The Greatest Joint Financial institution Accounts in Canada 2025

Not way back, the Greatest Joint Financial institution Account in Canada lists had been mainly simply the Large 5 taking part in musical chairs. RBC, TD, BMO, Scotiabank, CIBC, and perhaps Tangerine getting an honourable point out. However let’s be sincere: not a lot separated them, and none of them had been providing something remotely thrilling.

That every one modified when EQ Financial institution got here alongside and utterly modified the sport.

With automated excessive rates of interest, $0 account charges, and a refreshingly simple digital expertise, EQ Financial institution has taken what was once a bland banking product and turned it into one thing that truly delivers worth. In my opinion, EQ now holds the clear title for Greatest Joint Financial institution Account in Canada – and albeit, it’s not even a detailed contest.

When EQ launched their joint account possibility, my spouse and I jumped on board straight away. It’s been the proper resolution for managing our shared bills and saving for issues like journey and residential initiatives. The app is straightforward to make use of, the charges are market-leading, and it simply works. It’s a easy & clear banking expertise that helps us keep on the identical web page financially – whereas paying nothing in month-to-month charges!

Proper now, their joint accounts pay a powerful 4% curiosity, which is miles forward of the Large Financial institution alternate options. And should you’re heading overseas, the brand new pay as you go EQ Financial institution Card is a critical bonus: it enables you to withdraw cash internationally with no international alternate charges. We’ve included a comparability of different Canadian joint accounts beneath so you’ll be able to see how they stack up towards our champ!

4.9 / 5

Options

Elite customer support, high rated app, strong cashback bank card

Each day Curiosity Charges

4% (1.25% + 2.75% Bonus)

ZERO charges, *highest rates of interest in Canada*, glorious new pay as you go card, very good for touring and forex conversion

4.3 / 5

Options

Limitless transactions, free Scotiabank ATM entry

Each day Curiosity Charges

1.00%

Greatest no-fee chequing account, Runner as much as EQ Financial institution. Used to have higher charges. Good bank card choices

4.2 / 5

Options

Numerous perks and advantages, annual charge waived for first 12 months on Scotiabank playing cards

Each day Curiosity Charges

1.35%

Scotiabank MomentumPLUS Financial savings Account: Greatest Premium Joint Financial savings Account

3.9 / 5

Options

Good no-fee joint chequing account for as much as 2 folks. Missing in customer support however glorious $300 signup bonus

Simplii Monetary No-Charge Chequing Account: Runner-up for one of the best no-fee joint chequing account, providing one of the best welcome bonus.

3.8 / 5

Month-to-month/Annual Charges

$30.95 (or none with a $5,000 steadiness)

Options

Limitless transactions, Charge rebates on sure accounts/bank cards, Enhanced rates of interest

Each day Curiosity Charges

1.40%

Scotiabank Final Package deal: Greatest Premium Chequing Account With a Unbelievable $300 Welcome Bonus

How Do Joint Financial institution Accounts Work?

Joint accounts are excellent options in a stunning variety of conditions. These embrace:

• {Couples} (married or single) who need to share funds and handle payments collectively.
• Younger youngsters whose dad and mom need to have the ability to give them an allowance however don’t have money available every week (who has money lately?).
• Older dad and mom who want some assist managing their cash.
• Younger adults who’re heading out on their very own for the primary time.
• Enterprise companions who must share entry to a enterprise account.

Principally, if there’s ever a scenario the place multiple particular person wants to have the ability to handle funds, pay payments, or make withdrawals, a joint account could be a godsend.

How Do You Open a Joint Financial institution Account in Canada?

The necessities for opening a joint checking account can range by financial institution and might also depend upon whether or not each account holders are already shoppers.

Digital-only banks like Tangerine and EQ Financial institution assist you to open accounts on-line, however many conventional banks require an in-person department go to. It’s a good suggestion to examine the financial institution’s web site and make sure their precise processes.

For a joint account, banks usually want each account holders to seem at a department and present legitimate authorities ID. Some banks make exceptions for individuals who have already got private accounts with them – however once more, be sure you examine so that you don’t waste your time!

You don’t need to be married to open a joint account – whereas {couples} are usually the primary instance of joint account holders that involves thoughts, you may be married, single, biologically associated, enterprise companions – you identify it.

Greatest Joint Financial institution Account in Canada: EQ Financial institution

My private selection for one of the best joint checking account in Canada is the EQ Financial institution Joint Financial savings account. Take a look at my in-depth EQ Financial institution Evaluation for a radical have a look at EQ brings to the desk.

Provided that they’re the one financial institution on the market proper now that gives distinctive Discover Accounts, and in addition leads in our current comparability of Greatest Excessive Curiosity Financial savings Accounts in Canada, it’s most likely not a shock that they’re joint account providing is elite as properly. 

With an automated 4% curiosity, a superb cell app, and an EQ Financial institution Card that makes it simple to pay for issues, it’s no marvel they’ve been Forbes’ selection because the #1 financial institution in Canada for a number of years in a row!

Greatest Free Joint Chequing Account in Canada: Tangerine

When you want a joint chequing account, Tangerine Financial institution is a superb free joint account possibility.

Tangerine is affiliated with Scotiabank and offers you free entry to their ATM community, which signifies that this account features similar to any conventional chequing account, with ATM entry and point-of-sale transactions.

Our one criticism about this account is the rate of interest, which maxes out at 0.1%.

Nonetheless, it’s not a deal breaker for us as a result of a chequing account isn’t the place to be involved about rates of interest anyway. Chequing accounts enables you to obtain and spend your cash, and Tangerine lets you try this simply, and totally free, which is what issues.

Greatest Joint Chequing Account Welcome Promo: Simplii Monetary 

Simplii Monetary is CIBC’s low-fee on-line financial institution and it presents many related options to Tangerine. No month-to-month charges, no steadiness necessities, and widespread ATM entry make Simplii an ideal selection should you’re searching for a joint account at a financial institution that has a lot of an enormous financial institution’s choices and not using a massive financial institution’s pricetag.

Simplii presents private financial institution accounts with as much as 2 customers, so should you’re searching for a enterprise account or an account {that a} group wants to have the ability to entry, you’ll need to look elsewhere. They’re a dependable financial institution, however we discover their customer support to be lower than stellar. 

Greatest Premium Joint Chequing Account in Canada: Scotiabank Final Package deal

After we say “premium,” we imply it. The Scotiabank Final Package deal prices $30.95/month. However for what you get, it’s truthfully price it.

Scotiabank Final Package deal holders obtain:

• Limitless debit transactions
• Limitless worldwide cash transfers
• Limitless Interac transactions
• As much as $139 ongoing annual charge waiver on a Scotiabank bank card
• A free small security deposit field
• Your selection of SCENE or Scotia Rewards factors
• Free private cheques and drafts
• Improved charges on GICs and Scotia Momentum Financial savings Accounts
• Free Overdraft safety
• No month-to-month account charge on one Fundamental Plus Financial institution Account
• 10 free fairness trades at Scotia iTrade in your first 12 months.

Principally, there’s a motive why we named this account the Greatest Chequing Account in Canada.

Once you open the Final Package deal as a joint account, just one account holder receives a number of the perks such because the charge rebates and free fairness trades, however each account holders benefit from the limitless transactions—and actually, that’s what you need in a chequing account.

Scotiabank accounts should be opened in-branch by all account holders. Ensure you take a bit of legitimate authorities ID. As an enormous financial institution, Scotiabank has its personal community of ATMs and, in fact, permits point-of-sale transactions for its chequing accounts.

The $30.95/month charge may be waived should you keep a steadiness of $5,000 within the account, or a complete of $30,000 amongst your Scotiabank accounts—so if in case you have that type of money, it is a no-brainer.

For full particulars on this and different choices, try our Scotiabank Evaluation.

Ought to {Couples} Have a Joint Financial institution Account?

Now that you already know one of the best of what’s on the market, the ultimate query is whether or not you ought to have a joint checking account. Whether or not you’re married or not, it’s a query most {couples} think about in some unspecified time in the future. Listed here are some professionals and one main con to contemplate:

Advantages of Having a Joint Account with a Partner or Associate

Fewer accounts to watch: When you consolidate your accounts, you’ll have a centralized location to your transactions and fewer accounts to maintain monitor of.

Can cooperate on financial savings and invoice funds: This is among the predominant benefits of getting a joint account, particularly for {couples}. Joint account holders can work collectively to ensure the payments receives a commission, and the financial savings objectives get reached.

A hybrid method can work properly: Having a joint account doesn’t essentially imply closing all the things else and pooling all of your money. It’s completely fantastic (and typically preferrred) for account holders to have their very own private accounts after which pay a set quantity right into a joint pot of cash for payments and so on.

Preserve entry to funds in case of dying: In case your accomplice dies and you’ve got a joint account, you’ll retain entry to the steadiness. If they’ve private accounts solely, you’ll need to wade by means of pink tape first.

Doable Disadvantage of Having a Joint Account with a Partner or Associate

Requires belief and communication: This isn’t a lot a disadvantage, as a truth to maintain firmly in thoughts. When you’re going to open a joint account with somebody, please, we beg you, make it possible for they’re somebody you belief utterly. Particularly should you’re planning to maintain one central account for all the things.

If a relationship goes south, or if the opposite particular person seems to be somebody you couldn’t belief in any case, there’s nothing to cease them from draining the checking account and occurring their method. Make sure that you belief the opposite particular person not to try this. That’s it. That’s the downside.

Greatest Joint Financial institution Account for College students

Many dad and mom discover it reassuring to softly ease their little ducklings out of the nest with regards to educating them to financially fly on their very own. A joint checking account for college kids is a superb match for this objective.

By utilizing a joint account for his or her highschool or college scholar, dad and mom can get entry to all the transaction data at any time, and ensure “Little Johnny” didn’t spend his scholar mortgage earlier than Halloween.

With EQ’s new EQ Financial institution Card permitting point-of-sale transactions and ATM entry, it’s rapidly changing into the apparent selection as one of the best joint checking account for Canadian college students and their dad and mom. The mixture of excessive curiosity, together with the long-awaited capability to buy in shops and on-line makes a whole lot of sense.

For extra info, you too can learn our greatest scholar checking account article.

Canadian Joint Financial institution Accounts FAQ

Who Owns the Cash In a Joint Financial institution Account?

Possession of cash in a joint checking account is totally shared equally by all house owners of the account.  In different phrases – anybody on the joint checking account can withdraw the cash each time they need to (or up the beforehand agreed-upon most).  

There isn’t a proportionality when it comes to saying, “Effectively I deposited 70% of that cash, so I personal 70% of the cash throughout the joint checking account.”

So far as who inherits the cash if somebody passes away, the good factor a few joint checking account is that it doesn’t undergo probate.  The cash and account possession routinely passes to different becoming a member of account holders.  As a way to facilitate that transaction although, a deceased proprietor’s dying certificates might need to be supplied (which is smart).

The way to Shut a Joint Financial institution Account

Closing a joint checking account is fairly easy.  Simply be sure you tie up all of the unfastened ends equivalent to:

• Cancel all the automated transfers each out and in of the account.
• Double examine you haven’t any extra subscriptions from the account.
• Switch the remaining funds (e-Switch might be the simplest method) in order that the account steadiness is $0.
• Comply with your financial institution’s particular procedures for closing the account completely.  (Normally this requires a signature or verified on-line motion of some form from all joint account holders.)

Non-Contenders for Greatest Joint Financial institution Account In Canada (Not Value Contemplating)

Whereas others suggest these accounts as a strong possibility, I really feel these could be a mistake to even think about:

RBC Joint Financial institution Accounts

It’s nothing private towards RBC joint financial institution accounts particularly, it’s simply that for essentially the most half the Large 6 banks make some huge cash off of their charges on becoming a member of financial institution accounts – leaving much less in your pocket.

RBC does have one distinctive possibility in that their USD-denominated high-interest financial savings account permits so that you can have a joint account.  In order that is perhaps one space to contemplate making an exception.  

In any other case the RBC Joint Financial institution Account charges simply add up in a rush versus our high contenders – plus the rates of interest aren’t practically the three% that EQ is providing.

Scotiabank Joint Financial institution Accounts

Scotiabank doesn’t have any particular promotion for joint financial institution accounts, it mainly simply permits two folks to co-own any of their common chequing and financial savings accounts. 

What this leads to is month-to-month charges someplace within the neighborhood of $4.00 to $16.00 every month.  That’s simply an excessive amount of when there are such a lot of no-fee choices out there. You may see above all of the bells and whistles that you simply get with the premium package deal from Scotiabank, however something aside from that one simply isn’t definitely worth the tradeoffs (and I personally, I don’t assume it’s price it even then).

The opposite main draw back is that the rate of interest for Scotiabank Joint Financial institution Accounts is barely 0.10% proper now (and might even be decrease if in case you have a steadiness beneath $500). That’s merely so much decrease than the names on the high of our joint account comparability.

Bricks and mortar banks are simply all the time going to have a tough time competing with the purely digital on-line banks on the high of my most advisable record.

Koho Joint Financial institution Accounts

The Koho joint checking account is form of just like the EQ joint account’s little brother.

It’s a strong worth in that you could earn okay rates of interest (0.5%) and so they have a pre-paid card that’s much like EQ’s.

The Koho joint accounts additionally embrace no charges on invoice funds or Interac e-Transfers.

What they don’t have is EQ’s GIC choices, the power to open a TFSA or RRSP, their cash switch ranges, and doesn’t attempt to upsell you a month-to-month charge plan like Koho does.  

Plus the EQ rates of interest are simply considerably larger than these in a Koho joint checking account.

TD Joint Financial institution Accounts

Very similar to their massive financial institution cousin RBC, there’s nothing flawed with TD Financial institution’s joint chequing financial institution accounts.  It’s only a easy matter of charges and worth.

Once you mix the comparatively excessive charges with the should be bodily current at a department financial institution (bringing two items of ID with you) it’s simply probably not a comparable product to the accounts on the high of this record.

It’s additionally related to level out that the rate of interest for TD Financial institution joint financial institution accounts proper now could be round 0.10% (relying on the steadiness within the account).  In order that’s one other comparability metric that doesn’t do the massive inexperienced financial institution any favours.

BMO Joint Financial institution Account

You’ll discover a little bit of a sample forming right here with regards to the joint financial institution accounts provided by Canada’s massive banks.  They’re fantastic, they work, they’re protected, and so on.

However you’re going to pay for the privilege.  The charges charged by BMO are a part of the rationale the financial institution is so worthwhile.  The truth is, they’ve made a lot cash, they’re busy shopping for up American banks lately!

BMO does have an attention-grabbing household bundle joint banking supply that is perhaps price trying into should you already do your whole different banking with BMO.

However when you think about simply how a lot decrease the rates of interest are on their joint financial institution accounts vs our leaders, plus the long-term results of paying a lot in easy charges to your checking account every month, the mathematics simply isn’t mathing.

CIBC Joint Financial institution Account

Like a number of different banks that depend on brick-and-mortar places, you need to really go to a CIBC department collectively to open a CIBC joint checking account.

The CIBC joint checking account guidelines and charges are barely even talked about on their web site.  Clearly it isn’t a precedence for Canada’s fifth largest financial institution.

From what I can inform, the private chequing and financial savings account charges would apply to their joint accounts, and so they’re about 0.10% on primary present account choices, and as much as 0.50% on e-savings account choices.  Not precisely world beating worth contemplating the stiff month-to-month charges.

The Greatest Joint Financial institution Account in Canada: Our Verdict

For the fifth straight 12 months, EQ Financial institution retains the title as Greatest Joint Financial institution Accounts in Canada champion. With constantly excessive rates of interest, zero account charges, and a gradual stream of recent options, EQ retains elevating the bar and making it tough for any of their opponents to catch up!

You may dig into the total particulars in our up to date EQ Financial institution Evaluation and our Greatest Excessive-Curiosity Financial savings Accounts in Canada information, however right here’s the brief model: EQ remains to be providing 4% on on a regular basis financial savings, plus they’ve rolled new small enterprise accounts AND Canada’s first Discover Account! For no-fee banking that truly places a reimbursement in your pocket, EQ is hard to beat.

That stated, one of the best joint checking account for you is the one that matches your needs and wishes. Some {couples} or households would possibly prioritize ATM entry or cash-back perks, whereas others are laser-focused on maximizing curiosity. Whether or not you’re evaluating EQ Financial institution, Tangerine, Simplii, and even one of many massive banks, the bottom line is to search out one thing that checks your most necessary packing containers.

My cautious nature forces me to repeat the necessary warning that it’s necessary to recollect any co-holder on a joint account has full entry to each greenback in it  – there’s no such factor as “my half” and “your half” of the cash. So earlier than you open a joint account, be sure you’ve had the true conversations about monetary objectives, boundaries, and obligations!