Keep track of shared expenses and save for your important goals. Open a CIBC joint account today.
Are you looking for ways to consolidate household bills or save for something big? A joint account may be for you.
What's a joint account? It's a regular bank account in the name of two or more people with the same account privileges. Anyone, like a spouse, family member or friend, can be an account holder. But, you should only open a joint account with someone you trust.
We have different account options to meet your specific needs. Choose a joint chequing account to make everyday, shared transactions like paying bills, depositing pay cheques and withdrawing funds. Choose a joint savings account to help reach your common goals like buying a house or going on vacation.
Why should you get a joint account?
There are several benefits to a joint account:
Manage shared bills and expenses
Save together for your future goals
Avoid the hassle of transferring money between separate accounts
Access funds without complication if your joint account holder passes away unexpectedly
A few things to consider:
If one of the account holders has unpaid debt, the funds in your joint account may be used to pay that debt
You're responsible for all account fees, including any fees (like overdraft fees) incurred by other joint account holders
You may lose full control of your money; depending on your account privileges, your joint account holders can withdraw all funds from the account without your permission
You lose privacy because your joint account holders can view your account transactions
In the case of a marital breakdown of one of the joint account holders, the account could be considered a matrimonial asset and divided accordingly
Once you decide a shared bank account is right for you, add a joint account holder when you open a new bank account or anytime afterwards. All joint account holders should agree to add another account holder, who must also agree to be added.
For new bank accounts:
You will need to visit a CIBC Banking Centre, or speak to one of our representatives through telephone banking, to add your co-applicant during the account application process.
If you apply with a co-applicant for multiple bank accounts at the same time, all the accounts you apply for will be joint accounts. If you want to have a different co-applicant on an account, you have to apply for that account separately.
For existing bank accounts:
You will need to visit a banking centre to add your joint account holder. That person must be present and bring 1 piece of acceptable identification.
Frequently asked questions
Yes, you can create a savings goal if you have a joint account. All account owners can access and manage savings goals attached to your joint accounts. If you set up automatic transfers for a savings goal, only the person who set up the goal can stop the transfers if a goal is cancelled or achieved before the transfers are scheduled to end (or if there's no scheduled end date).
You can't remove your name from the shared account. But, you can close the joint account at a CIBC Banking Centre.
Visit a CIBC Banking Centre to close your shared account. Your joint account holder doesn't need to come along. Before you close your joint bank account, cancel any automatic payments and settle any remaining debts.
If your joint account holder passes away, you take full ownership of the account. To remove the deceased person's name from the joint account, bring a copy of the death certificate to a CIBC Banking Centre.
This doesn't apply if one of the joint account holders is a resident of Quebec at the time of his or her death.
No, they're not part of an estate. If your joint account holder passes away, you can still access the funds.
To complete a personal bank account application, you need to provide your name, date of birth, occupation (if any) and address (if any).