A shared account doesn't get enough good PR for a banking option that solves lots of family financial needs. The reason is that there are lots of misconceptions about how shared accounts work.
This article will shed more light on what a shared account is and why you should open one with your partner but first let’s explain exactly what it is.
Definition A shared account is a bank account shared between two or more individuals, usually between- couples, business partners, or relatives. In other words, shared accounts have more than one owner and operate just as how individual bank accounts work.
Based on the definition above, we can see that relatives and business partners can also have shared accounts. However, for this article, we will be focusing on the benefits of having a shared account with your partner.
Benefits of having a shared account with your partner
Joint saving: With a shared account, you and your partner can save towards a common goal, be it a vacation, your child’s school fees, buying a house or car. The list is endless and is relative to every couple.
An easier way to split bills: It is easier to split bills regarding household expenses by having a shared account. Both parties can decide on the percentage they will periodically contribute to the shared account.
Budgeting: A shared account creates a better process for budgeting and making financial plans as a couple. This will make it easier to manage your finances and stay on budget each month. It will also provide more details on your financial health.
Better communication: Having a shared account brings about better communication between couples. This way, you will always have to communicate with your partner about any financial needs. Another benefit of this is that it will help in reducing impulse spending as it keeps you financially accountable to your partner.
Types of shared accounts
Both to sign: Both parties must sign to access funds.
Either to sign: In this case, only one party needs to sign to access the funds.
How to open a shared account.
Simply go to your App Store or Google Play Store to download Brassmoney and create a Shared Account with your partner. This will take you less than 5 minutes.
In the event that one of the account owners passes away, the other party will retain access to the funds. This is a significant leverage couples can have, especially for women living in patriarchal societies. It is totally up to you to decide the type of shared account to open, although you can reach out to your account manager for good counsel.