Best Joint Savings Accounts for Couples in Canada 2025

For couples in Canada looking to manage shared finances, a joint savings account can be a game-changer. Whether you are saving towards a dream vacation, a down payment on a home, or simply streamlining household expenses, the right account can help you achieve your goals more quickly. This guide will discuss the best joint savings accounts in Canada in 2025, including the top accounts with the highest interest rates, no fees, and features that suit couples. We have carefully chosen these accounts based on their rates, accessibility, and benefits to ensure that you are always up to date with the latest information to make an informed decision. For a broader look at high-interest savings options, check out our detailed guide on the Best High-Interest Savings Accounts in Canada.

What Is a Joint Savings Account?

A joint savings account is a bank account held by two or more individuals, usually couples, family members, or business partners, to pool funds towards a common purpose. Each account holder has equal access to deposits, withdrawals, and account management, and this makes it suitable for collaborative saving.

Unlike chequing accounts, joint savings accounts can have higher interest rates, which helps your money to grow over time. They are also covered by the Canada Deposit Insurance Corporation (CDIC)  up to $100,000 per account, which offers a sense of security and peace of mind. These accounts make it easy to budget on shared expenses such as rent, utilities, or a wedding between couples. They also enhance transparency, since both partners are able to monitor transactions in real time. Nonetheless, trust is essential, since either spouse can take money out without the consent of the other.

Benefits of Joint Savings Accounts for Couples

Joint savings accounts offer several advantages for couples:

• Streamlined Budgeting: Pooling funds in a single account helps in budgeting common costs, such as sharing the cost of a new couch or mortgage. For instance, Sarah and Tom, a Toronto couple, have a joint savings account where they save $500 every month towards their first home. 
• Increased Interest Rates: Most joint savings accounts have competitive interest rates, which will allow your savings to grow quickly than in a regular chequing account.
• Lower Fees: Merging the funds into a single account can save or even eliminate monthly fees as compared to having multiple accounts.
• Estate Planning: In case of the death of one of the partners, the money in the account is transferred to the surviving partner and does not have to go through the probate process.
• Transparency and Trust: Both partners are able to track transactions and which leads to open communication about financial goals.

Joint bank accounts are a very popular choice for Canadians. They are widely used for shared financial planning and for managing expenses between couples and family members.

Top 5 Best Joint Savings Accounts in Canada

These are our best choices of joint savings accounts, based on the interest rates, fees, and couple-friendly features:

1. EQ Bank Joint Personal Account

• Interest Rate: 1.25 per cent standard, up to 3.50 per cent with direct deposit.
• Fees: None.
• Why It Is Great: EQ Bank offers a Joint Personal Account that is a hybrid savings and chequing account that pays high interest and has unlimited free transactions, including Interac e-Transfers. Couples are allowed to add three account holders, which makes it flexible to be used in shared objectives such as saving to educate a baby. The EQ Bank Card has 0.50 per cent cash back on purchases.
• Best Suited To: Couples who want high interest and flexibility without fees.

2. Tangerine Savings Account

• Interest Rate: 4.50% promotional rate on 5 months (up to $1,000,000), then ~0.30% standard.
• Fees: None for standard use.
• Why It’s Great: The Tangerine Savings Account is a great account to start building savings as a couple. It is also easy to manage since it has no fees, unlimited transactions, and a user-friendly mobile app. The rate of promotion is one of the highest in 2025.
• Best Suited To: Couples who want a great introductory rate and fee-free banking.

3. Simplii Financial High Interest Savings Account

• Interest Rate: 4.25% promotional rate (4 months) on up to 100,000, then about 0.40% standard.
• Fees: None.
• Why It’s Great: Backed by CIBC, Simplii’s HISA offers a competitive promo rate and CDIC insurance. It is best suited to couples who are saving towards short-term objectives, such as a honeymoon, with free e-Transfer fees and online registration.
• Suitable for: Couples who value short-term high returns.

4. Scotiabank MomentumPLUS Savings Account

• Interest Rate: Up to a 4.90 per cent promotional rate for 90 days, and tiered bonuses for longer savings.
• Fees: None with certain bundles (e.g., Ultimate Package).
• Why It is Great: Scotiabank’s Momentum PLUS rewards couples who save regularly with bonus interest. It is CDIC-insured and is jointly accessible, which makes it suitable for long-term purposes such as home renovation.
• Best Suited To: Couples who are serious about long-term savings with a major bank.

5. Oaken Financial Savings Account

• Interest Rate: 2.85% standard rate.
• Fees: None.
• Why It’s Great: Oaken Financial offers a stable, non-promotional rate, which is ideal for couples who want stability. It is CDIC-insured and allows joint accounts, and is easily accessed online.
• Best Suited For: Couples who want a consistent rate without any promotional offers.

Conclusion

The best joint savings account in Canada in 2025 will be determined by your couple’s goals. EQ Bank has high interest and no-fee terms, whereas Tangerine and Simplii have great promotional rates on short-term savings. Scotiabank and Oaken offer long-term savings options. Compare rates and features on the websites of banks, such as EQ Bank or MoneySense, and consider talking to a financial advisor to ensure that your choice aligns with your financial plan. Start saving as a couple today and save towards a brighter financial future.