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Joint bank accounts are a great way to manage money with someone you trust. 

From paying bills to saving for shared goals, combining finances in one account can make things easier. But it also means sharing financial responsibility. Before you open a joint account in Canada, it’s worth understanding how they work, as well as the benefits and drawbacks.


Key Points

  • You can get a joint bank account from a bank, credit union or online bank like Tangerine or Simplii Financial.
  • You can add anyone as a joint account holder, so long as they are eligible and agree to it.
  • You can open a joint bank account online, however, in some cases, you may need to call or visit a branch.

What Is a Joint Bank Account? 

A joint bank account is a type of account that two or more people own together. Each account holder has equal access to the funds and can deposit, withdraw or manage the account without needing permission from the others. 

Joint accounts are often used by couples, family members and business partners who share financial responsibilities, or are looking for an easy way to manage common expenses.

Learn more: Canada’s Best Banks


Who Can You Open A Joint Bank Account With? 

You can open a joint bank account with anyone you trust and plan to share financial responsibilities with. Banks don’t usually restrict who you can open a joint account with, as long as all parties are legally eligible and willing to agree to the arrangement. 

Just keep in mind that every account holder has full access to the money, so it’s important to only open a joint account with someone you feel comfortable sharing your finances with.


Can You Get A Joint Account In Canada? 

Yes, most major banks and credit unions in Canada offer joint accounts. Whether you’re looking for a chequing or savings account, joint options are widely available and function much like individual accounts. Some online banks also offer joint bank accounts. 


Joint Bank Account Features

While nearly all banks offer joint accounts, the specific features, like fees, transaction limits and interest rates, will vary.

Account Access

All account holders on a joint account have full access. That means any individual can withdraw money, use the account to pay bills or usually even close the account without needing the others’ permission (unless your bank specifies otherwise).

Sensitive Information

Each account holder on a joint account can log in online, view the full transaction history, balance and any activity on the account. There’s total transparency, so everyone sees the same information that you would with an individual account.

Number of Cards

Typically, each account holder on a joint account will receive their own debit card with a unique PIN. Some banks also allow each person to have a separate online banking login.

Making Account Changes 

Changes to the account, such as updating personal information or other details, as well as closing the account, can be done by any one of the account holders. 

Right of Survivorship

Many joint accounts in Canada are set up as “joint with right of survivorship.” This means that if one account holder dies, the surviving account holder(s) automatically take full control of the account and its funds. 

However, this can vary depending on how the account is structured, so it’s wise to clarify the terms with your bank.

Learn more: What Happens To Bank Accounts After Death In Canada?


Joint Bank Account Eligibility Requirements

To open a joint bank account in Canada, all account holders should be of legal age (18 or 19, depending on the province). Most financial institutions will require each account holder to become a client of the financial institution. 

Similarly, you’ll need to be a Canadian citizen, permanent resident or a certain type of non-resident to open a joint account, though requirements may vary slightly between financial institutions.


How To Open A Joint Bank Account?

Opening a joint bank account in Canada will vary by financial institution and whether you’re opening a new joint account or adding a joint account holder to an existing account. 

Generally, if you’re opening a new account with one or more people, you will be able to do so online. However, if you’re adding a holder to an existing account, you may need to call or visit a branch. 

Documents And Information You May Require

  • Valid ID: Government-issued photo ID such as a driver’s license, passport or a permanent resident card.
  • Proof of Address: A recent utility bill, current lease agreement or any government correspondence that confirms your current address.
  • Personal Information: Full legal name, date of birth, occupation and Social Insurance Number (SIN), if applicable.
  • Signature: You’ll need to sign the account documents, either in person or digitally, depending on the financial institution you choose.

Some banks may require all parties to be present when opening the account, especially if you’re doing it at a branch.


Where Can You Open A Joint Bank Account? 

Joint accounts are widely available in Canada through both traditional and online banks, as well as credit unions. Just keep in mind that online-only banks may have slightly different setup processes and eligibility requirements.

Big Banks 

All of Canada’s major five banks offer joint accounts, and some, including RBC, allow you to open a joint account online as long as both participants are existing customers.

However, joint accounts with TD and CIBC, for example, usually require an in-branch appointment to get set up. 

TDAt TD, you can add up to 9 people to a joint account.
RBCAt RBC, you can add up to 5 people to an account.
ScotiabankAt Scotiabank, you can add one or more account holders to an account.
CIBCAt CIBC, you can add one or more account holders to an account.
BMOAt BMO, you can have up to 4 account holders on an account.

Credit Unions

Most credit unions across Canada offer joint accounts, although features and availability will vary widely. That said, in a credit union, you can often find more personalized service and competitive rates on savings accounts.

Online-Only Banks

Some online banks also offer joint accounts. For example, two of the most popular, Tangerine and EQ Bank, have joint account offerings. These are both low-fee accounts that can be set up in a matter of minutes online, and sometimes come with competitive rates on savings, too.

TangerineYou can add up to 4 joint account holders on a non-registered Tangerine Savings Account and up to 2 for a chequing account. To add a joint account holder, each holder must be a Tangerine client and must call 1-888-826-4374.
Simplii FinacialYou can open a joint account with one other person with Simplii Financial.
EQ BankEQ Banks offers a joint account that is specifically designed for joint account holders. You can open this joint account with up to 3 other people.

Learn more: Where Can You Get Free Bank Accounts In Canada?


Benefits Of A Joint Bank Account

Opening a joint bank account can be a smart move for couples, family members and business partners who share expenses or financial goals. It allows for easier money management and greater transparency between account holders. 

That said, because both parties have equal access to the funds, open communication and mutual trust are both essential.

Shared Financial Responsibilities

Joint accounts make it easier to manage shared expenses, like rent or mortgage payments, utility and bills, groceries etc. Instead of transferring money back and forth, or having to manage expenses across two separate accounts, both parties can deposit funds and pay for shared costs from one place.

Learn more: Joint Mortgage In Canada: Should You Get One?

Convenience

Both account holders can access the account to deposit cheques, make withdrawals and track their day-to-day spending. It streamlines budgeting and allows for greater transparency in managing household or business finances.

Estate Management

Because most joint accounts are set up as “joint with right of survivorship”, if one account holder dies, the surviving holder automatically gets full control of the account. This can be beneficial in such situations to help avoid delays related to estate processing or probate.


Risks Of A Joint Bank Account

Shared Liability

Both account holders are equally responsible for what happens to the account. If one person racks up overdraft fees, withdraws large amounts or defaults on linked credit products, both parties are on the hook financially.

Disagreements

If there are differing views on spending, saving or account management in general, this can lead to conflict, especially if one person feels the other is not financially responsible. 

If the relationship were to sour, whether it’s personal or professional, deciding how to divide the funds in a joint account can be tricky. 

In cases of divorce, separation or partnership dissolution, legal intervention may be required to settle disputes over ownership or account closure.


Can You Close A Joint Account?

Yep, you can close a joint bank account in Canada, but the process varies depending on the financial institution and the specific terms of the account. 

Most major Canadian banks allow a single account holder to close a joint account, but some other institutions may require consent from all parties involved.

Before closing the account, make sure any automatic payments and direct deposits have been appropriately redirected or cancelled. 

You’ll also need to pay attention to any outstanding debts or overdrafts associated with the joint account, as these must be settled before closure. If there is any remaining balance, this should be distributed according to the agreement signed between the account holders when the account was first opened.

It’s important to remember that while one person may have the ability to close the account, doing so without informing the other party can lead to legal disputes, especially if there are disagreements about the division of funds. 

Learn more: How To Close My Bank Account?


Conclusion

A joint bank account can simplify your shared finances, but it also comes with serious responsibilities. Whether you’re splitting rent, saving for the future or managing family expenses, strong communication is just as important as choosing the right bank account.

And if you’re on the fence, consider starting with a low-risk joint savings account before committing to a full chequing account. This lets you test the waters and build trust, without tying up your day-to-day expenses right away.


Joint Bank Account Canada FAQs

Which bank is best for a joint account in Canada?

The best bank for a joint account will depend on your needs and circumstances. Canada’s major banks all offer joint chequing and savings accounts with different perks, and online banks like Tangerine offer no-fee joint accounts, too.  Ultimately, the best joint account for you will depend on the features you’re looking for, whether it comes down to low fees, joint debit card options or easy account management.

What is the Canadian law on joint bank accounts?

Joint bank accounts in Canada are governed by both contract law and estate law.  Generally, all account holders have equal access to the funds, regardless of who deposited the money. Most joint accounts are set up “with right of survivorship,” meaning if one holder dies, the remaining person gets full control of the account.  However, this can become complicated in estate disputes. Legal advice is often recommended when setting up joint accounts between non-spouses or for estate planning purposes.

What are the rules for a joint bank account?

Joint accounts give all named parties equal access, including the ability to withdraw money and make purchases, as well as close the account.  Each account holder can see the account’s activity and is legally responsible for any debts or overdrafts. Some banks offer the option for both account holders to receive their own debit cards, while others may issue a single card by default.  Specific rules around account management will vary between banks, credit unions etc, so it’s always best to read the fine print and know exactly what you’re signing up for. If a dispute arises, banks may freeze the account until it’s resolved legally.

What if one account holder doesn’t agree with closing the account?

If one person wants to close the joint account but the other doesn’t, the process becomes more complicated.  While some banks allow either person to close the account unilaterally, others may require mutual consent, especially if the account is still active or has a large balance. In the case of disputes, such as a separation or legal disagreement, the bank may freeze the account and require formal legal documentation like divorce decrees, court orders or notarized letters in order to proceed. 

Are there any additional fees associated with joint accounts?

In most cases, opening a joint bank account won’t mean extra fees compared to an individual account. That said, it is important to check with your bank, as some institutions might have specific fee structures.  Generally, the fees for joint accounts reflect the same rates as standard chequing or savings accounts, but comparing the features and costs among different accounts available can help you choose the best option for your shared financial needs.
Caitlin Wood, BA avatar on Loans Canada
Caitlin Wood, BA

Caitlin Wood is the Editor-in-Chief at Loans Canada and specializes in personal finance. She is a graduate of Dawson College and Concordia University and has been working in the personal finance industry for over eight years. Caitlin has covered various subjects such as debt, credit, and loans. Her work has been published on Zoocasa, GoDaddy, and deBanked. She believes that education and knowledge are the two most important factors in the creation of healthy financial habits. She also believes that openly discussing money and credit, and the responsibilities that come with them can lead to better decisions and a greater sense of financial security.

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