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How to Open a Joint Chequing Account
– ratesupermarket.ca
Tired of moving cash back and forth with your partner to pay for housing costs, monthly bills, or groceries? Opening a joint chequing account can be a convenient way to manage finances as a team. And joint accounts aren’t just for couples – whether you’ve tied the knot, are common-law cohabitators, or a parent keeping tabs on your child’s cash, you may find the joint approach to be convenient.
But there are some main differences to be aware of. Here are a few ways joint accounts differ from the single variety.
How to Open a Joint Chequing Account
The process may vary slightly between financial institutions, but there’s a basic process for setting up an account as joint holders. Most financial institutions allow you to set up a joint account in person or online. The process is simpler if you and your co-applicant already have separate banking accounts at the financial institution.
Here is a list of information you and your co-applicant may be required to provide when filling out your application:
2 pieces of photo ID, such as a driver’s license or passport
Social Insurance Number (SIN) for tax reporting
Name and address of employer
A major credit card (not a department store credit card)
The Benefits of a Joint Chequing Account
The ability to carry a higher balance often means qualifying for premium account products…
