Revolut offers Joint Accounts for family members, friends in the UK
By Gloria Methri
Revolut has launched a new Joint Accounts product in the UK, after crossing 100,000 joint users across the European Economic Area.
The Joint Accounts feature will allow customers to create an extra account within the Revolut app to be jointly owned by two people whether they are partners, family members, or friends. These new accounts offer customers greater flexibility in managing their finances, by pooling resources and managing a common budget.
Joint Accounts have been designed to increase financial flexibility and inclusion and to suit the needs of all customers and their personal relationships. By providing an effortless account opening process that can be completed in three easy steps, the company aims to actively challenge the stigma many feel when creating a joint account.
Joint Accounts along with Revolut <18 can become a center of family finance, but they can equally be used by all types of duos, whether that be partners, siblings, roommates, or friends. Customers in Europe are predominantly using Joint Accounts for everyday spending, with the top spending categories being supermarket shopping and restaurants.
Antonella Benhamou, Head of Banking Tribe and UX Product Owner said “We are excited to be launching Joint Accounts to customers in the UK today, following the successful release of the feature to European markets back in April. As it continues to scale at pace, Revolut is becoming even more social and inclusive to meet the needs of different individuals, relationships, and budgets. Joint Accounts will help to easily sort out money matters with whomever we share our financial life – blending the best of existing social and banking features.”
Over the years, the financial super-app has developed multiple features to make daily banking faster and easier – such as Group Bills, Revolut Chat, Revolut <18, Group Vaults, and hassle-free peer-to-peer payments.
To open joint accounts both parties need to be Revolut customers and have the app updated to the latest version, which supports this feature. Both individuals need to have personal accounts registered in the same Revolut entity or branch and they cannot be a part of another Joint account (or have a pending invite for a Joint account from someone else).
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