Joint accounts can be a great option for people who are on the same financial page, but can cause huge headaches for others. In this guide we breakdown when opting for a joint account makes sense, how these accounts work and how to choose the best joint bank account in Canada for you.
A joint account is any type of bank account that’s held in two or more names. Everyone named on the account has equal access to the money and can use the funds however they see fit. Although in Canada these accounts can be opened by any two people regardless of relationship, they’re generally used by family members, couples or business partners who trust each other.
Joint savings accounts are a great way to reach your financial goals together. Consider a long-term account if you’re a couple trying to save up to buy a house together or for home improvements, for example. Alternatively, consider opening a joint account for a set amount of time if you want to achieve short-term financial goals, like saving for a vacation.
While some accounts are specifically branded as joint bank accounts in Canada, many standard chequing and savings accounts allow you to add one or more people as additional account holders.
Some banks require you to add a joint account holder at the time of application, while others will allow you to add (and remove) account holders at any point in time.
The following bank accounts allow you to add multiple account holders.
While joint accounts can be very useful, most Canadians don’t have these useful banking products at the top of their list. Based on survey results from the Finder: Consumer Sentiment Survey Q1, only 1.86% of respondents planned to open a joint bank account, between January and March 2023. This dropped to 0.72% of Canadians who plan to open a joint bank account between April to June 2023.
It’s safe to say that all Canadian banks offer joint accounts. Big banks like RBC, Scotiabank, CIBC, BMO, TD and National Bank all offer joint chequing and savings accounts. You can also get joint accounts from digital banks in Canada, like Tangerine, EQ Bank and Simplii Financial.
You also typically have the option to switch your current single account to a joint account. To make that switch, you can either apply online if you’re with a digital bank, or go with the person you want to add to your account to your local bank branch. In either case, the person you want to add will need to provide valid pieces of ID.
Our pick for the best joint bank account in Canada is the EQ Bank Joint Account. It comes with a high standard interest rate of 2%, frequent bonus rate offers, $0 monthly fee, $0 transaction fees and the ability to add up to three other people to the account. Check out details of this account and more top picks in our full list of the best online accounts.
"Before opening a joint bank account, sit down with your partner and set expectations. By doing that, you can grow closer together with a joint bank account, not further apart."
As with any bank account, you’ll want to find a bank that offers joint accounts with as few fees as possible. It’s preferable to find one that won’t charge you transaction fees, will give you easy access to your funds and will offer a reasonably good interest rate on the funds you have in your account.
Considering the following factors will help you narrow down your options for the best joint account in Canada for your specific needs:
It’s the same process to open a joint bank account in Canada as it is to open a chequing account or savings account on your own. The main difference is that both account holders must go through the process, usually at the same time.
The majority of banks in Canada will let you sign up online, saving you time and the work of coordinating a face-to-face meeting with the bank. To compare online options, check out our full guide to online bank accounts in Canada.
Everyone listed on the account should have the following information on hand before you start the signup process:
Here is a sampling of bank promotions available now in Canada for joint accounts:
A joint bank account requires trust. If you’re thinking of opening a joint account in Canada – let’s say with a roommate or someone you’re dating – think about the future and if you have similar goals. But also consider the past. Figure out if this person has a history of bad financial choices.
If you’re in a long-term relationship and you trust your significant other, a joint bank account can be an excellent tool to help you manage your money effectively and achieve shared financial goals.
You won’t have to pay bank fees twice, and it can be convenient if one of you has to be away for an extended time, the other person can take care of all the financial responsibilities.
The key to a successful joint bank account is trust. It’s important that both account holders establish clear ground rules and have open lines of communication. Drawing up a budget and sticking to it might be easier when you pool your money together.
If you have even the smallest doubt about your partner, don’t give them full access to your money with a joint bank account. Instead, consider keeping your primary salary account separate, but use a joint account for a limited amount of common funds to pay shared bills.
Marriage represents the merging of two lives, often combining finances to make paying bills easier and saving up for financial goals. But just because you tie the knot doesn’t mean you have to open a joint bank account.
If you and your spouse aren’t on the same page financially, you may be better off keeping your accounts separate and opening one shared account where you deposit money for bills and other routine payments.
If you decide to open a joint bank account with your spouse, make sure you and your spouse communicate frequently. Minimize any potential disagreements by discussing your saving and spending expectations beforehand.
Opening a joint bank account with your child can be a great way to monitor their account activity and help them develop basic money management skills. However, not all banks or fintech companies allow a minor to be added as a joint account holder. Read our guide to opening kids bank accounts in Canada to learn more.
Be sure to ask what the rules are around opening a joint bank account in Canada with a minor and consider opting for a money app or bank that offers parents and children this type of joint account option.
It can often be convenient to open a joint account with someone who is playing the role of a primary caretaker. For example, older parents may open a joint account with an adult child, or whoever is acting as Power of Attorney, to help them pay bills and manage their money as they age.
The bank will typically require both the Power of Attorney and primary account holder to be present and provide all required ID documentation when signing up for the account.
The amount of authority the bank gives the Power of Attorney will extend only as far as the original Power of Attorney agreement allows – which often means access to all general banking tasks, but could mean access to only select, limited tasks.
Setting up a joint account with your Power of Attorney can be a wise step in your estate planning and getting yourself financially prepared for whatever the future holds. Just make sure to have detailed conversations with your primary caretaker on a regular basis to ensure you’re both on the same page about who will manage which financial tasks.
Yes, you can open any eligible joint account with three or more people by following the same steps as you would to open a standard joint account. Each account holder will need to provide personal information and ID, typically from a passport, driver’s license or provincial/territorial ID card.
Some common reasons for using a 3-person joint account include:
You might see different terminology when looking at joint accounts. Here’s a breakdown of the different types of joint accounts you may come across.
There are two methods of setting up a joint bank account in Canada that can impact accessibility to funds.
Here are a few questions you might have about common complications you could come across with a joint account.
Most joint accounts opened between a married couple have automatic right of survivorship for the remaining spouse after the other dies. That means that the surviving spouse can continue to use the account and account funds as normal after their partner’s death, without having to transfer ownership or worry about the account funds going into probate or being frozen until the estate is settled.
If you want someone other than your spouse – like an adult child, Executer of the Will or Power of Attorney – to have unhindered access to a joint account after you die, it’s a good idea to contact the bank to set up a right of survivorship on the account for that person. That is true even if that person was a joint holder on the account before the other dies. That’s because courts in Canada don’t automatically assume right of survivorship for anyone other than a spouse after someone dies.
If you close your joint account or withdraw a large sum during a divorce, a judge could require you to return the funds. That’s why most lawyers recommend not doing anything drastic with joint accounts until the divorce is final and a plan has been made.
Joint accounts are a mess to separate after divorce. Each spouse is typically entitled to 50% of the account balance, but this doesn’t always work out. If one person has bank statements proving they entered the marriage with more money, they could leave with more than half of the funds.
In Canada, any debt linked to a joint account is the responsibility of both account holders. In most cases, either account holder is free to attach a debt to the account without the other knowing – and then you’re both stuck with repayment and poor credit if you have trouble paying back the dent.
Some important implications for joint account debts include the following:
It’s critical that partners and couples are completely open about their spending habits. If one person is committed to saving, and the other can’t keep their spending under control, there are bound to be issues.
Some couples are hesitant to open a joint account because things can get complicated if they separate – but it’s important to agree on a strategy before opening a joint bank account in Canada.
You need to be careful if someone is trying to push you into opening a joint bank account. Someone who might have money problems could see you as the answer to their problems and try to use emotionally persuasive language to convince you to grant them access to your funds.
Joint accounts can be a good idea, but only if you and the other account holder have the same financial goals and spending habits. If you’re simply opening the account for the sake of convenience, remember that other options can provide the same level of convenience without the risk. However, if the trust is there, a joint bank account can make life easier, especially when working together to achieve certain financial goals.
Finder scores, in blue, are based on our expert analysis. We assess multiple key categories broken down into over 30 different data points across both chequing and savings accounts.
To find out more, read our full savings account methodology and full chequing account methodology.
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