Here are the best no-fee joint bank accounts in Canada

Neo Financial, Wealthsimple, EQ Bank, and Tangerine each offer no-fee joint accounts with distinct advantages. Here, we help you identify the best one for you depending on what you prioritize, whether you’re looking for high interest rates, everyday chequing features, ATM access, or a combination of all of these. 

All of these options come with zero monthly fees and Canada Deposit Insurance Corporation (CDIC)¹ protection, so your combined funds are kept safe. Here’s how the best no-fee joint bank accounts in Canada compare:

1. Joint Neo Chequing account

We built the joint Neo Chequing account for couples, roommates, or families who want instant transparency without the fees. With no monthly costs and the ability to open an account online in just a few minutes, the joint Neo Chequing account offers maximum convenience. 

You both get real-time transaction alerts so nobody has to ask who bought what, along with unlimited free Interac e-Transfer® payments. Each account owner can get a prepaid Neo Money™ card that pays a flat 1.00%² cashback on gas and groceries plus extra perks at thousands of Neo’s partner merchants, keeping your shared spending rewarding and in sync.

2. Joint Wealthsimple Chequing account

Wealthsimple’s Chequing account can be opened individually or with a co-owner. Depending on how much you have in assets with Wealthsimple, the interest rate you unlock can fall between 1.25% to 2.25%:

• 1.25% if you have less than $100,000 in assets 
• 1.75% interest if you have over $100,000 but below $500,000 in assets
• 2.25% if you have $500,000 or more in assets

Like the Joint Neo Chequing account, it can be set up entirely online and includes a prepaid Mastercard for seamless spending. This card is a good perk for travel, offering zero foreign transaction fees. Wealthsimple also reimburses any third-party ATM fees you rack up worldwide.

3. EQ Bank Joint account

EQ Bank lets you invite up to three other people, making it a rare option that allows four co-holders on a single joint account. While the account’s base interest rate is 1%, that figure could jump up to 2.75% if you set up a monthly direct deposit of at least $2,000. There are no monthly fees or minimum balances, and like the other options on this list, funds in this account are CDIC-insured. 

EQ also offers a prepaid EQ Bank Card that lets you withdraw cash from any ATM in Canada for free (they reimburse the fees) and spend abroad with no foreign exchange markup. 

4. Joint Neo Savings account

We are naturally biased here, but the joint Neo Savings account is a great choice if you’re looking for one of the best high-interest savings accounts in Canada that rewards higher balances. Here’s a look at the tiered interest rates you could unlock with this Neo joint account:

• 2%³ on balances below $5,000
• 2.50% on balances below $20,000
• 2.75% on balances $20,000 and above

There are no monthly fees and no minimum balance requirement. The account is CDIC-insured and can be opened and accessed online via the Neo app. It’s limited to two account holders, making it a solid shared savings vehicle designed for couples or family members who want to earn more on what they’ve saved without paying a cent in fees.

5. Tangerine No-fee Daily Chequing account

The Tangerine joint account is the strongest option if you prioritize physical ATM access. As a subsidiary of Scotiabank, it gives two co-owners free, unlimited access to Scotiabank ATMs across Canada, with zero monthly fees and unlimited Interac e-Transfer® payments. The account can also be opened online without a branch visit. However, as it is a chequing account, it is not the ideal spot to grow your savings. The Tangerine joint account’s interest rate is 0.01% on balances below $50,000—and even with a $100,000 balance, the interest rate climbs to only 0.10%.