How to Find The Best No-Fee Joint Banking Account

If you’re moving in with your partner or have a teenager going off to college, opening a joint bank account can be smart. Joint bank accounts allow you to pool money together while providing each individual account owner with their own debit card and equal account access.

But a joint bank account may not be the right solution for everyone. If you’re considering the best way to combine finances with a significant other, roommate, business partner, or teenager, here’s what you should consider first.

How a joint bank account works

A joint bank account is a financial account with two primary account holders rather than one. That means both people opening the account must provide their personal information when signing up, and both have access to all the money in the account. Both account holders can receive their own cheque books and debit cards to access their funds.

Most joint bank accounts have two people assigned to the account. However, some banks may allow more than two account holders, particularly for joint business bank accounts. Limits and the exact number of account owners will vary by bank.

You can choose to use the joint bank account as your primary bank account or opt to maintain a separate individual bank account. You can transfer money back and forth or have funds directly deposited into either (or both) accounts.

Who should consider a joint bank account?

There are many different situations where a joint bank account might make sense. If you’re in a relationship or getting married and moving in together, a joint bank account can make it easy to pay for shared expenses like rent and utilities. For this reason, a joint bank account might also be a good solution for roommates.

If you’re a parent with a teenager learning to manage their money or going off to college, a joint bank account may make sending money back and forth a little easier. It gives the teenager a place to deposit their paychecks, while giving your access to add money to their account when they need it.

Additionally, if you own a business, you may decide to open a joint bank account so all partners have access to the company’s funds.

What is a no-fee joint account and why are they popular?

A no-fee joint bank account offers the same benefits of a joint bank account without expensive monthly fees. Some no-fee accounts may also have reduced or no transaction fees, no overdraft or NSF fees, and no statement fees.

If you’re looking to open a joint banking account in Canada, a no-fee option can help you save money. Just make sure you explore different no-fee joint bank account options to compare the perks and any additional fees (like out-of-network ATM fees).

Who can get a no-fee joint account?

In most cases, you’ll need to be a Canadian resident to qualify for a no-fee joint banking account in the country. However, age requirements will vary depending on the bank and account type. For instance, most banks will allow a minor to apply to a joint bank account as long as another adult is on the account.

Is a no-fee joint bank account right for you?

When searching for the best no-fee-joint bank account in Canada, there are a few factors to consider.

• Access to your money - Does the bank have locations near you? How will you access your funds if it’s primarily an online bank account? Some banks might allow ATM access, while others only allow you to transfer funds to another bank account.

• Fees - Even a no-fee bank account can have hidden fees tied to it. While no-fee accounts typically waive monthly fees, you might be hit with overdraft fees if you spend more money than you have in your account. Be sure to review the bank’s full fee policy before opening an account.

• Customer service - If you have a problem, reaching your bank quickly is imperative. Check out a bank’s customer service options and ratings to find a choice that best fits your needs.

• Other account features - You might be interested in additional perks like a built-on joint savings account, interest-earnings on your no-fee joint bank account, or robust digital savings tools.

There’s no one-size-fits-all bank. Be sure to review multiple financial institutions, including credit unions, when searching for the right no-fee joint banking account for you.