How a Joint Account Can Be a Life-Saver
Updated over a week ago


Using a Joint Account can be a game-changer for your finances (and relationships!). You no longer have to co-mingle your personal expenses with your shared expenses, which makes managing your cash flow and savings so much easier.

Here are a few scenarios where a Joint Account can be a life-saver:

Roommates or Spouses 🏠– Put an end to the awkward conversation of who owes what this month for groceries or rent. Whip out an excel spreadsheet and determine the total amount of your shared monthly expenses (including a budget for groceries, ordering-in, or home improvement).  At the beginning of every month or bi-weekly, each of you can deposit your portion into the Joint Account. I'd start your math with a 50/50 split and then adjust as necessary. Then link your bills (utilities, mortgage, hydro, insurance) to the account. You can also send e-Transfers from this account to a landlord or friends. 

Travel Buddy 🌍 – If you’re going on a trip with someone, a Joint Account is the perfect way to split expenses. You'll no longer have to wait months to create a spreadsheet and finally settle up. Before you leave, determine your travel budget, deposit your portion, and then Bon Voyage! You can use KOHO to pay for your hotels, excursions, and meals. KOHO has some of the lowest FX rates on the market and is accepted in almost all countries.

Wedding Fund 👰– What better way to fund a wedding than a free shared account? During your prep period, you'll be making plenty of payments. This can be tough to track within your Personal Account, so simply separate it out. Creating a "Honeymoon Goal" is another fun perk.

University Expenses 👨‍🎓– If you have a child at university, as long as they’re over the age of majority in their province a KOHO Joint Account is a great way to help them fund their expenses. You can load funds and then they can use it as their monthly “budget. What if they don't want you to see all their transactions? They can transfer the money from their Joint Account to their Personal Account and use it there.

Make your lives instantly easier with a free Joint Account:

  1. Click on Personal at the top right > Joint > Create a Joint Account

  2. Your friend or family member will be sent an invitation via email and you can follow the prompts from there

If you have any questions on Joint Accounts, check out our Joint Account FAQs or reach out to us in-app!

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