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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In fact, Canadian savers have an abundance of good choices right now f.... More »
The best GIC rates in Canada for 2026 Jul 27th
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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 5-year variable mortgage rates in Canada + MORE May 1st
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The best 5-year variable mortgage rates in Canada
You’re 2 minutes away from getting the best mortgage rates in Canada. Just answer a few quick questions to get a personalized rate quote.
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Best online banks and credit unions in Canada for 2024 Mar 20th
Where can you get the best digital banking experience in Canada? We set out to find out in this inaugural review of the best online banks and credit unions in Canada. To come up with the ranking, MoneySense partnered with Surviscor, a leading Canadian research and consulting firm specializing in fin.... More »
The best high-interest savings accounts in Canada for 2024 + MORE Jun 24th
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The best high-interest savings accounts in Canada for 2024
Here are the accounts offering the highest interest rates and lowest fees.
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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…
