The long awaited launch of a joint account cements Revolut’s position as a viable alternative to the main Irish banks.
Revolut has started offering joint accounts. A feature which has long been requested by users.
Joint accounts allow customers to create an extra account within the Revolut app to be jointly owned by two people – whether they be partners, family members or friends.
Revolut has said that those setting up a shared account don't have to explain why they want to set up an account together, nor prove that they live together. And unlike some other banks, setting up the account can all be done easily online without the need for any paperwork or branch visits.
To apply you must download the latest version of the Revolut app. And each of you must also meet the following criteria:
- be 18 years or over;
- have an active current account with Revolut;
- live in the same country as the other applicant (Revolut will use the residency address that your current account is registered with to decide where you live);
- be registered with the same Revolut entity or the same branch as the other applicant. Revolut recently launched Irish Ibans by moving people to its new Irish entity. Both you and the other applicant must have transferred over.
- Not have another Revolut joint account or have a pending invite for a Revolut joint account from someone else.
Of course a joint account is a big commitment as you’re giving someone else pretty much unfettered access to your money.
But they do have advantages. These include:
- Better money management: By pooling your money together you can get a better grasp on the amount of money at your household’s disposal which will allow you to manage your money better. This can also help with budgeting.
- Share household expenses easily: You and your housemate or partner can easily lodge money into your joint account to pay monthly expenses such as rent, utility bills or your Netflix subscription which can then be paid by direct debit or standing order. This removes the need to transfer these expenses to one person's account each month.
- Track spending easier: You will be able to see how money is being spent and if it is going towards the correct things, this may be especially helpful if one account holder has bad spending habits
Is a Revolut joint account right for me?
Revolut has a great app, competitive banking fees, a good rewards programme, and now offers personal loans and credit cards.
It also recently moved to using Irish Ibans, instead of Lithuanian ones, which has put an end to the issues users sometimes had using the bank as their main account.
However it may not be suitable for everyone. As a true online bank there are no branches in Ireland. And it can charge heavily for withdrawing cash. Mind you, these are unlikely to be major issues for most people under 40.
Let us know your thoughts!
Would you open a joint account with someone on Revolut? Or perhaps you prefer to be financially independent! Let us know in the comments below.
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