Joint accounts

The convenience of sharing an account

What's your plan?

Are you and your spouse planning to buy a home together, or take a dream vacation? Are you looking for an effective way to manage shared expenses? A joint account might be right for you. Learn more before you decide.

Perfect if you are looking to:

Simplify your household finances
Save for a common goal (a home, a vacation, a wedding, etc.)

How to open a joint account

Choose an account

Chequing account

Use your chequing account for day-to-day transactions, such as bill payments and transfers between accounts or e-Transfers. It comes with a bank card and cheque book.

Savings account

Use your savings account to put money aside for a specific goal, like an upcoming vacation, or to ensure you have an emergency fund in case the unexpected happens, for example you lose your job. With this type of account, you'll earn interest on your savings.

Gather your documents

You'll need to go to a branch to finalize the account opening. Be sure to bring two pieces of ID (one with a photo).

If you're a newcomer to Canada, you'll need to bring a valid passport and a document issued by Citizenship and Immigration Canada (like a visa, work permit or study permit).

What to bring with you

Visit a branch

Go to a National Bank branch so we can confirm your identity and issue you a debit card. This is a great opportunity to ask any questions you might have.

Schedule an appointment online: Choose the branch location and time that work best for you.

Make an appointment

4 things to remember

Account co-holders

You should only open a joint account with someone you trust. Your co-holder can carry out the same transactions as you, including purchases, withdrawals and deposits. They are not required to obtain your consent to use your joint account, even if you are the one who deposited the money in the account. The co-holder can even close the account without your consent.

Potential ramifications

Should you and your co-holder separate or divorce, the money in your joint account could be considered part of your family assets. The account could also be frozen if debt is involved, preventing you from accessing the funds. If either of you declares bankruptcy, the funds may be subject to creditors' rights.

In the event of death

In Quebec, if one of the co-holders passes away, the joint account will be frozen until a liquidator has been appointed to manage the estate.¹ However, amounts can still be withdrawn to cover urgent expenses and funeral arrangements. In the rest of Canada, the surviving account holder retains all of his or her rights and becomes sole owner of the funds in the joint account.

In the event of disability

Although it may be a tough conversation, you should discuss the consequences of a disability with a legal professional. If you suffer from a disability but have the mental capacity to manage your affairs, a general power of attorney grants another person the right to manage part or all of your finances and assets for you. This person can be your spouse. This power of attorney becomes invalid if you are no longer mentally capable of managing your affairs or if an incident specified in the power of attorney occurs. In this case, a mandate in case of incapacity allows your mandatary to act on your behalf. For more information, consult the Power of Attorney page or the Power of Attorney and Joint Account [PDF] pamphlet.

Little details that matter

In Quebec, the money held in a joint account will be frozen if one of the co-holders passes away.

Ready to open a joint account?

Talk to one of our experts to get tailored advice.