to your account per month.
As a digital-first institution, KOHO offers some cool features. You can set up notifications if your co-owner spends on this account — great for parents wanting to monitor their kids' transactions. You can also create customized spending and savings plans.
As a hybrid chequing and savings account, the KOHO Joint Account is best for those who want to use their account for multiple purposes.
Scotiabank Joint Chequing Account – Best for in-person banking
The Scotiabank Joint Chequing Account is for people who prioritize the in-person banking experience. It’s a great choice if you expect to use your account for complex transactions or if you’re more comfortable having access to a real person for your banking.
The tradeoff? Most Scotiabank chequing accounts come with a fee. However, they will waive this fee if you maintain a minimum balance.
With a Scotiabank Joint Chequing Account, you will get free Interac e-transfers. Plus, depending on which account you select, you will also get unlimited debit transactions.
From a perks perspective, many of their accounts come with an annual fee waiver for their credit cards. Plus, you’ll have the chance to earn Scene+ points, which you can use for travel and other redemptions.
Tangerine joint account – Best digital bank
My husband and I use this account to pay our joint expenses. For me, the Tangerine Joint Account is the best of both worlds, with its blend of traditional banking features and competitor bank perks. You can access Scotiabank ATMs, but you’re also not stuck with monthly fees like at the Big Six banks.
The downside is that the interest rate on their chequing account is almost non-existent (0.01% for balances under $50,000). Therefore, this account is best used for daily spending. Personally, we never keep a large balance in our Tangerine Joint Account.
You can add up to four account holders on this account. Therefore, this product is great for roommates looking to split rent or families who want to organize their joint expenses.
BMO family bundle – Best for families
It’s rare to see a joint account specifically created for families (and probably even rarer to find families who trust each other enough to share finances). But the BMO Family Bundle offers a product specifically targeted at well-adjusted families looking to organize their finances.
The BMO Family Bundle offers joint accounts for up to five family members. While there are monthly fees, BMO will waive them with a minimum balance kept in the account. You also get an annual fee rebate on eligible BMO credit cards.
This account is perfect for families that span generations. The older folks on the account can take advantage of BMO’s in-branch banking, whereas the younger generations can use the digital features to manage money.
Comparing the best joint bank accounts in Canada
| Bank joint account | Best for: | Get started |
|---|---|---|
| EQ Bank Joint Account | Best for people looking to get the highest interest on their savings | Get EQ |
| Wealthsimple Cash | Best for those with joint investing goals | Invest with ease |
| KOHO Joint Account | Best for people looking for a high cash-back return on their account balance | Get KOHO |
| Scotiabank Joint Chequing Account | Best for families and couples who want in-person support | Go to site |
| Tangerine Joint Account | Best for those who want a digital bank experience | Visit Tangerine |
| BMO Family Bundle | Best for families who want to consolidate their banking | Go to site |
Pros and cons of a joint bank account
Pros
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Simplifies your bill payments: Without a joint account, paying for shared expenses can lead to many headaches (“Is it your turn to pay for groceries, or mine?”). A joint account allows you to consolidate all your money in one place.
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Accelerates savings goals: Whether you’re saving for your dream vacation to the Maldives or your first house, a joint account is perfect for watching your money grow, together.
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Provides quick access to funds: In an emergency, you want all parties to have equal access to your funds. For example, that time I got food poisoning in Vietnam, my husband was able to pay for an emergency hotel room from our joint account, while I was passed out on a couch in the lobby.
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Allows access to parental control features: While teaching kids about finances is essential, most parents may want some ability to monitor their child’s account before totally taking off the training wheels.
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Encourages shared financial responsibility: Nothing promotes trust more than complete visibility into each other’s finances. While this can also cause some problems (see the cons list below), financial transparency can increase accountability for spending and savings.
Cons
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Can lead to financial disputes: The money in a joint account is equally accessible to everyone. If you have an account with someone you don’t trust, just be aware that they can use this money without your consent.
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Exposes everyone to joint liability: All owners of an account will be responsible for the liabilities on the account. Therefore, if one person overspends, you will be equally responsible for paying the overdraft charge.
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Decreases privacy: All transactions on the joint account will be viewable by all parties. You may like takeout, whereas your partner sees it as a waste of money. Be aware that all your shameful UberEats transactions will be out in the open.
Setting financial goals as a couple
Deciding between separate or joint accounts is not easy, and what works for one couple may not work for others. If you’re struggling to decide which approach will work for you, try asking yourself the following five questions:
#1: How will we pay off debt? While definitive answers aren't required, it's important to understand how you will pay off debt. Will you work together as a couple to pay down debt or divide up what is owed and each be responsible for a portion?
#2: How will we save for retirement? Is retirement something you will save for jointly or separately? This is where details matter. For instance, if one spouse has an excellent retirement package offered through their employer, saving for retirement may not be as big of a priority. Knowing these details will help determine common financial goals.
#3: How will we handle everyday expenses? Would you prefer that everyday expenses, like groceries and rent, be divvied between spouses, paid for using a joint credit card or funnelled through the joint bank account?
#4: How will we handle emergencies? Will you maintain your own emergency fund in a high-interest savings account or tackle each emergency together as a couple?
#5: How will we save for major goals? Will you save money for goals separately, or will you open a joint account and contribute as a couple?
Separate vs. joint bank accounts: How to choose?
Whether to have separate or joint bank accounts is a big question in a relationship, but remember that you don’t have to choose one or the other. Many couples ultimately choose a combination of both — it’s just a matter of preference. Finally, remember that, just like a relationship, your financial needs will evolve. What works for you now may not be feasible in five years, and you can always make changes to your accounts down the road.
How to open a joint bank account in Canada
The joint account opening process differs depending on which account you choose. Here is a general list of what you can expect when opening your account:
- Documents and ID required: All account owners need photo identification to open a joint account, such as a passport or driver’s license. Some financial institutions require additional documentation to verify your name and date of birth (e.g., your birth certificate).
- Provide personal information: You must provide personal information about both account owners, such as date of birth, social security number and current address.
- Online vs. in-person: The Big Six banks require you and your account holders to visit an in-person branch to open a joint account. The digital-only banks allow you to complete this process online.
- Eligibility criteria: The eligibility criteria depend on the financial institution. For example, some institutions may require you to be a Canadian resident and of the age of majority to open a joint account.
FAQ
After years as a product manager at TD Bank and Ratehub.ca, Christine now expresses herself with words, especially in credit cards and personal finance.
Cam is a content marketer with a passion for saving, financial independence, and pulling off elaborate credit card point schemes. He has worked in Fintech and Finserve (specifically Group Retirement) and loves researching and writing about finance.
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