The Best Joint Bank Accounts in Canada 2023
For many years, the best joint bank account in Canada list was dominated by the big banks and Scotiabank’s Tangerine brand. That has all changed now that EQ Bank has created a joint bank account product AND released their EQ bank card.
This gives EQ Bank the title of best joint bank account in Canada by a pretty wide margin. It’s simply the best combination of interest rates, $0 in account fees, and overall convenience.
My wife and I were amongst the first to sign up for EQ’s joint bank account. It’s simply the best way to pay for shared expenses and to save for shared travel goals. The platform is super easy to use, and we’re guaranteed the best interest rates and GIC rates in Canada while our money is parked in the account.
The other contenders for Canada’s best joint bank account are detailed below, but when you can snag 3% interest (you get an automatic extra 0.5% interest by using EQ for your auto deposit) AND use the new prepaid EQ Bank Card to withdraw money in foreign countries without paying any fees – the choice is pretty straightforward.
4.9 / 5None
Elite customer service, top rated app, solid cashback credit card
3% (2.5% + 0.5% Bonus)
4.3 / 5None
Unlimited transactions, free Scotiabank ATM access
1.00%
4.2 / 5None
Lots of perks and benefits, annual fee waived for first year on Scotiabank cards
1.35%
3.9 / 5None
Good no-fee joint chequing account for up to 2 people. Lacking in customer service but excellent $400 signup bonus
None
3.8 / 5$30.95 (or none with a $5,000 balance)
Unlimited transactions, Fee rebates on certain accounts/credit cards, Enhanced interest rates
1.40%
How Do Joint Bank Accounts Work?
Joint accounts are perfect solutions in a surprising number of situations. These include:
- Couples (married or unmarried) who want to share finances and manage bills together.
- Young kids whose parents want to be able to give them an allowance but don’t have cash on hand each week (who has cash these days?).
- Older parents who need some help managing their money.
- Young adults who are heading out on their own for the first time.
- Business partners who need to share access to a business account.
Basically, if there’s ever a situation where more than one person needs to be able to manage funds, pay bills, or make withdrawals, a joint account can be a godsend.
How Do You Open a Joint Bank Account in Canada?
The requirements for opening a joint bank account can vary by bank and may also depend on whether both account holders are already clients.
Digital-only banks like Tangerine and EQ Bank allow you to open accounts online, but many traditional banks require an in-person branch visit. It’s a good idea to check the bank’s website and confirm their exact processes.
For a joint account, banks typically need both account holders to appear at a branch and show valid government ID. Some banks make exceptions for people who already have personal accounts with them – but again, be sure to check so you don’t waste your time!
You don’t have to be married to open a joint account – while couples are typically the first example of joint account holders that comes to mind, you can be married, unmarried, biologically related, business partners – you name it.
That doesn’t mean that you should go out and open a joint account with just anyone- be sure that you trust the other person with access to your finances.
Best Joint Bank Account in Canada: EQ Bank
The best joint bank account in Canada is the Joint Savings Plus Account from EQ Bank. You can read a full review of this digital bank in our EQ Bank Review.
The EQ Bank Joint Savings account also tops our list of the Best High-Interest Savings Accounts in Canada. With a whopping 2.50% interest rate, plus free transfers, it’s a perfect place to keep your money and watch it grow.
EQ also offers the EQ Bank Card, a reloadable card that gives clients the same high interest rate, plus 0.5% cashback on purchases.
Pros:
- Top recommended bank in Canada
- CDIC insured
- High interest rates
- No fees
- Great mobile app
- Convenient cashback card
Cons:
- No business accounts
To Open an Account:
In order to open an EQ Bank Joint Savings Account, you must be a Canadian resident with a SIN, and have reached the age of majority in your home province. The sign-up process is completed entirely online.
Best Free Joint Chequing Account in Canada: Tangerine
If you need a joint chequing account, Tangerine Bank is an excellent free joint account option.
Tangerine is affiliated with Scotiabank and gives you free access to their ATM network, which means that this account functions just like any traditional chequing account, with ATM access and point-of-sale transactions.
Our one complaint about this account is the interest rate, which maxes out at 0.1%.
However, it’s not a deal breaker for us because a chequing account isn’t the place to be concerned about interest rates anyway. Chequing accounts allows you to receive and spend your money, and Tangerine allows you to do that easily, and for free, which is what matters.
Pros:
- Easy ATM access
- Savings accounts, GICs, credit cards, and lending available
- CDIC insured
- Great online platform and app
Cons:
- Low interest rates
- No business accounts
To Open an Account:
You can open a joint account online by downloading the Tangerine banking app and opening a personal No-Fee Daily Chequing account – then adding a user. You’ll need a piece of valid photo ID, a smartphone, and basic personal information for each user.
Best Joint Chequing Account Welcome Promo: Simplii Financial
Simplii Financial is CIBC’s low-fee online bank and it offers many similar features to Tangerine. No monthly fees, no balance requirements, and widespread ATM access make Simplii a great choice if you’re looking for a joint account at a bank that has many of a big bank’s options without a big bank’s pricetag.
Simplii offers personal bank accounts with up to 2 users, so if you’re looking for a business account or an account that a group needs to be able to access, you’ll have to look elsewhere. They’re a reliable bank, but we find their customer service to be less than stellar.
Pros:
- Easy ATM access
- Savings accounts, credit cards, and lending available
- CDIC insured
- Easy to obtain welcome promo
Cons:
- Only two users per account
- Customer service isn’t great
- No business banking
To Open an Account:
You can apply for a Simplii account online or by phone. Applicants must be residents of Canada and the age of majority in their province of residence and will be asked to provide their SIN.
Best Premium Joint Chequing Account in Canada: Scotiabank Ultimate Package
When we say “premium,” we mean it. The Scotiabank Ultimate Package costs $30.95/month. But for what you get, it’s honestly worth it.
Scotiabank Ultimate Package holders receive:
- Unlimited debit transactions
- Unlimited international money transfers
- Unlimited Interac transactions
- Up to $139 ongoing annual fee waiver on a Scotiabank credit card
- A free small safety deposit box
- Your choice of SCENE or Scotia Rewards points
- Free personal cheques and drafts
- Improved rates on GICs and Scotia Momentum Savings Accounts
- Free Overdraft protection
- No monthly account fee on one Basic Plus Bank Account
- 10 free equity trades at Scotia iTrade in your first year.
Basically, there’s a reason why we named this account the Best Chequing Account in Canada.
When you open the Ultimate Package as a joint account, only one account holder receives some of the perks such as the fee rebates and free equity trades, but both account holders enjoy the unlimited transactions—and really, that’s what you want in a chequing account.
Scotiabank accounts must be opened in-branch by all account holders. Make sure you take a piece of valid government ID. As a big bank, Scotiabank has its own network of ATMs and, of course, allows point-of-sale transactions for its chequing accounts.
The $30.95/month fee can be waived if you maintain a balance of $5,000 in the account, or a total of $30,000 among your Scotiabank accounts—so if you have that kind of cash, this is a no-brainer.
For full details on this and other offerings, check out our Scotiabank Review.
Pros:
- A huge collection of perks
- Unlimited transactions
- Monthly fee waived with a balance of $5,000
- Near-universal ATM access
- CDIC insured
Cons:
- $30.95/month is pretty steep
- Not available as a business account
- Must be opened in-branch
To Open an Account:
Scotiabank accounts must be opened in-branch by all account holders. Make sure you take a piece of valid government ID.
Should Couples Have a Joint Bank Account?
Now that you know the best of what’s out there, the final question is whether you should have a joint bank account. Whether you’re married or not, it’s a question most couples consider at some point. Here are some pros and one major con to consider:
Benefits of Having a Joint Account with a Spouse or Partner
Fewer accounts to monitor: If you consolidate your accounts, you’ll have a centralized location for your transactions and fewer accounts to keep track of.
Can cooperate on savings and bill payments: This is one of the main advantages of having a joint account, especially for couples. Joint account holders can work together to make sure the bills get paid, and the savings goals get reached.
A hybrid approach can work well: Having a joint account doesn’t necessarily mean closing everything else and pooling all your cash. It’s perfectly fine (and sometimes ideal) for account holders to have their own personal accounts and then pay a set amount into a joint pot of money for bills etc.
Maintain access to finances in case of death: If your partner dies and you have a joint account, you’ll retain access to the balance. If they have personal accounts only, you’ll have to wade through red tape first.
Possible Drawback of Having a Joint Account with a Spouse or Partner
Requires trust and communication: This isn’t so much a drawback, as a fact to keep firmly in mind. If you’re going to open a joint account with someone, please, we beg you, make sure that they’re someone you trust completely. Especially if you’re planning to keep one central account for everything.
If a relationship goes south, or if the other person turns out to be someone you couldn’t trust after all, there’s nothing to stop them from draining the bank account and going on their way. Be sure that you trust the other person not to do that. That’s it. That’s the drawback.
Best Joint Bank Account for Students
Many parents find it reassuring to gently ease their little ducklings out of the nest when it comes to teaching them to financially fly on their own. A joint bank account for students is a great fit for this goal.
By using a joint account for their high school or university student, parents can get access to all of the transaction records at any time, and make sure “Little Johnny” didn’t spend his student loan before Halloween.
With EQ’s new EQ Bank Card allowing point-of-sale transactions and ATM access, it’s quickly becoming the obvious choice as the best joint bank account for Canadian students and their parents. The combination of high interest, along with the long-awaited ability to shop in stores and online makes a lot of sense.
For more information, you can also read our best student bank account article.
Canadian Joint Bank Accounts FAQ
Non-Contenders for Best Joint Bank Account In Canada (Not Worth Considering)
While others recommend these accounts as a solid option, I feel these would be a mistake to even consider:
RBC Joint Bank Accounts
It’s nothing personal against RBC joint bank accounts specifically, it’s just that for the most part the Big 6 banks make a lot of money off of their fees on joining bank accounts – leaving less in your pocket.
RBC does have one unique option in that their USD-denominated high-interest savings account allows for you to have a joint account. So that might be one area to consider making an exception.
Otherwise the RBC Joint Bank Account fees just add up in a hurry versus our top contenders – plus the interest rates aren’t nearly the 3% that EQ is offering.
Koho Joint Bank Accounts
The Koho joint bank account is sort of like the EQ joint account’s little brother.
It’s a solid value in that you can earn ok interest rates (0.5%) and they have a pre-paid card that is similar to EQ’s.
The Koho joint accounts also include no fees on bill payments or Interac e-Transfers.
What they don’t have is EQ’s GIC options, the ability to open a TFSA or RRSP, their money transfer levels, and doesn’t try to upsell you a monthly fee plan like Koho does.
Plus the EQ interest rates are just substantially higher than those in a Koho joint bank account.
The Best Joint Bank Account in Canada: Our Verdict
My title of 2023 Best Joint Bank Account in Canada goes to EQ Bank (as it has the past two years). It’s simply tough to beat a company that consistently out-innovates the competition and posts the highest interest rates.
Check out our updated EQ Review and Best High-Interest Savings Accounts in Canada (5% 1yr GIC rates available!) for more on EQ’s newest prepaid card offering, and the latest news on our favorite free banking option in Canada.
Of course, the best Canadian joint bank account for me might not be exactly the same as the best Canadian joint bank account for you and your partner. It simply depends on what factors you want to weigh heaviest in terms of perks/interest rates/ATM access.
Naturally, no matter whether you go with the Tangerine, Scotiabank, Simplii, or the EQ joint bank account, make sure that you really trust whoever your co-account holder is, as it’s essential to always remember that they have unlimited access to the funds in that account.
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