You don’t have to be a couple to open a joint bank account. Most financial institutions offer bank accounts with multiple account holders — five or more people in some cases — making it easy to manage shared expenses. You’ll each get your own debit card linked to the account, and there generally aren’t extra charges or fees for having several account holders.
In this guide, we’ll show you how to compare bank accounts that allow multiple joint account holders, and the benefits and drawbacks of a three-way (or more) joint account.
EQ Bank Joint Account
EQ Bank Joint Account
Enjoy zero everyday banking fees, free transactions and no minimum balance with up to three other people.
A joint bank account allows multiple account holders to deposit and withdraw money, pay bills and send transfers. Joint accounts most commonly have two account holders, but it’s possible to have more. You can open a joint bank account with three, four or five people, or even more at some banks.
There are two types of joint accounts:
For chequing accounts, each account holder will have their own debit card that will allow them to make purchases and withdraw cash. Each account holder will also be able to access the account online and via a mobile banking app to transfer funds, check the account balance and monitor transactions.
By the same token, each account holder is also equally responsible for any fees that apply to the account — even if only one person is responsible for incurring them.
The need for more than two joint account holders most often arises in business situations, where business partners or multiple team members all need to be able to move money in and out of the account. In the case of youth accounts, it’s not uncommon to find both parents listed as account holders as well as the child. This ensures that in the event that one parent is absent, the account is still accessible.
People commonly open bank accounts in the following situations:
If you want to open an account with two or more other people, consider the following when comparing your options:
The process for opening a joint account is basically the same as opening an individual chequing or savings account, except that each account holder will need to provide their personal information. Here’s what you need to do to open an account:
Please note that while some banks offer a completely online sign-up process, others may require you to visit a branch to activate your account.
While two is the most common number when it comes to joint accounts, most banks don’t have a rule preventing you from adding multiple account holders. Compare savings accounts or chequing accounts that support multiple joint account holders to find one with the features you need.
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