10 Best Joint Bank Accounts in Canada (2024): Share Finances with Ease

Joint accounts are an excellent option for all kinds of people, not just couples. 

Whether it’s with a roommate, close friend, business partners, aging parent, family member, or significant other, they can be a good way to track finances with the important people in your life.

With that said, joint accounts come with a responsibility that falls on all of the account signers.

If you’re considering opening a joint account in Canada, you’re at the right place. 

In today’s post, I will be going over the pros and cons of having a joint account, how to open one, and the best joint bank accounts in Canada. 

Let’s start. 

Pros and Cons of a Joint Bank Account

There are lots to consider before opening a joint account. As easy as having one can make day-to-day purchases, they also come with great responsibility for all the parties involved. 

To help you make a decision, here are some of the pros and cons of having a joint bank account with someone. 

Pros 

• Easier to track and budget for shared expenses such as rent, utilities, mortgage payments, child care, etc. 
• Easier to track shared ownership or shared debt
• No more need to transfer funds between individual accounts, potentially saving on Interac e-Transfer fees as well as time 
• Ability to co-save for future plans such as vacations, large purchases, etc. 

Cons 

• Personal purchases coming out of the joint account may need to be discussed
• If overdraft, line of credit, or credit card products are involved, one person’s actions may affect the other’s credit score 
• All transactions are visible to all parties involved
• The potential risk of abuse of the account funds by one or more parties 

Features You Should Look Out For Before Choosing A Joint Account 

Before considering your options for joint accounts, I would recommend you figure out what the purpose of your new joint account will be. 

Are you opening one to save for a common goal or a rainy day with someone? Will you be using the account to make everyday transactions such as in-store and online purchases, deposits, withdrawals, and bill payments?

How many co-signers will there be on the account, and what kind of transactions will they be making? 

Your answers to each of these questions should help you make an informed decision on what kind of account to choose. 

If you’ll be using the account for budgeting and everyday purchases, perhaps with a partner, roommate, or family member, I would recommend a joint chequing account.

If this is the case, consider these account features before signing up for one: 

• Monthly fee and minimum balance 
• Number of monthly transactions and Interac e-Transfer fees
• Preference for user experience; in-person/branch banking, online/digital banking, proximity of ATMs 
• Maximum number of signers you can have on the account 

On the other hand, a savings account may be more suitable if you are simply pooling money with someone for future use, perhaps for a vacation or car purchase.

This type of account may also be useful as a “rainy day fund,” but do also consider investments or GICs if you plan on holding a large amount of money. 

If a savings account is more suitable, consider these features: 

• Monthly account and transaction fees 
• Interest rate 
• Preference for user experience: Digital-only banks usually offer higher interest rates, but access to in-person banking may be more suitable based on your banking habits 

Best Joint Accounts in Canada

Looking for the best joint account in Canada? I’m confident that there will be something for you on this list, regardless of your needs. 

1. Scotiabank Ultimate Package: Best Premium Joint Chequing Account 

Why it’s great: 

• Unlimited and free transactions 
• In-branch banking available 
• $0 monthly fee with a $5,000 minimum balance
• Many perks such as free cheques and drafts, free international money transfers, free safety deposit box, special-rate GICs, and Scene+ reward points 
• $300 welcome bonus for new account sign-ups.

If you are on the market for a does-it-all, premium joint chequing account, look no further. 

With all of its features to spend, save, borrow and invest through one package, the Scotiabank Ultimate Package could be the right option for you if you and the person/people you will be sharing it with will be using it as your primary account. 

The account fee is $30 per month but will be waived if there is a minimum balance of $5,000 in the account.

Normally, I would suggest that the minimum balance is too high, but it’s manageable as a joint account. 

With this premium account, one of the users will also be eligible for waived annual fees on select credit cards (saving up to $150 each year), as well as other waived fees and special investment perks. 

All in all, go with this account if you are looking to do your joint banking in person and want premium chequing features. 

If you’re looking for family banking, the Scotiabank Ultimate Package can also be bundled up through their The Ultimate Package for Families option.  

2. EQ Bank

Why it’s great:

• One of the best savings account interest rates in the country 
• Digital, straightforward access
• Can be shared with up to three other people (four individuals total) 

Simply saving for the future with someone? EQ Bank’s high-interest joint account will likely be your best option as it has the highest interest rate on a savings account in Canada and can be shared with up to three other people. 

Although this bank likely can’t replace a regular bank, it’s one of the best places to grow your savings with absolutely no risks. 

If that’s your goal with someone, I highly recommend this account to you. Do note that the maximum deposit amount into this account will be $500,000, and each joint account holder must be an EQ Bank customer first. 

To find out more about this digital bank, check out this EQ Bank review. 

3. Tangerine: Best Digital-Only Joint Account 

Why it’s great:

• No monthly fee and free and unlimited transactions
• Digital, straightforward access + free access to all Scotiabank ATMs 
• Up to two people on a chequing account, up to four on non-registered savings or GIC accounts 

Tangerine is Canada’s leading digital bank. With full-fledged financial products and free access to Scotiabank ATMs, we’re a fan. 

Tangerine’s regular chequing, saving, and GIC accounts are available as joint accounts, which is convenient. You can have up to two people on a chequing account and four on a saving or GIC account. 

Do note that each account holder on these joint accounts must be a Tangerine customer first. Luckily, their sign-up is easy, quick and online. 

Learn more about Tangerine Bank in this Koho vs. Tangerine review.

Learn more about their joint accounts here.  

4. Scotiabank Momentum Plus Savings Account: Best Joint Savings Account at a Big Bank

Why it’s great:

• In-person branch access
• No monthly fee with no minimum balance 
• Free self-service transfers

If you are not the biggest fan of digital banks, or are simply looking to couple your joint savings account with in-branch financial advice and services from time to time, I would recommend Scotiabank’s Momentum Plus Savings Account to you. 

This account is a good balance between decent interest rates and big-bank services. 

Learn more about this joint savings account here. 

5. BMO Family Bundle: Best for Families 

Why it’s great:

• The entire family saves on monthly fees as long as one person is paying it
• Free and unlimited transactions + perks depending on account type 
• Up to five family members in total 
• Privacy of individual accounts 

If the privacy issue that comes along with joint banking is off-putting to you, this BMO Family Bundle can solve that issue while offering good savings and perks. 

The way it works is as such: one person pays the $16.95 monthly fee ($0 with a $4,000 minimum balance) or the $30 monthly fee for the premium account ($0 with a $6,000 minimum balance), and the remaining family members can have all of the same perks as the main account at absolutely no monthly cost. 

Do note that in order to take advantage of this bundle, the family members that are added to the main account must be new BMO customers. 

You can learn more about this family bundle here. 

6. TD Canada Trust: Best for Group Joint Accounts 

Why it’s great:

• Up to nine account holders on a single account 
• In-person services available 

On the market for a group joint account, perhaps for family, housing or organizational matters?

TD Canada Trust allows up to nine account holders on their joint accounts, which is great. Just make sure that you are all in-branch with your government-issued IDs at the time of account opening.

Hint: because there might be up to nine of you, I recommend making an appointment first!

I have done a deep dive on every single one of the ten TD bank accounts here on Wealth Awesome. If you’re wondering which of their accounts would suit your needs best, check it out here. 

7. Simplii Financial USD Savings Account: Best for Joint USD Account

Why it’s great:

• Free with no minimum balance 
• Free transactions 
• Share with one other person 
• Fully digital, straightforward access 
• Bank drafts and money orders are available 

If you’re looking to have a joint USD account, this Simplii one is great with absolutely no monthly or transaction fees. 

Plus, although Simplii is a fully digital bank, you still have access to all CIBC ATMs as well as USD drafts and money orders. 

Find out more about Simplii accounts here. 

8. RBC Joint Bank Account

Why it’s great:

• Offers a wide range of chequing and savings accounts
• Easy to manage your account online
• Excellent for joint business bank accounts

The Royal Bank of Canada is one of the country’s largest banks and offers a number of chequing and savings accounts for couples, business owners, and other partnerships.

As far as couples are concerned, RBC has a rather expensive fee structure. Its no-fee chequing accounts are very limited in what they offer. If you want basic features like unlimited debits and Ineract e-transfers, you’ll need to pay a minimum of $11.95/month in maintenance fees. This can really add up over time.

That being said, RBC does offer some good business banking solutions that could be good for business partners looking to open joint chequing accounts.

For smaller businesses, I’d recommend RBC’s Flex Choice bank account. The monthly maintenance fee is just $7, and the joint account holders can take advantage of the following benefits:

• Preferred pricing on business cash deposits
• Unlimited Moneris deposits
• Pay-for-use pricing (for Interac e-Transfers, wire transfers, etc.)

9. CIBC Joint Account

Why it’s great:

• Joint chequing accounts with flexible monthly fees
• Easy to open a joint account or add a partner to an existing account
• Joint business banking solutions for all sizes of business

CIBC makes it easy to open a joint account with your partner. If one of the partners has an existing CIBC account, simply visit a branch with your partner and have them added to the account. Alternatively, the two of you can visit a branch and open a joint account together.

CIBC accounts offer flexible monthly maintenance fees, dependent on your account usage and your minimum account balance. As long as you and your partner are on the same page, this can help you save on (or even eliminate) your monthly fee.

CIBC offers competitive rates for joint savings accounts and also offers customers the option to open a US Dollar savings account. For joint business partners, the bank also features a number of business banking solutions for small to enterprise-sized businesses.

10. Motusbank Joint Account

Why it’s great:

• Fee-free chequing
• Available high-interest savings account
• Access to over 43,000 ATMs

Motusbank is owned by Meridian, which is one of Ontario’s largest credit unions. As such, it has an excellent reputation when it comes to customer service and ease of access.

Motusbank offers 100% fee-free chequing with the following perks:

• No minimum balance requirement
• No monthly maintenance fees
• Unlimited, free Interac e-Transfers
• Free access to over 43,000 ATMs in North America (EXCHANGE network)
• Your first 25 cheques are free

Motusbank also offers a high-interest savings account with competitive rates, which is a great way for couples to start setting aside an emergency savings fund or for business partners to start saving towards new business equipment.

Can You Open A Joint Account With A Credit Union?

I’ve come across a number of individuals and readers wondering whether or not they can open a joint account with a credit union.

Most credit unions allow customers to open joint chequing and savings accounts.

Although credit unions are generally smaller than banks, they typically offer more personalized banking solutions, which often include favourable rates on small business lines of credit, mortgages, and auto loans.

As you can imagine, these benefits can benefit couples and business partners alike.

The main disadvantage of working with a credit union is that it may not be the best solution for individuals who frequently travel. Even if you’re working with a major credit union like Meridian, there are still relatively few branches compared to major banks like RBC, BMO, or TD Bank.

However, if you and your partner are locally based and don’t plan on relocating to a new city in the near future, I encourage you to look at the rates offered by your local credit unions and compare them to what the banks are offering.

To learn more, be sure to check out my guide to the best credit unions in Canada.

Best Joint Bank Account With An Elderly Parent in Canada 

I would recommend going with a Scotiabank chequing account with an elderly parent in Canada.

They have great options for whatever your needs may be, whether it’s just a few transactions per month or more. 

In general, I recommend that you steer away from digital bank accounts when sharing an account with an elderly parent, no matter how attractive their features may be. 

Better yet, it may even be worth it to share an account at the specific bank that your parent is already familiar with, so they don’t have to go through the trouble of getting acquainted with another bank’s procedures or locations.  

To open a joint account, both you and your parent will have to be present at the bank branch.

If your elderly parent is too unwell to be present at the bank, speak with the bank representatives about an alternative approach you may be able to take. 

Requirements To Open A Joint Account In Canada 

Each bank has different rules and regulations in place to open accounts in Canada. 

However, the basics for joint accounts are that: 

• All account holders are Canadian residents
• All meet the province’s age of majority
• All have a Social Insurance Number
• For big banks, all account holders must usually be present at the bank with two pieces of identification 
• For digital banks, online sign-up may be possible 

It is likely that you will have to fill in a regular account opening form along with a joint account application form.

If you’re heading into a branch to complete this procedure, I would recommend making an appointment online to make the process as seamless as possible. 

Conclusion 

Opening a joint account with others can simplify shared finances greatly. But it also comes with great responsibility on all of the parties involved. 

Depending on your needs and wants when it comes to joint accounts, something in this list will likely be able to meet your needs. 

Whether you choose a digital or big-bank, or a chequing or savings account, I hope this list was helpful for you.

If you’re curious about individual accounts, you can check out this post on the ten best no-fee chequing accounts in Canada.