How to Choose the Right Joint Savings Account in Canada

Saving money as a couple or family can be a giant leap towards common objectives, such as purchasing a home or creating an emergency fund. A joint savings account in Canada is a convenient method of sharing money; however, it is important to have careful thought before selecting the appropriate one. With so many options in 2025, how do you pick the best joint savings account in Canada? This guide breaks it down with clear tips and insights that are easy to understand to enable you to make an informed decision. For more on high-yield options, explore our Best High-Interest Savings Accounts in Canada.

What Is a Joint Savings Account?

A joint savings account is a bank account that is shared by two or more individuals, usually couples, family members, or business partners. Both account holders are equally entitled to funds, can deposit or withdraw funds, and share the responsibility of managing money. These accounts are insured by the Canada Deposit Insurance Corporation (CDIC) up to $100,000 in total per set of joint owners (e.g., a couple). This coverage is separate from the $100,000 coverage an individual has for their personal accounts. They are perfect when you have common objectives, but you will have to take into consideration such rules as right of survivorship, and when the money will be inherited by the survivor if one passes away. Learn more about managing shared finances in our guide on Joint Savings Accounts for Couples in Canada.  

Key Factors to Consider When Choosing a Joint Savings Account

Choosing the appropriate account involves considering a number of factors. Here’s what to focus on:

• Interest Rates: Find high-interest joint savings accounts in Canada to maximize your returns. For example, the Joint Account by EQ Bank currently offers 3.30% interest (as of late 2025), which is a competitive, everyday rate for an online bank with no monthly fees. Note: Banks often offer higher, limited-time promotional rates (e.g., 4% or more) that you must watch for and compare.
• Fees: No-fee accounts are popular with many Canadians to maintain low costs. Online banks such as EQ Bank or Wealthsimple tend to charge no monthly fees, whereas traditional banks such as TD or BMO might impose a fee on certain transactions.
• Accessibility: Do you prefer online banking or in-branch services? Online banks are convenient and offer better rates, whereas traditional banks have physical branches where people can get face-to-face assistance. Check whether both account holders can easily access the account through apps or ATMs.
• CDIC Protection: To protect your savings, make sure that the bank is a member of the CDIC. This is essential to peace of mind, particularly when dealing with larger balances.
• Joint Ownership Rules: Learn the terms of the account, such as whether it has a right of survivorship or both signatures are required to withdraw funds. For example, Quebec has different rules that may vary depending on civil law, so check with your bank.

Best Joint Savings Account in Canada 2025

According to 2025 data, the following are some of the best:

• EQ Bank Joint Savings Account: Has an interest of up to 3.30%, no fees, and can be accessed easily online. Ideal for tech-savvy couples. Learn more at EQ Bank’s site.
• Wealthsimple Cash Account: This is a hybrid savings account with a competitive interest rate (approximately 1.5% to 2.5%) and no fee. Excellent when investing with Wealthsimple already.
• TD High Interest Savings Account: Lower rates (often approximately 0.00% to 1.00%), but offers branch access. Check information on the TD’s joint account page.
• BMO Savings Builder Account: Low rates but rewards steady savings. Joint account setup steps are found in the BMO’s joint account info.

Compare these with the Financial Consumer Agency of Canada’s tool to identify the best fit.

How to Open a Joint Savings Account in Canada

It is easy to open a joint savings account, but one has to prepare. Here’s how:

• Select a Bank: Compare banks by rates, fees, and access. Online banks such as EQ can be set up in minutes, whereas conventional banks such as BMO might need a visit to a branch.
• Gather relevant Documents: Account holders should bring ID (e.g., driver’s license, passport) and address verification. Some banks might request SINs to file tax reports.
• Set Terms: Determine ownership regulations (e.g., right of survivorship) and access (e.g., both may withdraw independently or both must approve).
• Apply: Fill in the application online or in-branch. For example, the process at EQ Bank is entirely online and can be completed in minutes.
• Fund the Account: This is done by depositing a starting amount to activate it. Check terms, many banks have no minimum balance.

Pitfalls to avoid include failure to look into fees or a misunderstanding of expenditure. Talk about objectives in advance to make things smooth. For more tips on shared banking, see our guide on Joint Savings Accounts for Couples in Canada.

Next Steps: Find Your Ideal Account

The best joint savings account in Canada in 2025 is the one that fits your priorities, whether it’s high interest, low fees, or easy access. Begin by comparing alternatives with reputable tools such as the comparison tool of the FCAC or websites such as Million Dollar Journey. Discuss goals and expectations with your co-account holder, and seek the advice of a financial advisor to get personalized guidance. Ready to get started? Visit your chosen bank’s website or branch to open your account today and make your shared savings goals a reality.