How to Find the Best No-Fee Joint Account

Managing money with a partner, roommate, or family member doesn't have to be complicated or expensive. Whether you're splitting rent, saving for a vacation together, or just tired of constantly e-transferring each other for groceries, a joint account can make your financial life so much easier.

The good news? You don't need to pay monthly fees to get a great joint account.

What exactly is a joint account?

Think of a joint account as a shared wallet that two people can access. Both account holders can deposit money, make purchases, pay bills, and check the balance—all from the same pot of money.

Joint accounts are perfect for:

• Couples managing household expenses together

• Roommates splitting rent and utilities

• Family members helping each other with finances

• Business partners managing shared costs

Instead of one person paying for everything and keeping track of who owes what, you both contribute to one account and spend from there.

Why "no-fee" matters more than you think

Here's something that might surprise you: the average Canadian pays around $185-$200 per year in banking fees.

And if you're opening a joint account at a traditional bank, you might be looking at fees for:

• Monthly account maintenance

• Transactions after you hit a limit

• E-transfers

• ATM withdrawals

• Paper statements

• Going below a minimum balance

These fees add up fast, especially when two people are using the account regularly. That's money that could be going toward your actual goals—not your bank's profits.

KOHO joint account: share money, earn rewards together

If you're looking for a no-fee joint account that checks all these boxes, a KOHO Joint account should be at the top of your list.

How it works

KOHO makes sharing money and earning rewards together completely effortless.

Each person gets their own card connected to the same balance. No more texting "Can you send me money for groceries?" You both have access to your shared funds whenever you need them.

You can open a free KOHO Joint account with:

• 0.5% interest on your balance

• Goals for saving together

• RoundUps on purchases

• Real-time spending insights

• Bill Split

• Send Money & Request

• Unlimited transactions

• Free e-Transfers

Upgrade to Joint+

Here's where it gets even better: When either account holder has the Everything plan, your Joint account automatically gets upgraded to 3.5% interest and 2% cash back on essentials—at no extra cost.

That means while you're buying groceries, paying for gas, or covering household expenses, you're earning money back. Together.

New to KOHO? Get 3 months free

If one of you is already a KOHO member, use their referral code when signing up. You'll get 3 months of the Everything plan for free, which instantly upgrades your Joint account with those sweet rewards.

How to set up your no-fee joint account

Once you've chosen the right account for you, setting it up is straightforward:

1. Decide who you're opening it with

2. Download the app and create your account

3. Verify your identity with photo ID

5. Invite your partner by email or SMS

6. Once they are verified, you guys can start earning interest and cash back

Making your money work for both of you

Finding the best no-fee joint account comes down to three things:

1. Actually no fees (not just "low" fees or waived fees with conditions)

2. Features that help you both manage and grow your money

3. Easy access and transparency for both account holders

A KOHO Joint account delivers on all three. You get a truly free option with all the basics covered, or you can level up to earn serious interest and cash back on your everyday spending.

Ready to make money progress?