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Joint Bank Accounts

A joint bank account is a great way to manage shared finances with a partner, spouse, or parent. Banking together has never been easier with a joint account.

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What is a joint bank account?

A joint bank account is owned by at least two and up to four individuals. Everyone on the account can have BMO®Debit Card to make deposits and withdraws, pay bills, make purchases, and see all account transactions using BMO Mobile and BMO Online Banking.

With a BMO joint account, you can:
  • Pay for shared expenses like rent, a mortgage, or utility bills
  • Split payment for day-to-day purchases like groceries or gas
  • Keep track of spending and stick to a budget
  • Save together for big purchases like a vacation, a car, or a home

  • A joint Chequing account

    Our Chequing accounts have a range of options and perks, including no minimum balance requirements*4 and an opening cash bonus* for new BMO customers.

    Perfect for: Managing day to day expenses, splitting payments, and keeping track of spending.

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  • A joint Savings account

    With our Savings accounts, all account holders can earn interest on the account balance*12 and enjoy no minimum monthly savings requirement.

    Perfect for: Saving for a major purchase like a home or a car, and staying on a budget.

How to open a joint bank account

Choose a Chequing or Savings account

Review our Chequing and Savings accounts to decide which account type is the best fit.

Gather your documents

All account holders will need to provide valid ID like a driver's licence or passport. We’ll also need to know your date of birth, and current address.

Visit us to open the account

Whether you’re a new or existing customer, we’ll require you to visit a localBMOB M Obranch to open this account in person. Everyone who will be on the account will need to be present.

Things to consider

When you create a joint account, you’re creating a shared financial agreement with everyone on the account. Keep in mind:
  • Everyone on the account is responsible for all account fees, including any fees incurred throughout the month, such as overdraft fees
  • Depending on your account privileges, account holders can withdraw funds at any time and will have full access to funds in the account
  • In the case of a marital breakdown of one of the joint account holders, depending on where you live the account could be considered a matrimonial asset and be divided accordingly
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Joint account Frequently Asked Questions

  • With a BMO Family Bundle, everyone’s accounts are kept private and only accounts in your name can be viewed by you. With a B M O joint bank account, depending on the account privileges, account holders can withdraw funds at any time and have full access to all funds in the account.

  • If you have an existing account, we recommend you open a new joint account. However, if you’d like to convert your individual account to a joint account, all account holders will need to visit us in branch to open the joint account together.

  • The account holders decide how they want the account to be set up. The account can be set up as:
    • Anyone to sign: Any of the account holders can sign for transactions on the account. It is important to realize that this option allows the other account holders to withdrawal funds or complete other types of debit transactions without your consent.
    • All to sign: The signatures of all account holders are required for any withdrawals or other types of debit transactions on the account. Any account holder can make deposit into the account.

Visit us to open a joint account

Visit your local branch or call to book an appointment.