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 10 best no-fee credit cards in Canada for July 2023
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Canadian Tire Rewards: How to earn CT Money with the Triangle Rewards program and Triangle Mastercard May 24th
If you’re Canadian, chances are you’ve shopped at Canadian Tire. The retailer, established nearly 100 years ago to sell tires, has steadily expanded into a one-stop shop for everything home, automotive and outdoors, which means customers can find everything from patio furniture to hockey equipme.... More »
Compare the best GIC rates in Canada 2023 + MORE Jun 28th
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The best GIC rates in Canada for 2023
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
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The best Visa credit cards in Canada for August 2023 Sep 1st
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The best Visa credit cards in Canada for August 2023
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Are your deposits at Canadian financial institutions safe? + MORE Jun 10th
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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 »
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…
