What is a joint bank account? And why would you need one?
Whether you’re sharing an account with a partner, a roommate, friend or family member, a joint bank account is a great way to combine your finances.
At ubank, our joint accounts are called shared accounts. Organising a shared account can be a quick and pain-free process to help set your financial partnership up for success.
Why open a shared account?
When you share financial responsibilities with someone (we’re talking things like groceries, bills, rent, etc), you may find it easier to make withdrawals from the one account.
A shared bank account is also a great option if you’re looking to hit a savings goal together. Whether it’s a short-term goal such as a holiday or wedding, or you’re saving for your first home, there are lots of benefits in consolidating your money into one place.
Types of shared accounts at ubank
With ubank, you can open a shared Spend account, a shared Save account, or even one of each.
Our shared Spend accounts come with no everyday fees and you’ll each get a sleek new purple Visa Debit card to make it easier to keep track of what’s what. Our shared Save accounts have great savings interest rates to help you hit your shared savings goals even faster.
What you’ll get with a shared account
A shared account means you’ll have shared access to the account and each of you will be able to access and use it independently. That’s why it’s important that you only open a shared bank account with someone you trust.
If you’re saving for something together, we’ll help you get there faster with bonus interest across all of your Save accounts. All you need to do is deposit at least $200 each month into any of your Spend or Save accounts and you can earn bonus interest on each of your Save accounts (up to a total of $250K). Simply setting up your salary into one of your ubank accounts could be enough to earn you both bonus interest every month.
How to set up a shared bank account
You can do it all online, and you only need a few spare minutes (or seconds if you’re already a ubank customer!).
If you are already a ubank customer, simply head to the ubank app accounts screen, open a shared account and invite your partner-in-finance. Once they accept, you’re ready to go.
If you’re new to ubank, your partner-in-finance and you will need to both download the app and activate your individual Spend and Save accounts first. Then you can go ahead and open a shared account and invite your partner-in-finance.
Now that you’re all set up with your shared bank account, you can start smashing your savings targets together.