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Opening a joint bank account is a significant relationship milestone, as it reflects a strong level of trust and financial partnership. Here are the best joint accounts in Canada.
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.
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.
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.
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.
The KOHO Joint account’s main selling feature is its generous 2.5% to 4% interest on both your spending and savings account, depending on the plan you choose. Unlike EQ and Wealthsimple, unlocking the highest rate isn’t dependent on direct deposits.
KOHO Essential Mastercard® Prepaid Card, their first tier plan, earns you 2.5% interest on both your spending and savings 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 per month - $0 when you set up a recurring Direct Deposit or deposit $1,000 each 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.
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.
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.
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.
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?
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.
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:
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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