The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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The best GIC rates in Canada for 2024 Dec 30th
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
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The best credit cards in Canada for 2024 Sep 21st
MoneySense has ranked the best credit cards in Canada across numerous categories of cards. On this page, however, you’ll find the best of the best: the cards that top their respective categories and cater to the needs of most Canadians. Use the tool below to compare credit card options, or keep sc.... More »
The best GIC rates in Canada for 2024 May 18th
Investing
The best GIC rates in Canada for 2024
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
Find the best rate
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Are your deposits at Canadian financial institutions safe? + MORE Jun 10th
Ask MoneySense
We live in Ontario, and in light of the current banking problems in the U.S., we are a bit concerned about our investments.
They are held at three different banks at the moment and are largely in GICs and high-interest savings accounts.
We are aware that up to $100,000 is insure.... More »
The best travel credit cards in Canada for 2024 Jul 12th
Credit Cards
The best travel credit cards in Canada for 2024
From points to perks, a good travel credit card can make your trip more affordable, more comfortable and even more secure.
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Pros and Cons of Opening a Joint Bank Account
– canadianfinanceblog.com
If you’ve recently been married or entered a committed relationship, you may wonder if it’s a good idea to join your banking with your spouse or partner. Perhaps you’ve discussed the idea with them, but you’re unsure if it’s better to open joint bank accounts or keep your finances separate.
In this article, I’ll explain how joint bank accounts work, including survivorship. I’ll also explain how my wife and I manage our bank accounts and why you may or may not want to do it the same way.
What Is a Joint Account?
A joint bank account is a chequing or savings account opened in more than one person’s name. In most cases, joint accounts have two owners, but many banks and credit unions will allow you to add several accountholders to a joint bank account.
With a joint account, all parties have equal ownership over the funds in the account. They also assume equal responsibility when it comes to account management. This means that all account holders can deposit and withdraw funds, make transfers, etc…
In this article, I’ll explain how joint bank accounts work, including survivorship. I’ll also explain how my wife and I manage our bank accounts and why you may or may not want to do it the same way.
What Is a Joint Account?
A joint bank account is a chequing or savings account opened in more than one person’s name. In most cases, joint accounts have two owners, but many banks and credit unions will allow you to add several accountholders to a joint bank account.
With a joint account, all parties have equal ownership over the funds in the account. They also assume equal responsibility when it comes to account management. This means that all account holders can deposit and withdraw funds, make transfers, etc…
