Joint Accounts, Explained - When Should Couples Share Bank Accounts?

If you’re in a relationship and trying to figure out if you should be opening a joint account with your partner, or how it even works to open up a joint account, then you’re in the right place.

A joint bank account is very similar to a regular account - you can open either a joint chequing or joint savings account, and the only difference is that both people attached to the account can access it. Both people can deposit money in the account, withdraw money from the account, write cheques (if it’s a joining chequing account), or make online payments.

For some people, it feels like opening a joint bank account is the best way to split finances, and it can be useful in some situations, but there are a few things you should consider before opening one up.

Check out the CDIC website for more information about deposit protection and Joint Accounts - https://www.cdic.ca/

0:00 What is a Joint Account?
1:04 Considerations before opening a Joint Account
1:59 Pros and cons of a Joint Account
4:33 How to open (and close) a Joint Account
5:53 How CDIC protects your deposits in a Joint Account

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