By Julien Brault, founder of MooseMoney.
Neo Financial, EQ Bank, and Tangerine each offer no-fee joint accounts with distinct advantages depending on whether you prioritize interest rates, everyday chequing features, or ATM access. We picked the following three joint accounts because they charge no monthly fees, require no minimum balance to avoid fees and benefit from CDIC coverage:
1. Neo Savings Account
We are naturally biased here, but the Neo Savings Account offers a competitive tiered interest rate that rewards higher balances: 2.25% on balances up to $5,000, 2.50% up to $20,000, and 3.00% on everything above that. There are no monthly fees and no minimum balance requirement. The account is CDIC-insured through Neo’s banking partners and can be opened entirely online. Neo's app is well-reviewed and designed for a straightforward digital banking experience. This account is limited to two account holders, making it a shared savings vehicle designed for couples or family members who want to earn meaningful interest without paying a cent in fees.
2. EQ Bank Joint Personal Account
EQ Bank currently pays 2.75% interest on its joint account (this includes a 1.75% bonus when you direct deposit your pay; otherwise, the base rate is 1.00%). There are no monthly fees, no minimum balance requirements, and the account is CDIC-insured. EQ is unique because it allows you to invite up to three other people, for a total of four co-holders on a single account. 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.
3. Tangerine No-Fee Chequing Account
Tangerine is the strongest option if you need a no-fee joint chequing account with physical ATM access. Because Tangerine is owned by Scotiabank, account holders get free access to the entire Scotiabank ATM network across Canada. The account includes unlimited transactions and no monthly fees. The main downside is the interest rate. Tangerine’s chequing account pays just 0.01% on balances under $50,000, climbing to 0.10% only once you cross the $100,000 mark. However, since a chequing account is for spending rather than growing savings, the low rate may be acceptable for those who value the Scotiabank infrastructure. Tangerine joint accounts are typically limited to two people and can be opened online without a branch visit.
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