How to Open Joint Accounts

Manage your money, together

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
Learn more about powers of attorney and joint accounts. Go to Understanding powers of attorney and joint accounts

How do I open a joint account?

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.