Is there an account balance limit for Joint Save accounts?
For a Joint Save account, you can have a balance of up to $500,000. If you would like a larger limit, contact our support team for more details.
How do interest rates work for Joint Save accounts?
It works exactly like our individual Save accounts where you get the highest current interest rate for the first $100,000. The best part, it's counted independently even if you have an individual Save account.
This means that if you have an individual Save account and a Joint Save account, you'll be able to receive the highest current interest rate for up to $100,000 for both accounts!
How does CDIC deposit insurance work for Joint Save accounts?
You can read more about this on the CDIC website. In short, accounts with more than one name (multiple owners) are insured separately from accounts with one owner.
Can I have multiple Joint Save accounts with different people?
Yes! You can have multiple Joint Save accounts with different co-owners, or multiple accounts with the same co-owner. Before jumping in, there are a few details you should know about CDIC deposit insurance for joint owners. Learn more
Who can deposit and withdraw from the Joint Save accounts?
Both co-owners can contribute and withdraw from a Joint Save account, and both co-owners will be able to see the activity.
Who claims the interest earned on their income taxes for a Joint Save account?
Either owner can report on the interest earned or even split the income evenly between the two owners. This is a benefit of the Joint Save account.
Do Joint Save accounts count towards Wealthsimple Black status?
Yes, although it only counts towards Wealthsimple Black for the primary account holder. Learn more about how Wealthsimple Black gets calculated for co-owned accounts.
Are Joint Save accounts covered by any Assets Managed Free rewards that I have?
Similar to individual Save accounts, Joint Save accounts are not included as a part of assets managed free. Learn more