Can I open joint savings accounts in Canada?
Yes, you can open joint savings accounts in Canada. Joint savings accounts are a common way for individuals to manage money together, whether it's for shared expenses, savings goals, or just to have a common account.
What are the joint account survivorship rights?
Most joint bank accounts in Canada are set up with a right of survivorship. This means that when one account holder dies, the surviving account holder(s) automatically inherit the deceased’s share of the account.
The funds in the joint account are immediately accessible to the surviving account holder(s) without the need for probate.
You can also place free funds on a savings account.
Calculate your future income on a savings account (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 25,000 | 3.35% | 838 |
| 25,000 | 3.45% | 863 |
| 25,000 | 3.55% | 888 |
| 60,000 | 3.65% | 2,190 |
| 60,000 | 3.75% | 2,250 |
| 60,000 | 3.85% | 2,310 |
| 140,000 | 3.95% | 5,530 |
| 140,000 | 4.05% | 5,670 |
| 140,000 | 4.15% | 5,810 |
| 340,000 | 4.25% | 14,450 |
| 340,000 | 4.35% | 14,790 |
| 340,000 | 4.45% | 15,130 |
What documents are required for joint bank account for unmarried couples?
Opening a joint bank account in Canada for unmarried couples is similar to the process for married couples or other joint account holders. Banks typically require identification and information to verify the identity and financial standing of both individuals.
1. Identification: Passport, Driver’s License, Provincial or Territorial ID card, Permanent Resident Card, Status Card, Birth Certificate, Social Insurance Number card, Credit card, Health card
2. Proof of Address: Utility bill, Bank statement, Lease or rental agreement, Letter from a government agency
3. Social Insurance Number (SIN)
While not always required to open the account, providing your SIN can be useful for tax reporting purposes, especially if the account earns interest.
See the similar FAQ at the link:
- BMO RDSP
- BMO S&P 500 index ETF
- BMO SelectTrust portfolios
- BMO US dividend fund
- BMO US dollar monthly income fund
Details of companies offering the financial services:
Koho
Web-site: https://www.koho.ca
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002