Best Joint Savings Accounts In Canada For December 2024

We’ve compared 120 joint savings accounts at 38 banks to find some of the best options available. See below to learn more about why we picked each account, the pros and cons and additional benefits and features.

To create this list, Forbes Advisor Canada analyzed 88 joint savings accounts at 35 banks. We ranked each account on six data points within the categories of fees, access, customer experience, digital experience, annual percentage yield, plus the minimums and balance needed to avoid monthly fees.

The following is the weighting assigned to each category:

• APY: 70%
• Fees: 10%
• Customer experience: 5%
• Digital experience: 5%
• Minimum Deposit: 5%
• Minimum Balance to avoid monthly fee: 5%

Specific characteristics taken into consideration within each category included monthly fee, ability to waive the monthly fee, overdraft fee, NSF fee, other fees, ATM network, branch access, Better Business Bureau rating, Trustpilot rating, live chat availability, mobile app ratings, online bill pay availability, online banking access, minimum deposit requirements and minimum balance requirements.

Joint savings accounts offering no or very low fees scored the highest, as did those offering low minimum requirements and high customer service and digital experience scores. To appear on this list, the joint savings account must be nationally available.

Our research is based on information from the following financial institutions: RBC, TD, BMO, National Bank, CIBC, Scotiabank, UNI Financial, Canadian Western Bank, Coast Capital Savings, Digital Commerce Bank, EQ Bank, First Nations Bank of Canada, Laurentian Bank, Manulife Bank, Motus Bank, Peoples Bank of Canada, Simplii Financial, Tangerine Bank, VanCity, VersaBank, HSBC, Home Bank, ICICI Bank Canada, SBI Canada Bank, CTBC Bank, Bank of China (Canada), KEB Hana Bank Canada, Shinhan Bank Canada, Meridian Credit Union, Servus Credit Union, Envision Financial, Steinbach Credit Union, Affinity Credit Union, Prospera Credit Union, Conexus Credit Union, ConnectFirst Credit Union, Access Credit Union, Assiniboine Credit Union.

Joint bank accounts have more than one owner and operate just like individual savings or chequing accounts. The account owners may be business partners, spouses, couples or even parents opening up a bank account for a university-bound teen. All account owners have the same privileges, such as making withdrawals and deposits and writing cheques or making debit card transactions.

Pros of Joint Bank Accounts

The primary benefit of a joint bank account is that sometimes two or more heads are better than one. Sharing a joint bank account can provide different benefits for different relationships:

• Married couples and domestic partnerships. Couples can pool their resources in a joint account to save money toward a common goal, like a vacation, or pay shared household expenses, like utilities, rent or a mortgage.
• Parents and children. Joint bank accounts can help parents instill good financial habits in their children. Parents can easily monitor transactions and spending habits with joint chequing accounts while teaching kids to use cheques and debit cards. For those with kids away at university, joint bank accounts can help expedite cash transfers for unexpected expenses.
• Aging parents and their adult children. Joint accounts can help adult children manage their parents’ finances, including bill payments and medical expenses, even from a distance, as needed.
• Business partners. Joint bank accounts make it easy for business owners to share financial responsibilities, like paying vendors and making incidental purchases like office supplies.

An added bonus for a joint account is that you may find it easier to meet your bank’s minimum balance requirement that’s necessary to waive fees and enjoy higher interest rates on your funds with more than one account holder.

Joint accounts also can protect account holders in the event of death, as the majority are established with “rights of survivorship.” When one account holder passes away, this feature allows another joint account holder to retain access to the shared account. Without survivorship rights, legal procedures could restrict access to funds for funeral, estate and other timely expenses.

In summary, joint bank accounts can simplify finances and offer virtually any relationship the ability to save and spend from a single account. This can, for example, make budgeting with a spouse easier than reconciling separate individual accounts each month.

Cons of Joint Bank Accounts

In some situations, certain beneficial features of joint bank accounts could become complications. Here are some scenarios to keep in mind as you consider whether a joint bank account is right for you:

• Access. A single account holder could drain the account at any time without permission from the other account holder(s)—a risk of joint bank accounts during a breakup.
• Dependence. With parent and child accounts, children could become overly reliant on parents to add funds to make up for poor spending habits.
• Inequity. In households where incomes between partners differ, one account holder could feel they’re contributing more or less. Without a good pattern of communication about financial issues, this could lead to arguments.
• Lack of privacy. With joint accounts, all account holders can see every transaction in the account. This could create a level of visibility that makes one or both potential account holders uncomfortable.
• Shared liability. If one account holder mismanages funds, the other account holders are liable. Creditors also can come after funds in a joint account to satisfy one account holder’s debts, regardless of who deposited the funds in the account.
• Reduced benefits. If parents open a joint bank account with their child, the assets in the account could reduce awards for college financial aid. The same applies to accounts that adult children have with aging parents, because how money in a joint account is used could impact a parent’s eligibility for Medicaid.

If you’re considering opening a joint bank account, it’s vital to trust those who share ownership. Without trust, a joint account could create more headaches than help.

A joint bank account works similarly to an individual bank account, except that a joint account has two or more owners that own the account equally.

At first glance, joint bank accounts may be something you associate with married couples. Yet owners
of joint accounts can be anyone, including spouses, siblings, friends or business partners.

With joint accounts, all account holders share equal ownership over the assets in the account. Anyone can deposit or withdraw funds at any time without the permission of any other account holder.

To open any type of joint account, you and the joint account holder will need to provide certain documentation to the bank where you’ve chosen to open the account.

What You Need To Open a Joint Bank Account

To open a joint bank account, all account holders must complete the required account application. Each applicant must also provide a valid government-issued I.D.

Things to Know When You Open a Joint Bank Account

According to the Canada Deposit Insurance Corporation (CDIC), joint deposits (meaning those held in the names of two or more people) are covered up to $100,000. This is regardless of the number of joint depositors.

Money in joint bank accounts belongs equally to all owners of the account. At any time, any account owner can make deposits or withdrawals from the account up to the bank’s maximum daily limits.

In the event that one of the account owners dies, the money in the account doesn’t have to go through probate. Instead, the money and account ownership passes directly to the other account holder(s). However, it’s important to note that the surviving account owner may have to provide a copy of the deceased account owner’s death certificate to the bank to transfer ownership of the assets.

It’s a simple process to close a joint checking account or joint savings account. Here’s a simple process to follow:

1. Stop all withdrawals and automatic transfers. This is especially important with bills you’ve set up to be debited from your account each month.
2. Bring your account balance to zero. Once all scheduled withdrawals are complete or stopped, you can write a check or initiate a transfer of funds to deposit the money in another account of your choice.
3.  Close the account. Once your balance is zero, ask your bank to close the account. Your bank will have specific procedures you will need to follow to close the account permanently.

If you have a trusted partner or family member or friend that you already share expenses with, a joint account can make transactions easier and more convenient. Also, if you’re working toward a shared goal (like saving up for a home) a joint savings account can help you streamline contributions and work toward a shared goal. Weigh the individual pros and cons of a joint account and make sure you open it with someone you trust.