Is there an account balance limit for Joint Smart Savings?
For a Joint Smart Savings, 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 Smart Savings accounts?
It works exactly like our individual Smart Savings 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 Smart Savings.
This means that if you have an individual Smart Savings and a Joint Smart Savings, 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 Smart Savings?
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. You can have both a Joint Smart Savings and an individual Smart Savings that will be covered separately!
Can I have multiple Joint Smart Savings with different people?
Yes! You can have multiple Joint Smart Savings accounts with different co-owners, or multiple accounts with the same co-owner.
Who can deposit and withdraw from the Joint Smart Savings?
Both co-owners can contribute and withdraw from a Joint Smart Savings account, and both co-owners will be able to see the activity.
Who claims the interest earned on their income taxes for a Joint Smart Savings?
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 Smart Savings account.