{"id":879972,"date":"2020-09-14T18:31:39","date_gmt":"2020-09-14T22:31:39","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=879972"},"modified":"2025-04-15T02:28:49","modified_gmt":"2025-04-15T06:28:49","slug":"eq-bank-joint-account","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/banking\/eq-bank-review\/eq-bank-joint-account","title":{"rendered":"EQ Bank Joint Account review"},"content":{"rendered":"<h4>30-second take<\/h4><ul class=\"list-1\"><li>Think about an EQ Bank Joint Account if you want a shared account that gives you a high interest rate and doesn&#8217;t charge unnecessary fees.<\/li><\/ul><ul class=\"list-12\"><li>Choose something else if you want access to a debit card or you would rather keep your money with a bank that has branches you can visit in person.<\/li><\/ul><h3>What are the benefits of an EQ Bank Joint Account?<\/h3><p>If you want to take advantage of a shared bank account that gives you a high return on interest with $0 monthly fees, then you might be interested in an EQ Bank Joint Account.<\/p><ul class=\"list-1\"><li><strong>Share with multiple people.<\/strong> This account can be shared between up to four people (including yourself), who will all be able to make deposits and withdrawals.<\/li><li><strong>High interest rates.<\/strong> Earn 2.75% interest when you direct deposit your pay.<\/li><li><strong>Unlimited transactions.<\/strong> All of the transactions you make on this account will be free of charge, so you won&#8217;t need to worry about unnecessary fees.<\/li><li><strong>Free Interac e-Transfers.<\/strong> You can send money to family and friends at no extra charge with free Interac e-Transfers.<\/li><li><strong>Deposit insurance.<\/strong> Any deposit you make will be protected by the Canada Deposit Insurance Corporation (up to $100,000).<\/li><li><strong>Cheap international money transfers<\/strong>. You&#8217;ll be able to make cheap international transfers from your account using the third-party service <a href=\"https:\/\/www.finder.com\/ca\/international-money-transfers\/wise\" rel=\"noopener noreferrer\">Wise<\/a>.<\/li><li><strong>Mobile app.<\/strong> You can check your account balances and make transfers using your mobile phone with the EQ Bank app.<\/li><\/ul><div class=\"content-area-light-blue has-padding-small has-padding-top-large\"><h4>How does the EQ Bank mobile app work?<\/h4><p>The EQ Bank mobile app lets you manage your money and check your account balances on the go. You can easily download the app from Google Play or the Apple Store. Once it&#8217;s installed, you can use it to transfer money, pay bills and deposit cheques. It&#8217;s also possible to set savings goals and manage your budget quickly and easily, even when you&#8217;re on the move.<\/p><\/div><h3>What to watch out for with an EQ Bank Joint Account<\/h3><p>While EQ Bank Joint Accounts are known for offering a wealth of benefits, there are also a couple of potential drawbacks you should be aware of.<\/p><ul class=\"list-3\"><li><strong>Primary account holders must claim interest on taxes.<\/strong> Only one account holder will be designated to claim all of the interest earned on the account on their taxes.<\/li><li><strong>All co-holders must sign up to join.<\/strong> You&#8217;ll have to go through the EQ Bank sign-up process if you want to accept an invitation to join an account.<\/li><li><strong>CDIC insurance is limited.<\/strong> The $100,000 worth of CDIC insurance is split between account holders \u2013 meaning each person cannot claim $100,000 worth of insurance.<\/li><li><strong>No debit card.<\/strong> You won&#8217;t get a debit card to withdraw cash, though you will be able to transfer money directly to your chequing account if you need funds immediately.<\/li><li><strong>No registered accounts.<\/strong> There&#8217;s no option to open a registered account like a <a href=\"https:\/\/www.finder.com\/ca\/savings-accounts\/tfsa\" rel=\"noopener noreferrer\">TFSA<\/a>, <a href=\"https:\/\/www.finder.com\/ca\/savings-accounts\/rrsp\" rel=\"noopener noreferrer\">RRSP<\/a> or RRIF.<\/li><li><strong>Maximum balance.<\/strong> The maximum balance that you can keep in your EQ Bank Joint Account at any time is $500,000.<\/li><li><strong>No in-person service.<\/strong> You won&#8217;t be able to visit EQ Bank in person to deal with any issues you might have with your account.<\/li><\/ul><h3>Is EQ Bank safe?<\/h3><p>EQ Bank is very safe because it&#8217;s a subsidiary of Equitable Bank. This is one of Canada&#8217;s largest independent banks that hold more than $25 billion in assets. It&#8217;s also fully insured by the Canada Deposit Insurance Corporation (CDIC).<\/p><p>This means that any money you put into EQ Bank will be protected by the type of rigorous security measures that you&#8217;ve come to expect from a big bank. It also means that your account will be protected up to $100,000 \u2013 though this protection will be split between account co-holders for the EQ Bank Joint Account.<\/p><h3>What should I know before I apply?<\/h3><p>To open an EQ Bank Joint Account, you&#8217;ll need to meet the following criteria:<\/p><ul class=\"list-7\"><li>Be a resident of Canada with a valid Social Insurance Number<\/li><li>Be 18 years of age (or 19 in some provinces)<\/li><li>Have an email address<\/li><\/ul><h3>How do I open an account?<\/h3><p>To open an EQ Bank Joint Account, you&#8217;ll need to fill out a quick and easy online application. Follow these steps to get started:<\/p><ol><li>Click the green &#8216;Go to site&#8217; button to be securely redirected to the EQ website. Then click the &#8216;Join now&#8217; button.<\/li><li>Enter the email address and password you&#8217;d like to use for your account when you reach the onboarding page.<\/li><li>Complete the application for your bank account, which includes providing your name, email address, Social Insurance Number and birth date.<\/li><li>Review the details of your account and apply with the click of a mouse.<\/li><li>Send invites to the people you would like to join you on the account.<\/li><\/ol><h3>Bottom line<\/h3><p>EQ Bank is one of Canada&#8217;s largest and most reputable online banks. Its joint account is well-known for offering high interest rates, zero monthly fees and unlimited transactions. You can invite up to three people to join you on the account \u2013 making it ideal for families, roommates and larger groups that want to pool funds. Find out what you need to qualify for this type of account and learn more about how you can apply online today.<\/p><ul class=\"luna-accordionGroup accordionGroup\">\n\t<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000000\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000000\">\n                <span class=\"luna-accordion__title\">Do I have to pay a monthly fee?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000000\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p><p>No. There are no monthly fees associated with the EQ Bank Joint Account, so you can put all the money you'd normally spend on account fees directly into your savings.<\/p><\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000001\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000001\">\n                <span class=\"luna-accordion__title\">Can I manage my account through mobile banking?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000001\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p><p>You sure can. In fact, that's the only way you can manage your account and carry out transactions. The nice thing is that as long as you're a little bit tech-savvy, the app is very easy to use and understand, so there's very little need to go into a branch anyways.<\/p><\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000002\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000002\">\n                <span class=\"luna-accordion__title\">How can I withdraw money from my EQ Joint account?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000002\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p><p>This account doesn't come with a debit card, but you can withdraw funds instantly by sending an Interac e-transfer to your chequing account. You can also send a bank-to-bank transfer for large amounts, though this will typically take a few days to process.<\/p><\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000003\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000003\">\n                <span class=\"luna-accordion__title\">How is my money protected?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000003\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p><p>Your deposits will be protected up to $100,000 by the Canadian Deposit Insurance Corporation (<a href=\"https:\/\/www.cdic.ca\" target=\"_blank\" rel=\"noopener noreferrer\">CDIC<\/a>). Just be aware that this protection doesn't apply to each person on a joint account but rather to the total balance split between all co-holders.<\/p><\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000004\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000004\">\n                <span class=\"luna-accordion__title\">Can I apply for an EQ Bank Joint Account online?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000004\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p><p>Yes, you can apply online. Just go to the EQ Bank website to fill out an application.<\/p><\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Open a joint account with up to three other people to start pooling your money with high interest rates and zero monthly fees. <\/p>\n","protected":false},"author":474,"featured_media":783897,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[104970],"tags":[],"asset_tag":[],"class_list":["post-879972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-eq-bank-review"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>EQ Bank Joint Account Review | Finder Canada<\/title>\n<meta name=\"description\" content=\"The EQ Bank Joint Account allows you to pay no monthly fees and share funds with up to three people. Here&#039;s our review and how to sign up.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.finder.com\/ca\/banking\/eq-bank-review\/eq-bank-joint-account\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EQ Bank Joint Account review\" \/>\n<meta property=\"og:description\" content=\"The EQ Bank Joint Account allows you to pay no monthly fees and share funds with up to three people. Here&#039;s our review and how to sign up.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.finder.com\/ca\/banking\/eq-bank-review\/eq-bank-joint-account\" \/>\n<meta property=\"og:site_name\" content=\"Finder Canada\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-14T22:31:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/05\/EQ-Bank-logo_web-screenshot_250x250.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"250\" \/>\n\t<meta property=\"og:image:height\" content=\"250\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Claire Horwood\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Claire Horwood\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.finder.com\/ca\/banking\/eq-bank-review\/eq-bank-joint-account#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.finder.com\/ca\/banking\/eq-bank-review\/eq-bank-joint-account\"},\"author\":{\"name\":\"Claire Horwood\",\"@id\":\"https:\/\/www.finder.com\/ca\/#\/schema\/person\/252a43e10a819c05764a610c2b59e414\"},\"headline\":\"EQ Bank Joint Account review\",\"datePublished\":\"2020-09-14T22:31:39+00:00\",\"dateModified\":\"2022-11-15T12:22:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.finder.com\/ca\/banking\/eq-bank-review\/eq-bank-joint-account\"},\"wordCount\":1580,\"publisher\":{\"@id\":\"https:\/\/www.finder.com\/ca\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.finder.com\/ca\/banking\/eq-bank-review\/eq-bank-joint-account#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cdn.finder.com.au\/finder-us\/wp-uploads\/sites\/5\/2019\/05\/EQ-Bank-logo_web-screenshot_250x250.jpg\",\"articleSection\":[\"EQ Bank\"],\"inLanguage\":{\"@type\":\"Language\",\"name\":\"English\",\"alternateName\":\"en\"},\"commentCount\":0},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.finder.com\/ca\/banking\/eq-bank-review\/eq-bank-joint-account\",\"url\":\"https:\/\/www.finder.com\/ca\/banking\/eq-bank-review\/eq-bank-joint-account\",\"name\":\"EQ Bank Joint Account Review | Finder Canada\",\"isPartOf\":{\"@id\":\"https:\/\/www.finder.com\/ca\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.finder.com\/ca\/banking\/eq-bank-review\/eq-bank-joint-account#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.finder.com\/ca\/banking\/eq-bank-review\/eq-bank-joint-account#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cdn.finder.com.au\/finder-us\/wp-uploads\/sites\/5\/2019\/05\/EQ-Bank-logo_web-screenshot_250x250.jpg\",\"datePublished\":\"2020-09-14T22:31:39+00:00\",\"dateModified\":\"2022-11-15T12:22:51+00:00\",\"description\":\"The EQ Bank Joint Account allows you to pay no monthly fees and share funds with up to three people. 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