Finance, Personal

Best Joint Accounts in Canada For 2023

Joint accounts are a great way for couples, lovers or business partners to manage their finances together. 

The idea behind a joint account is that both parties have equal access and control over their finances. 

Several banks in Canada offer joint accounts. But with so many options out there, it can be hard to know which account is right for you.

To help you out, we’ve compiled a list of the best joint accounts offered by Canadian banks based on factors like fees, interest rates, and other features. 

So whether you’re looking for a basic account or one with all the great perks, we’ve got you covered. 

Read on to learn more about the features and benefits of each one so that you can make an informed financial decision.

Best Joint Accounts in Canada

What is a Joint Account?

The term ‘joint account’ refers to an account you share with someone else. Two or more people’s names appear on the account.

When you open a joint account, each person on the account has equal access to the account’s funds. 

This means that either person can deposit or withdraw money from the account without the permission of the other account holder. 

However, if one person wants to close the account, they generally need the permission of the other person or persons on the account.

Joint accounts are often used by married couples or business partners, but anyone can open one with another person. 

The main benefit of a joint account is that it allows multiple people to manage their finances together. 

This can be helpful if you’re working towards a common goal, such as saving for a down payment on a house. It can also make things easier if you need to split expenses, such as rent or utilities. 

However, it’s important to remember that each person on a joint account is legally responsible for any debt accrued on the account. 

This means that if one person stacks up a large balance on a joint credit card, both people are responsible for repaying the debt. 

For this reason, it is essential for you to choose your joint account partner or partners carefully.

Pros and Cons of a Joint Account 

Keeping track of finances is a breeze if both you and your partner have equal access to your finances.

Whether you’re married or in a long-term relationship, a joint bank account can be an easy and convenient way to keep everything in check. 

While opening a joint account does have several benefits, there are also several cons you should be aware of before deciding to open one.

Let’s look at the pros and cons of a joint account so that you can decide if it is the right account for:


  • Flexibility: Having a joint account is much more flexible than having separate accounts. You and your partner can both deposit and withdraw money as needed without having to transfer funds between accounts.
  • Convenience: Joint accounts are convenient because both partners can access the funds at any time. This can be helpful if one partner needs to make a purchase but does not have sufficient funds in their individual account.
  • Get access to better interest rates: Joint accounts often come with better interest rates than individual accounts. This can help the account balance grow more quickly over time.
  • Combining financial goals: A joint account makes it easy for you and your partner to accomplish your financial goals as a team. For example, if both partners want to save for a vacation, they can each contribute funds to the joint account each month. They both can also easily track their spending and ensure that they are staying on budget.
  • Easy access to funds in case of death: In the event of a partner’s death, a joint account gives the surviving partner easier access to the funds. 


  • Lack of privacy: One of the main disadvantages of a joint account is the lack of privacy. All account holders have equal access to the account, which means that transaction history and balances are shared. This can be an issue for couples who like to keep their finances separate, or for anyone who values their privacy. 
  • Joint liability: All account holders are jointly liable for any debts incurred on the account. This means that if one person racks up a large balance and then defaults on their payments, the other account holders will be responsible for repaying the debt. 

5 Best Joint Accounts in Canada

It can be confusing to find the best joint accounts in Canada. After all, there are so many different types of joint accounts available. 

To help you take away the confusion, here are some of the best joint accounts in Canada:

1. EQ Bank Joint Account

The EQ joint account is a great way to save money and earn interest on your savings. 

With no monthly fees, the account allows you to invite up to three people to be part of your savings or bill payments. 

This makes it a great option for couples or families who want to save together. The account also offers high-interest rates, so you can earn more on your savings. 

Plus, you’ll get all the everyday banking benefits of the EQ Savings Plus Account, including access to online and mobile banking. 

So if you’re looking for a joint account that offers great interest rates and everyday banking benefits, the EQ joint account is a great option.

EQ Bank Joint Account Key Features

  • The account has no monthly fees
  • A high-interest rate of up to 2.50% on your savings
  • There is no minimum balance requirement on the account
  • Your deposits in the account are insured by CDIC up to a maximum of $100,000 per category
  • You can deposit up to a maximum of $500,000
  • No fees for Interac e-Transfer fees
  • You can use the account to make free bill payments

2. BMO Joint Account

Opening a joint bank account at BMO is a great way to manage your finances with friends or family. 

With a BMO joint account, you can have up to four people on the account, all with their debit cards to deposit and withdrawal from the account.

You can also view all account transactions using the BMO mobile app or online banking portal. 

Plus, you’ll earn interest on your savings and enjoy the convenience of having one account for all your financial needs. 

Whether you’re splitting rent with roommates or saving for a shared goal, a BMO joint bank account is a great way to manage your money.

BMO Joint Account Key Features

  • You can track your spending on the account
  • You can make Interac e-Transfers from the account at no cost
  • If you want to check your TransUnion credit score, you can use the bank’s CreditView Dashboard to do that
  • You can divide the payment for daily purchases such as groceries 

3. KOHO Joint Account

If you’re looking for a way to manage your finances with your partner, KOHO’s joint account can be a great option. 

KOHO’s joint chequing account is free to sign up for, and you’ll get 0.5% cash back on every purchase you make with the account.

Plus, you’ll get notifications whenever either of you spends from the account, so you can stay on top of your finances. And because the joint account is online, it’s easy to access from anywhere. 

So whether you’re at home or on the go, managing your finances with your partner has can be managed very easily.

KOHO Joint Account Key Features

  • You will receive instant alerts whenever you or your partner withdraw from the account
  • There are no monthly fees on the account
  • You can make free Interac e-Transfers
  • 0.5% cash back on all your everyday purchases

4. Tangerine Joint Account

Tangerine is a Canadian digital bank that offers a wide range of other products and services, including savings accounts, chequing accounts and credit cards.

The Tangerine Joint Account is one of the best no-fee joint chequing accounts available on the market today. 

This account features no monthly fees and unlimited free transactions, making it the perfect choice for those who are looking for a hassle-free way to manage their finances. 

In addition, Tangerine Joint Account also offers several other convenient features, such as online banking and mobile deposit. 

Tangerine Joint Account Key Features

  • You can get an interest rate of 0.10% on your savings in the account
  • The account charges no fees on everyday transactions
  • Zero Liability protection on Visa debits
  • You can access 3,500 Scotiabank ABMs free of charge
  • There is overdraft protection
  • Using the Orange Alerts option, you can get instant alerts of your transactions in the account

Learn more about Tangerine joint account on this review.

5. Scotiabank Joint Account

Scotiabank offers several joint accounts and one of them is the Scotiabank MomentumPLUS savings account. 

The Scotiabank MomentumPLUS Savings Account offers a higher interest rate than most other local banks.

This makes the account an attractive option for savers who want to earn a competitive return on their money.

However, the high interest you can get on the Scotiabank MomentumPLUS Savings Account is a tiered one. This means the longer your money stays in the account, the higher interest you can get.

On top of the tiered interest rate, the account has no monthly fees and there are no minimum balance requirements on this account either which makes it a very attractive option.

Scotiabank Joint Account Key Features

  • You can earn an interest rate of up to 4.50% on your savings
  • There is an option for you to keep track of your earnings by selecting a timeline
  • Multi-purpose savings
  • If you save for a long time, your interest rate will be higher

How to Choose the Best Joint Account

A joint account can help simplify bill paying and make it easier to track shared expenses. 

However, not all joint accounts are created equal. This makes choosing the best one a daunting task.

When it comes to choosing the best joint account, there are a few things you will have to take into consideration. 

First, you’ll want to look at the monthly fees associated with the account. Some banks will charge a small fee for joint accounts, so you’ll want to make sure that you’re comfortable with the fee before moving forward. 

Also, you’ll want to consider the account limits. Some accounts may have higher limits than others, so if you anticipate making large deposits or withdrawals, you’ll want to make sure that your account can accommodate those transactions. 

Additionally, you’ll want to look at the interest rate associated with the account. Some joint accounts will offer higher interest rates than others.

So if you’re looking to earn some extra money on your deposits, you’ll want to find an account that offers a competitive rate. 

Finally, you’ll want to consider the minimum requirements for opening and maintaining the account. 

Some banks may require a higher minimum balance than others, so be sure to find an account that fits your needs. 

By taking all of these factors into consideration, you can be sure that you choose the best joint account for your needs.

How to Open a Joint Account

The procedures for opening a joint bank account are the same as those to open an individual account.

Some banks require you to open a joint account in person. However, some banks allow you to open a joint account online.

To open a joint account, first, you’ll need to choose a bank and account type. There are many different options out there, so take some time to research your options. 

Once you’ve found the right fit, you’ll need to provide the bank with the name of the other person or persons you intend to add. 

Banks require different information, but these are the most common ones:

  • Your name 
  • House address
  • Your date of birth
  • A government-issued ID such as a driver’s license 
  • Social Insurance Number (SIN)

Once you have all the necessary information, opening a joint account is usually just a matter of filling out the above information and making an initial deposit. 

Keep in mind that you’ll be sharing responsibility for the account, so it’s important to choose someone who you trust and with whom you feel comfortable discussing finances. 

Also, once you’ve opened your account, be sure to review your statement regularly and keep an eye on your balance. 

This will help ensure that both parties are happy with how the account is being managed.

Are Joint Accounts Worth it?

If you are married or in a long-term relationship, a joint account can simplify your finances and give you and your partner an equal say in how the money is spent. 

Joint accounts can also be useful for families who need to pool their resources to pay for shared expenses, such as a mortgage or college tuition. 

In addition, business partners often find that having a joint account makes it easier to keep track of shared expenses.

However, there is also some potential downside to having a joint account. If one person has bad spending habits, it can put a strain on the entire relationship. 

Also, one person may want to close the account and move the money into a separate account, but this can be difficult if the other person does not agree. 

Therefore, if you are considering opening a joint account, it is essential to weigh the pros and cons carefully.

Ultimately, the decision of whether or not a joint account is right for you will depend on your individual circumstances.


Best Joint Accounts in Canada: Takeaways

A joint account can simplify bill paying and help you keep track of your spending. Plus, it can give you easy access to cash in case of an emergency. 

However, with so many different options out there, it can be tough to decide which one is right for you. 

That’s why we’ve compiled this list of the best joint accounts in Canada, complete with all the features and benefits each one has to offer. 

All you have to do is check the options and decide what’s most important for your situation.

Whatever your priorities may be, there’s a joint account out there that’s ideal for you and your needs.

If this article was helpful, please share it with others who might be looking for information on the best joint accounts in Canada.

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About John Adebisi

John Adebisi is a CPA, FCCA and MBA holder with a Bachelor's degree in Accounting & Finance. He has over a decade of experience in writing personal and business finance content for audiences across North America, Europe, the UK and Africa. In addition to his writing experience, he also has a strong background in financial research and analysis, giving him a unique perspective of the financial markets. John derives pleasure in helping people make smart financial decisions, and he believes that knowledge and experience can be valuable resources for anyone who wants to learn how to manage their money.

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