# EQ Bank joint accounts — the CDIC problem with "each has $100,000" (23 Oct 2026)

## The correction that matters
EQ Bank's own FAQ says it plainly:

> "Eligible joint deposits are protected for up to **$100,000 per set of co-holders, not per co-holder.** Eligible joint deposits are insured separately from individual Personal Account deposits."

CDIC aggregates **all** joint accounts held by the **same set of co-holders** at the same institution into one $100,000 bucket. So:

| Structure | Deposited | CDIC-insured | Uninsured |
|---|---|---|---|
| Anjal + Kiratee, one joint account, $100,000 | $100,000 | $100,000 | $0 |
| Anjal + Kiratee, **three or four** joint accounts, $100,000 each | $300,000–$400,000 | **$100,000** | **$200,000–$300,000** |

**Opening more joint accounts with the same two names does not add insurance.** If the intent behind "each have $100,000" was spreading deposits to stay under CDIC limits, that plan does not work at EQ. It only works across **different institutions**, or across **different sets** of owners.

## What actually maximises CDIC cover at EQ (Equitable Bank, CDIC member)
Per depositor, per bank, per insured category:
- **Anjal, individual account**: $100,000
- **Kiratee, individual account**: $100,000
- **Anjal + Kiratee, joint**: $100,000
- **= $300,000 maximum insured at EQ for this couple.** A fourth bucket needs a different co-holder set (e.g. a joint account with an adult relative) or a different bank.
- Note: EQ requires co-holders to be of the age of majority with a SIN, so the children cannot be co-holders to create extra buckets.

EQ's own worked example matches this: coverage of up to $100,000 "in each of the following scenarios: your Personal Account; your joint account with a spouse; your joint account with your parents."

Source: eqbank.ca/personal-banking/joint-account (FAQ, "How does CDIC deposit insurance work for joint accounts?"); CDIC joint-deposit rules.

## What the account actually is
- **Rate: 2.75%** on the joint account as published on EQ's joint account page (23 Oct 2026) — no monthly fee, no minimum balance, unlimited transactions, bill payments, Interac e-Transfers and EFTs included.
- **Up to 3 other co-holders** — so up to 4 people on one joint account. That is the mechanism for different ownership sets if wanted.
- Eligibility: Canadian resident, age of majority in the province, SIN.
- **You must already be an EQ customer** — non-customers open a personal account first, then the joint.
- Two ways to create one: (a) **open a new joint account** from desktop or app (EQ recommends this), or (b) **convert an existing Personal Account** — sign in → select the account → "More options" (top right) → add co-holder(s); it converts automatically once the co-holder accepts the invitation.
- Co-holders can withdraw the entire balance without permission, see all transactions, and the account can be treated as a matrimonial asset in a marital breakdown. That is EQ's own warning, not mine.
- Joint Accounts are available in Quebec, though EQ-to-EQ transfers are limited there.

## The discrepancy in the task itself
- Task title: "EQ bank (**total 2 joint accounts**)".
- Sub-item: "Verify both names show on all **3** joint accounts".
- Sub-item: "Open **two more** joint account … (each have $100,000)".
One existing + two more = **3**, but the title says 2. Decide which is right before opening anything — the difference is a fifth account holding $100k that carries **no additional CDIC protection**.

## Recommendation
1. **Do not open multiple joint accounts at EQ for insurance reasons.** If $300k+ needs to sit insured, split across **two or three institutions** (e.g. EQ + another CDIC member), one set of owners each. That is the only structure that actually extends cover.
2. If the extra accounts are for **budgeting separation** (bills / property tax / emergency), that's a legitimate reason and EQ allows up to 8 personal accounts — just know those dollars above $100,000 combined are uninsured.
3. Both names visible on every joint account: check in the app under each account's details; EQ shows co-holders there. If a co-holder can't see an account after accepting, that's an EQ support call, **1-844-437-2265** (8am–midnight ET, 7 days).

## Blocker
The actual dollar split Anjal intends across EQ and other banks. With that I can produce a one-page CDIC coverage map showing every dollar and which dollars are uninsured — the useful artifact, rather than a per-account checklist that doesn't reflect how CDIC aggregates.