The Best Joint Bank Accounts in Canada

Until a few years ago, the best joint bank accounts in Canada were mostly offered by the Big Five Banks: RBC, TD, BMO, Scotiabank, and CIBC, with the online bank Tangerine occasionally getting a mention. But their offerings were fairly similar and, frankly, not very exciting.

Then EQ Bank entered the scene and changed the game.

With competitive interest rates, a streamlined digital experience, and $0 account fees, EQ brought something genuinely different to Canadian banking. In my view, its joint account now stands out from the competition as the Best Joint Bank Account in Canada.

My wife and I were among the first to sign up when EQ launched joint accounts, and it’s been an excellent way to manage shared expenses and save for home projects and vacations. The app is easy to use, the interest rate is competitive, and we’ve never paid a cent in fees.

EQ’s joint account currently pays 2.75%, well above what many traditional banks offer. Its prepaid EQ Bank Card is another standout, especially for travellers, with no foreign exchange fees on international cash withdrawals. Below, we compare EQ with other leading joint accounts in Canada.

Joint chequing vs. joint savings:

Hybrid account: Some accounts, including EQ, combine features of both — letting you earn interest while still paying bills and making purchases.

Joint chequing: Best for shared bills, payroll, debit purchases and ATM withdrawals.

Joint savings: Best for emergency funds, vacations, down payments and other shared savings goal

Best Joint Bank Account in Canada: EQ Bank

My personal choice for the best joint bank account in Canada is the EQ Bank Joint Savings account. Check out my in-depth EQ Bank Review for a thorough look at what EQ brings to the table.

Given that it’s the only bank out there right now that offers unique Notice Accounts, and also leads in our recent comparison of Best High Interest Savings Accounts in Canada, it’s probably not a surprise that their joint account offering is elite as well. 

With an automatic 2.75% interest, an excellent mobile app, and an EQ Bank Card that makes it easy to pay for things, it’s no wonder they’ve been Forbes’ choice as the #1 bank in Canada for several years in a row!

MDJ Verdict: Best for most couples who want one account for shared savings and everyday expenses. You get competitive interest without monthly fees while retaining bill-payment and spending functionality.

Best Alternative Online Banking: Neo

In 2026, Neo Financial was added to our list of best online banks in Canada, and it took 2nd place there as well. Following some significant changes over the past few years, we rate Neo as a top chequing and savings account.

Neo Financial has some unique features and benefits that make it stand out from the rest. You can build your credit score by making your rent payment from your chequing account. They also offer interest-free overdraft coverage, saving you a ~$50 big bank fee if you accidentally overdraw your account.

MDJ Verdict: A strong alternative to EQ for couples who value cashback and Neo’s extra features, but the tiered interest structure makes it less attractive overall.

Best Online Bank for ATM Access: Tangerine

If you need a joint chequing account, Tangerine Bank is a decent 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 0.10% for chequing accounts. Interest rates start as low as 0.01% depending on your account balance.

You may not find this to be a deal breaker since a chequing account isn’t the place to be concerned about interest rates anyway. Chequing accounts allow you to receive and spend your money, and Tangerine still allows you to do that easily, and for free.

MDJ Verdict: Best suited to couples who value free ATM access and traditional chequing functionality more than earning interest.

Best 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 price tag.

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. 

MDJ Verdict: Solid option and a great welcome offer, but otherwise inferior compared to EQ and Neo.

The Best Big Bank Option: Scotiabank MomentumPLUS

While Scotiabank offers different accounts, there’s only one I think is worth considering and that’s the MomentumPLUS one. It’s the best option from the big banks, unless you need a USD account (go with TD or RBC for that).

The MomentumPLUS account is a savings-only account and has some limitations with day-to-day use. It will not be the best choice for you if you want to use it for everyday purchases, ABM transactions, and payroll deposits, as they aren’t supported by this account. 

While it comes with no monthly fee, there are additional fees associated with the account:

• $1 for Interac e-transfers
• $2 Interac fee
• $5 for debit transactions & ATMs
• $5 per month for overdraft protection

The unique feature about the MomentumPLUS account is that the longer you leave your money, the higher your interest rate grows. The idea is you gain momentum. The interest rate starts at 0.20% for 90 days, and grows to 0.25% for 180 days, 0.30% for 270 days, and 0.45% for 360 days.

MDJ Verdict: Our preferred Big Five option for joint savings, but not an everyday joint chequing account because of transaction limits.

Other Joint Bank Accounts We Considered

We also considered the following joint accounts, but none offered enough to make our top picks:

Bank	Why it didn’t make our top picks list
RBC	High Fees, but USD option is useful
TD	Solid, but fees and rates aren’t competitive, offers USD as well
BMO	Family bundle can make sense for existing BMO households
CIBC	No clear advantage vs the no-fee options
National Bank	Nothing to differentiate it besides using NBDB for joint RESP accounts.
KOHO	Some useful features, but EQ is the stronger all-around option

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.
• Roommates needing to pool money to pay rent and utility bills.
• 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.

Who Actually Owns the Money In a Joint Bank Account?

Generally, every named account holder can access and withdraw money from a joint account, regardless of who deposited it. But access to the money isn’t necessarily the same thing as legal ownership of it. Beneficial ownership and what happens after one account holder dies can depend on the account agreement, who contributed the money, the province, and the circumstances of the estate.

For straightforward accounts between spouses this may never become an issue, but for large balances, estate planning, or accounts shared with adult children, it’s worth getting professional advice from a licensed financial advisor.

How Do You Open a Joint Bank Account?

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.

How to Close a Joint Bank Account

Closing a joint bank account is pretty straightforward. Just make sure you tie up all the loose ends such as:

• Cancel all of the automatic transfers both in and out of the account.
• Double check you have no more subscriptions from the account.
• Transfer the remaining funds (e-Transfer is probably the easiest way) so that the account balance is $0.
• Follow your bank’s specific procedures for closing the account permanently.  (Usually this requires a signature or verified online action of some kind from all joint account holders.)

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, vacation savings 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.

Canadian Joint Bank Accounts FAQ

Which Canadian Joint Bank Account is Best for You?

For the 6th year in a row, EQ Bank holds the top spot in our Best Joint Bank Accounts in Canada ranking. After all these years, EQ has pulled ahead of the pack and is basically lapping others. With strong interest rates, no monthly account fees, and useful new features, EQ continues to make everyday banking simple and affordable.

EQ remains highly competitive on interest rates and has continued expanding its offerings, including small business accounts as well as Canada’s first Notice Account. For people looking for a joint account that helps their money grow without piling on fees, EQ remains a strong option.

That said, the right joint account depends on how you and your partner manage money. You might prioritize nationwide ATM access, cash back, simplicity, or earning the highest possible interest rate. The best choice is the one that fits your shared financial habits:

Recommended For Most Couples	EQ Bank Review
No-Fee Chequing	Neo or Tangerine might be good alternatives
Big Bank Alternative	Scotiabank MomentumPLUS

One important reminder: with a joint account, everyone named on the account has full access to the entire balance. There’s no built-in division of “your money” and “my money.” Before opening one, make sure you’re on the same page about spending, saving, responsibilities, and expectations. A little clarity upfront can prevent a lot of headaches later.