Simple Shared – a joint account with a new partnership vision
Simple will soon be launching a new product. With the aim to help partnerships better understand where money is spent and saved, the online banking provider announced yesterday it is beta testing a joint digital account.
Not only for married couples…
Simple Shared is a contemporary version of the traditional joint account – it is available to any two people living on the same address, whether they be siblings, roommates, couples or something else. The company’s founder, Josh Reich, wrote on Simple’s blog yesterday, ‘There’s no one-size-fits-all for relationships so there shouldn’t be one in banking. Shared accounts is designed for all partners, in spending, saving, doing, and living, together.’
Though some would define Simple as a ‘neo-bank’, they define themselves as a tech company and, as such, their proposition is completely digital. The application process for a Simple Shared account therefore takes place, unsurprisingly, completely online. According to Reich, ‘it only takes minutes to fill out.’
The digital features
The joint account has no fees but it requires both users to have a current account with Simple, held with BBVA Compass. Holding two accounts with the provider, customers will still only have one login for the mobile app. With access to all of Simple’s existing savings and budgeting tools, users can also easily switch between the individual account and the joint account feed. In the joint account transaction history, it’s also easy to see who has made which purchases – something we haven’t seen any other provider doing.
Stephen Jones, senior analyst at Mapa, comments: “We love to see banks doing the basics well. Although displaying which account holder made each purchase may seem like a minor adjustment, it’s features like this that make day-to-day interactions with banks much more customer-friendly. It’s also great to see that financial providers are waking up to the fact that many of their customers’ joint financial transactions are not just between two partners in a traditional relationship, and that modern life is often less straightforward than that.”
Simple has a mission to help people feel confident with their money. So far, this mission has been exemplified in their budgeting and savings features – but this new product shows that they have listened to customers and seriously thought about how to make joint accounts better.
Since they started, they have had much praise for their innovative digital banking features. Once officially launched, we suspect that this new product will be met with the same enthusiasm.