7 Best Joint Accounts in Canada For 2024

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You are here because you want to pull your financial resources together with someone to jointly pay bills or save for the future. 

Maybe you have trust issues or your partner sets hell to lose whenever he or she has money.

As a financially savvy partner, your best strategy to manage the situation could be to open a joint account. 

But with different joint accounts out there, which should you open? 

Perhaps you have already researched different options and find it confusing to choose the perfect one for your situation.

In this article, you will learn about the best joint bank accounts in Canada and how to choose the one that suits your situation.

7 Best Joint Accounts in Canada 

In this section, we shall be looking at the key features and benefits of some of the best joint accounts in Canada to help you choose the one that fits your circumstances.

1. EQ Bank Joint Account 

EQ Bank is one of the best providers of joint accounts in Canada.

The EQ Bank Joint Account is a hybrid of savings and chequing accounts that allows you to save and spend with up to three people.

Some of the key features of the EQ Bank joint account include:

• There are no monthly maintenance fees required
• No minimum balance required
• Free and unlimited debits, withdrawals, payments of bills, and Interac e-Transfer transactions
• Up to 4.00% high-interest on joint savings up to $500,000 
• Your funds are insured by the Canadian Deposit Insurance Corporation (CDIC)

2. Scotiabank Joint Account

As one of the big banks in Canada, Scotiabank has up to three different joint accounts for savings, chequing and money transfers.

The following are Scotiabank joint accounts and their key features:

MomentumPLUS Savings Account

• A 5.50% temporal savings rate 
• Access to multiple goals savings
• No minimum balance
• No monthly fees
• Unlimited self-service transfers

Ultimate Package

• $550 welcome bonus 
• A 0.10% additional savings on MomentumPLUS Savings Account
• Unlimited free Global non-Scotiabank ABM withdrawals
• Unlimited transactions (debit, Scotia International Money Transfers and Interac e-Transfers)
• Reward points on everyday purchases 
• Up to $150 annual fee waiver on selected credit cards

Preferred Package

• $550 welcome bonus 
• A 0.05% additional savings rate on MomentumPLUS Savings Account
• Unlimited transactions (debit and Interac e-Transfers)
• Up to $150 annual fee waiver on selected credit cards
• Reward points on everyday purchases 

READ ALSO: Scotiabank e-Transfer Limit 

3. Tangerine Joint Account

Owned by Scotiabank, Tangerine also offers savings and chequing joint accounts that come with 5.75% promotional interest on savings and a $500 welcome bonus. 

The Tangerine savings has the following key features: 

• 5.75% promotional interest
• 0.70% regular interest
• No monthly fees
• No minimum balance required 
• Access to TFSA, RRSP and RRIF savings accounts
• Automatic Savings Program

The Tangerine chequing account has the following key features:

• Up to $500 welcome bonus
• Free unlimited debit purchases, Interac e-Transfer  transactions, pre-authorized payments and bill payments,
• 0.10% interest
• Visa debit card
• Free ABM access
• Spending tracker
• Overdraft protection
• Interac and Visa Debit Zero Liability protection

READ MORE:

• Tangerine High-Interest Savings Account Review
• Tangerine Credit Card Promotions 
• Tangerine e-Transfer Limit
• Tangerine Mortgage Preapproval Alternatives

4. Canadian Tire Bank Joint Account

If you’re an existing client of Canadian Tire, opening a joint account with it would be easier.

This account doesn’t have regular fees nor requires a minimum balance.

The beauty of the Canadian Tire Joint Account is that it offers you access to savings and spending features in one account.

Below are the key features of the  Canadian Tire Joint Account:

• 3.70% interest on savings
• No minimum balance required
• No monthly fees
• Free electronic fund transfers
• CDIC coverage

5. Alterna Bank Joint Account

This is another joint account you can choose to save your funds with your partner or spouse.

To open an Alterna Bank Savings Joint Account, both partners must separately open and fund an online account with the bank.

After that, you can complete and sign the joint agreement form (PDF) to open a joint savings account with Alterna Bank. 

While the interest rate offered by Alterna Bank Savings Joint Account is not so competitive, it has other interesting features as shown below:

• Up to 2.25% savings interest rate
• Unlimited free bill payments
• No minimum balance required
• Your funds are covered by CDIC, up to $100,000.
• You don’t pay any monthly fees 

6. Simplii Financial USD Savings Joint Account

If you’re looking to save in US dollars, the Simplii Financial USD Savings Joint Account is worth considering.

The account allows you to make free foreign transactions to the US and send money to more than 130 countries.

The following are the key features of the Simplii USD Savings Joint Account. 

• 3.05% daily interest
• No monthly fees 
• Competitive exchange rates 
• Free transactions to the US
• No minimum balance required

READ ALSO: Simplii e-Transfer Limit

7. KOHO Joint Account

The KOHO Joint Account is another top joint account in Canada that’s tailored to those looking to save and spend money.

The following are the key features of the KOHO Joint Account: 

• 3% to 5% interest on your savings
• $0 to $19 monthly fees
• Average of 1% cash back on selected purchases
• Roundups on purchases
• Credit building program
• Virtual card

Which Best Joint Bank Account to Choose?

Knowing the best joint accounts in Canada is one thing, choosing the perfect one is another.

From the above review, you can see how the top 7 joint accounts in Canada differ in terms of their key features. As such, you want to narrow your selection accordingly.

But before you do that, you should first decide whether to open a savings or chequing joint account or a hybrid of both. 

If you’re looking for a joint account with a hybrid of savings and chequing features, you can’t go wrong with an EQ Bank or Tangerine savings joint account.

But if you’re looking for a stand-alone savings or chequing joint account, you should narrow your selection based on the following considerations.

• Number of people to add
• Monthly fees
• Fees on purchases and transactions
• Interest on balance
• Minimum balance required
• Account limits
• Transaction limits

With these considerations, you should be able to choose the perfect joint account from the above compilation.

Depending on your needs, you may want to have a combo of the above joints account for savings and spending purposes.

RELATED: How to Choose the Best Online Bank in Canada

What are Joint Accounts?

As the name implies, joint accounts are accounts you open with someone or a group of people. 

Everyone’s name and identity are registered on the account and everyone shares the responsibility of managing or bearing the burden of the account.

Depending on your situation, you can open a savings or chequing joint account in Canada. The number of people you open a joint account with varies per institution and account type.

Having a joint account means you are not the only one who can deposit, withdraw or spend the money in the account.

Everyone registered on a joint account has the same level of authority, except restricted on the blueprint.

When it comes to the best joint accounts in Canada, choosing among the available ones needs some level of insight and scrutiny. 

Because of their features, benefits, and drawbacks, you will need to review different options to make a perfect choice.

The Good and Ugly of Joint Accounts in Canada

As with personal accounts, joint accounts have their good and ugly sides. Let’s take a brief look at the major ones. 

The Good

Better financial management: Two heads, they say, are better than one. Whether you are a spendthrift or a miser, having a joint account can help to cushion your excesses with someone who complements your spending habits.
Convenience: You can easily pay bills, whether it’s groceries, rent, utilities, or other expenses, as couples, business partners, or family members. In this case, everyone spends from one source, no need of sending funds from different accounts for the same purpose. Some joint accounts also allow automated deposits and pre-authorized bill payments to ease your transactions.
Shared vision and responsibility: Joint accounts help partners to pull resources together to achieve a common goal. This could be on a down payment, home renovation, emergency funding, children’s education savings, vacation and so on. Whether the case, saving jointly can help you to be more disciplined and consistent toward your goals.  
Higher interest rates: Joint accounts offer higher interest rates when compared with individual accounts. Savings jointly means double interest earning on a joint account. This is a great opportunity for compounding your money in a fixed-income account.
Reduces fees: The regular fees charged on an individual account can be reduced through a joint account. This is a great way to achieve more with less. 
Easy access to funds in case of the death of a partner: Because partners have the same power and authority over a joint account, the demise of a partner or partners will not hinder the surviving partner or partners from accessing funds in the joint account.

The Ugly

Shared burden: In cases where a partner spends all the funds in the joint account, you will all bear the burden of an overdraft, loan payment, or bankruptcy. 
No privacy: With a joint account, you can’t spend for surprises or have full control over your financial decisions as your partner will see everything you are doing with the joint account. 
You might lose everything to a bad partner. In circumstances like a divorce or a breakup, your partner might clear out all the money in the joint account without any approval from you. This can put you in a bad state if you don’t have a personal account to rely on.

How to Open a Joint Bank Account in Canada

The process of opening a joint account depends on the bank and the type of account.

However, you can open any of the above joint accounts online.

But before you can open a joint account with your desired bank, you need to meet the eligibility criteria.

As with personal accounts, different banks have different requirements for their joint accounts.

However, the following are the common eligibility criteria for opening a joint account in Canada: 

• Be a resident of Canada
• Have a Social Insurance Number (SIN)
• Meet the age of majority in your province/territory

Some banks may require you to have a separate bank account with them before opening a joint account.

All things being equal, opening a joint account online will be faster and more convenient than going to a physical bank branch.

Once you opened a joint account, be sure to review your monthly statement and keep an eye on your balance. 

If you’re not satisfied with your partner’s management of the account, you can contact the bank to dissolve the joint account immediately.

Read Also: Expedier Review: Is It Worth It For New Immigrants?

Takeaways

The overall best joint account in Canada is one that fits you and your partner’s goals.

Whether it’s for savings or spending purposes, there are different best joint accounts to consider in Canada.

While joint accounts can be a great financial builder, they can also come with loads that you may not be able to carry alone when you partner with an untrustworthy person.

However, depending on the reason you are looking to have a joint account, there are measures to take to ensure you are on the safer side when things go south.

One such measure is to have a personal account where you save some of your money. With a personal account, you’ll be singlehandedly in charge of the account and can do whatever you wish to do with it. 

When the relationship with your partner fails, you may not be stranded or afraid of what will befall you should your partner clear out the money in the joint account cause you have a personal account to rely on.

That brings us to the end of this article. If you have any questions or need more clarification, hit me up in the comment below.