Janine DeVault
Beth Buczynski
Student bank accounts generally have low monthly fees and include many low or no-cost perks to make daily banking flexible and affordable for students.
Like other types of accounts, student bank accounts can be held by an individual, or jointly by two or more people — often called a joint account.
Opening a joint account with your partner or roommate may be a way to simplify your banking while taking advantage of student-focused features and perks.
International students may have to jump through a few extra hoops to open a joint bank account, but there are usually options for partners with different visa statuses.
Is it possible to have a joint student bank account?
Yes. Many banks will allow customers to add secondary account holders to their student accounts. However, certain benefits may only be available to the primary account holder. For instance, only one account holder may be able to claim new account bonuses and welcome offers.
Nerdy Tip: Joint accounts aren’t just for romantic partners. You can open a joint account with whomever you choose, including a roommate, parent or sibling. In most cases, if your bank of choice can verify their identity, you can share an account with them. Keep in mind that all joint account holders have full access to the account and can make transactions without each other’s approval.
What if I’m an international student?
International students can take advantage of student bank accounts, too. Generally, you must provide:
- Proof of your student status.
- A valid passport or Canadian ID.
- Proof of your residency in Canada.
As long as both parties can provide documentation to prove their identity and residency in Canada, banks shouldn’t take issue with opening a joint student account, even if only one account holder meets the student requirement.
Banks may allow you to add a joint account holder on a visitor visa to Canada, but you’ll probably need to visit the bank in person. The financial institution may require additional documentation before opening an account to someone not considered a tax resident in Canada.
Nerdy Tip: Account holder eligibility is left up to the discretion of each individual bank. If they cannot verify someone’s identity adequately or have reason to believe they intend to use an account for fraudulent activity, they can reject an application, but they must justify their decision in writing if they reject your request.
In most cases, only one account holder must meet the student requirements. In other words, you can likely open a joint account even if your partner is on a different visa status. If you have any doubts, ask your bank about your options. If you already have an account with the bank in good standing, there’s a good chance they’ll be willing to work with you.
How to open a shared bank account as a student
If you and your partner are both students with proof of Canadian residency, you can likely open a joint account online.
However, if only one of you is a student or you have different visa statuses, it’s best to make an appointment to speak with your bank directly. They can guide you through the process and tell you which documentation they require based on your situation.
Be prepared to provide:
- A passport or government issued ID to prove your identity.
- Proof of your residency or status in Canada (student visa, etc).
- Proof of your enrollment in an eligible post secondary institution.
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Pros and cons of a joint student bank account
Pro: A joint student account can be a convenient way to manage shared expenses while reducing monthly banking costs. It facilitates financial transparency and makes setting up recurring bill payments easy.
Con: If your relationship sours, untangling your finances could become complicated.
Since the second account holder can withdraw funds any time they wish, it’s crucial that you only open a joint account with someone you truly trust.
In the same way, both parties are liable for any debts or fees incurred through the account, including overdraft balances, which may affect both of your credit scores.
Alternatives to a joint bank account
Joint accounts aren’t the only way couples manage their finances together.
Consider these alternatives if you’re not ready (or able) to open a joint account with your partner.
- Add your partner as an authorized user on your credit card: Authorized users can spend up to your card limit, making it easier to share expenses even if you aren’t sharing a bank account. You can use your credit score to help your partner build theirs through this arrangement. Just be aware that you are responsible for any debt an authorized user accumulates.
- Create a joint budget: Developing a budget won’t facilitate money management the way a shared account would, but it can ensure you and your partner are on the same page about managing finances. Using a budgeting app or a shared spreadsheet makes it easy to maintain transparency and create a unified financial plan.
- Use a shared prepaid card: Prepaid cards function similarly to debit cards in that they are backed by cash. You do not have to pass a credit check to open one, and they may require less documentation than opening a bank account. Loading a prepaid card that you share with your partner ensures they can access funds to make purchases and pay bills in Canada.
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