The 10 Best Joint Bank Accounts in Canada for 2024
By Baggio Ma | Published on 20 Sep 2023
Joint bank accounts can be a helpful tool for you and your partner as you navigate the financial side of life. With so many different financial institutions in Canada, you might find it difficult to choose the right joint bank account. Well, we’re here to help!
1. EQ Bank Joint Account – Best for roommates
The EQ Bank Joint Account has been rising in popularity among Canadians. EQ Bank is the digital online banking platform of Equitable Bank, Canada’s seventh-largest bank by total assets held. EQ Bank accounts are CDIC insured for assets up to $100,000.
When it comes to joint savings accounts in Canada, it is hard to beat the options that EQ Bank offers. First, you can open this account with up to 3 people, making it great for roommates and all of the benefits of the EQ Personal Account. This includes unlimited free transactions for all users, no monthly or annual fees, and a generous starting interest rate of 4% on up to $500,000 of assets.
Users also get access to the EQ Bank Card which is a Debit Mastercard that provides plenty of benefits. These include free withdrawals from any ATM in Canada, cash back on every purchase you make, and no FX fees on international spending.
Here are the key facts about the EQ Bank Joint Savings Plus Account
| Interest Rate | Up to 4% when you set up direct deposit or recurring payments |
| Account Fees | None |
| CDIC Insured | Yes up to $100,000 per set of co-holders |
| Eligibility Requirements | Be a Canadian citizen Be of the age of majority in your Province Have a social insurance number (SIN) Be an EQ Bank member |
| Transaction Limits | Unlimited |
2. KOHO Joint Savings Account – Best for customized plans
The KOHO Joint Savings Account is offered by KOHO, another popular online neo-bank in Canada. Established in 2014 in Vancouver, BC, KOHO has partnered with global financial brands like Mastercard and People’s Trust to offer cutting-edge financial services for Canadians across the country.
Joint savings accounts with KOHO are offered on its wide range of KOHO banking plans. Depending on the plan you choose, there are some fees involved as well as varying rates of interest you can earn. Every KOHO account holder receives unlimited transactions and up to 5.0% cash back on all purchases with the reloadable KOHO Mastercard. Enjoy automated savings with KOHO Roundups and enjoy additional cashback with KOHO’s exclusive retail partners.
Here are the key facts about KOHO’s Joint Savings Account:
| Interest Rate | Up to 5% |
| Account Fees | $0 to $19 per month depending on your KOHO plan |
| CDIC Insured | Yes up to $100,000 per set of co-holders |
| Eligibility Requirements | Be a Canadian citizen or permanent resident Be of the age of majority in your Province Have a social insurance number (SIN) Be a KOHO bank member |
| Transaction Limits | Unlimited |
3. Scotiabank Joint Chequing Account – Best chequing account
Scotiabank offers a number of different options for those looking to open a joint bank account. Choose from one of Scotiabank’s chequing or savings options, depending on what you and your co-user require for your banking needs.
The Scotiabank Ultimate Package is a premium chequing account option that provides unlimited transactions, CDIC insurance protection, and access to Scotiabank’s financial products and services. These include the Scene+ rewards program and the Scotia iTrade investment brokerage.
The downside is that these Scotiabank chequing accounts do not earn interest on your balance. If you are looking for a joint savings account, consider the Scotiabank Momentum Plus Savings Account which provides a 1.40% interest rate.
Here are the key facts about the Scotiabank Joint Chequing Account:
| Interest Rate | Varies depending on the Scotiabank account plan |
| Account Fees | $0 to $30.95 per month depending on the Scotiabank account plan. Fees can be waived based on minimum balance requirements. |
| CDIC Insured | Yes up to $100,000 per set of co-holders |
| Eligibility Requirements | Be a Canadian citizen or permanent resident Be of the age of majority in your Province Have a social insurance number (SIN) Provide government ID when opening your account |
| Transaction Limits | Varies depending on the Scotiabank account plan |
4. Coast Capital Joint Savings Account – Best joint account from a credit union
Coast Capital Savings is one of Canada’s largest credit unions by membership and has more than 50 physical locations around British Columbia. Currently, most of Coast Capital’s services are available online to Canadians in other Provinces with the exception of residents of Quebec.
The Coast Capital Joint Savings account is a great way to earn a high-interest rate with a friend or loved one. With these accounts, you can also get access to more than 4,000 ATMs across Canada and pay no monthly fees. Coast Capital allows 2 monthly transactions with the savings accounts and does charge $1.50 for every eTransfer sent.
If you are looking for a more joint day-to-day banking experience, consider Coast Capital’s chequing account. This account comes with unlimited transactions with no monthly account fees and no minimum balance requirements.
Here are the key facts about the Coast Capital Joint Savings Account:
| Interest Rate | 1.60% |
| Account Fees | No monthly fees |
| CDIC Insured | Yes up to $100,000 per set of co-holders |
| Eligibility Requirements | Be a resident of Canada except for Quebec Be the age of majority in your Province Have a social insurance number (SIN) |
| Transaction Limits | 2 free monthly transactions $1.50 per each eTransfer sent |
5. BMO Joint Premium Chequing Account – Best family bundle
If you are looking to start a new joint account with BMO, there are plenty of options. The best chequing account to start is the BMO Premium Chequing account which can be combined with BMO’s Family Bundle. This program allows you to include up to 20 other family members in your Family Bundle network. These accounts can be joint or private and the more members you include, the more you will all save on fees.
BMO’s Premium Chequing Account provides unlimited transactions and a high introductory interest rate when you combine it with one of BMO’s Savings Amplifier accounts. This premium account also allows you to waive any fees if you maintain a minimum balance of $6,000.
The benefit of banking with a major bank like BMO is that you also get access to unlimited worldwide ATM withdrawals, no-fee global money transfers, annual fee rebates on BMO credit cards, and OnGuard identity theft protection for your accounts.
Here are the key facts about BMO’s Joint Premium Chequing Account:
| Interest Rate | Up to 5.50% promotional rate with BMO Savings Amplifier account |
| Account Fees | $30.00 per month or $0 per month with a minimum balance of $6,000 |
| CDIC Insured | Yes up to $100,000 per set of co-holders |
| Eligibility Requirements | Be a resident of Canada Be the age of majority in your Province Have a social insurance number (SIN) |
| Transaction Limits | Unlimited |
6. Simplii Financial No-Fee Joint Chequing Account – Say no to fees!
Simplii Financial is the popular digital platform owned by CIBC with nearly 2 million clients across Canada. The great thing about Simplii Financial is that you get to enjoy the benefits of an online fintech platform with the security and safety of a major Canadian bank.
The Simplii Financial No-Fee Joint Chequing Accounts is a great way to share your finances with another person. There are no monthly fees, unlimited transactions, and full access to more than 3,400 CIBC ATMs across the country. This account has no minimum balance requirements and even allows you to earn interest which is rare for a chequing account, albeit at a minimal rate.
If you are seeking to earn interest on your balance, then you might be more interested in signing up for a Simplii Financial joint savings account instead. The Simplii Financial High-Interest Savings Account pays more interest on your funds and also offers no monthly fees or minimum balance.
Here are the key facts about Simplii Financial’s No-Fee Joint Chequing Account:
| Interest Rate | 0.01% to 0.10% depending on your account balance |
| Account Fees | No monthly fees |
| CDIC Insured | Yes up to $100,000 per set of co-holders |
| Eligibility Requirements | Be a resident of Canada Be the age of majority in your Province Have a social insurance number (SIN) |
| Transaction Limits | Unlimited |
7. Tangerine No-Fee Daily Joint Chequing Account – Switch easily from single to joint account
Tangerine was one of the first digital banking experiences for Canadians when it entered the market way back in 1997 as ING Direct. Since then, it has rebranded as Tangerine and was acquired by Scotiabank, but the same generous interest rates and wide range of products are still available.
The Tangerine No-Fee Daily Chequing Account is an excellent example of this and one that you can sign up for as a joint bank account. In fact, you can open a single account and switch for a joint directly in the app. This account provides unlimited transactions, no monthly fees, and Tangerine’s trademark high-interest rates even for a chequing account. Through the Scotiabank affiliation, you also get access to 3,500 Scotiabank ATMs and over 44,000 ATMs worldwide through its Global ATM Alliance.
Here are the key facts about Tangerine’s No-Fee Daily Joint Chequing Account:
| Interest Rate | 0.10% |
| Account Fees | No monthly fees |
| CDIC Insured | Yes up to $100,000 per set of co-holders |
| Eligibility Requirements | Be a resident of Canada Be the age of majority in your Province Have a social insurance number (SIN) Provide a piece of government-issued ID and proof of residence |
| Transaction Limits | Unlimited |
8. RBC VIP Banking Joint Account – Get the most valuable features
RBC is Canada’s largest bank by market capitalization and total assets under management. It is also the eleventh-largest bank in the world with more than 17 million global clients. Canadians looking for one of the best bank accounts should look no further than RBC’s well-known VIP Banking account.
The RBC VIP Banking chequing account is one that you can open with a friend or loved one and enjoy all of the benefits of being an RBC client. With the VIP Banking account you get access to unlimited transactions and Interac eTransfers at no cost, fees waived for an RBC premium credit card, and no fees at any ATM worldwide. On top of that, the Overdraft Protection fee is waived, there is no minimum balance requirement, and free banking services like bank drafts, cross-border debits, and free personalized cheques.
There is a downside to the RBC VIP Banking joint account which is you earn zero interest on your balance. If you are looking to earn interest on your funds, you might also want to check out the RBC High-Interest Savings Account. If you are looking for exposure to a US account, RBC also allows joint accounts to be opened with its US dollar accounts. These include the US Personal Banking Account and the US High-Interest Savings Account.
Here are the key facts about RBC’s VIP Banking Joint Account:
| Interest Rate | 0.0% |
| Account Fees | $30 per month |
| CDIC Insured | Yes up to $100,000 per set of co-holders |
| Eligibility Requirements | Be a resident of Canada or planning to be a resident of Canada Be the age of majority in your Province Have a social insurance number (SIN) Provide a piece of government-issued ID and proof of residence |
| Transaction Limits | Unlimited |
9. TD Unlimited Chequing Joint Account – Add up to 9 members
Just as with RBC, TD is one of the major Canadian banks that offer joint accounts to its clients. The TD Unlimited Chequing account is one of the bank’s best options for a joint chequing account as it comes with unlimited transactions, no ATM fees in Canada, and the ability to waive the monthly fee of $16.95.
Signing up for the TD Unlimited Chequing account with a friend or loved one is easy and can be completed online. But be warned, just like the RBC VIP Banking Joint account, the TD Unlimited chequing account does not pay any interest on your balance. For Joint and family accounts, TD Canada Trust allows you to add up to 9 members to your account, each with the same access and permissions.
| Interest Rate | 0.0% |
| Account Fees | $16.95 per month or $0 with a minimum account balance of $4,000 |
| CDIC Insured | Yes up to $100,000 per set of co-holders |
| Eligibility Requirements | Be a resident of Canada Be the age of majority in your Province Have a social insurance number (SIN) Provide a piece of government-issued ID and proof of residence |
| Transaction Limits | Unlimited |
10. Motus High-Interest Savings Joint Account – Great for savings
Motusbank is a relatively new name in the Canadian banking sector. It was established in 2019 and is an online banking platform that is a subsidiary of Meridian Credit Union, the largest credit union in Ontario. Like many of the other digital banks in Canada, Motus offers high-interest rates and low fees in exchange for not having any physical branches.
The Motus High-Interest Savings account is a great option for those looking to earn a high rate of interest on their balance. This account pays a respectable 2.25% and can be opened as a joint account through Motus’ website. There are also no minimum balance requirements and no monthly fees for this account. Given the similar features, we felt the 2.25% interest rate for the Motus HISA edged out the Motus No-Fee Chequing Account, although both are excellent accounts to consider opening with a friend or loved one.
| Interest Rate | 2.25% |
| Account Fees | $0 |
| CDIC Insured | Yes up to $100,000 per set of co-holders |
| Eligibility Requirements | Be a resident of Canada Be the age of majority in your Province Have a social insurance number (SIN) Provide a piece of government-issued ID and proof of residence |
| Transaction Limits | Unlimited |
What is a Joint Bank Account?
As the name suggests, a joint bank account is a savings or chequing account that has multiple owners. Each owner of the account has equal access and can perform all of the usual actions like making deposits, withdrawals, paying bills, and writing cheques. The only exception is if one of the owners is a child or teenager, in which case the parents or guardian can set limitations.
Who Can Open a Joint Bank Account in Canada?
Joint bank accounts are truly an advantage when used correctly. They are not just limited to married or common-law couples. Parents can open these jointly with a child and it makes for an excellent opportunity to teach them about finance and money. It can also be a helpful tool for aging parents who need their adult children to assist them with things like medical bills. Business partners can open a joint account to share the spending and finances of their company. In this situation, it is likely they would open a joint business bank account. Finally, even friends or roommates can open a joint bank account. This can be helpful if they are sharing costs like rent or groceries and would like to contribute to these payments equally.
Pros and Cons of Joint Bank Accounts in Canada
Nearly every financial institution in Canada offers some type of joint bank account. Compare all of the accounts to find the right one for you. Look at ease of use, interest rates, CDIC insurance, online or mobile platforms, and additional financial services.
Pros
Joint bank accounts can make banking an easier and more accessible process for many Canadians. This includes parents and children, married or common-law couples, and business partners.
Having one joint account between several individuals can help save on account fees. It can also be easier to keep track of spending with one account transaction history.
With potentially higher account balances, you can waive minimum balance requirement fees as well.
Joint accounts can also be an important tool in estate planning. If one co-owner of the account passes away, the surviving owner or owners will take over the account and all of the funds in it.
Cons
You always have to remember that each account owner has equal rights and access to the funds in the account. It is probably not a good idea to open a joint account with someone who is reckless with their spending.
Always keep in mind that it can get complicated if the relationship of the joint account owners breaks down. If there is a break-up or divorce, it may be difficult to access your money.
If your co-owner has debt, creditors can come after the funds in the joint account even if they belong to you. The creditor will need a court order against all co-owners of the account. Once again, be careful who you open a joint account with!
