What is Revolut Joint Account?
Revolut, a well-known financial technology company, recently introduced a highly anticipated functionality: the joint account. This type of account is designed to provide a flexible and inclusive solution for managing common finances, whether between partners, family members or friends. We will explore in detail this new offer, its access conditions and its benefits.
Definition and conditions of access
One Revolut joint account allows two people to share a single bank account, which facilitates the management of common expenses. This account is ideal for couples, roommates, or any other pair of people who need to manage shared finances. Here are some key elements to know:
- Launch: Joint accounts were launched in April 2023 for European markets and in July 2023 for the United Kingdom.
- Conditions of access: To open a joint account, both parties must be active users of Revolut, be at least 18 years old and have an active personal account with Revolut.
- Opening process: The creation of a joint account is simple and fast, fully feasible online via the Revolut application. Both individuals must have personal accounts recorded in the same entity or branch of Revolut.
Joint accounts features
Revolut Joint Accounts offer a range of features designed to simplify the management of shared finances:
- Management of Shared Expenditures Ideal for couples or roommates, this feature makes it easy to track and manage common expenses.
- Real Time Notifications : Each transaction on the attached account triggers an instant notification, allowing accurate and immediate tracking of transactions on the account.
- Bank cards for each holder : Each user receives their own credit card, equipped with advanced security features such as instant card freezing in case of loss or theft.
These features aim to provide an optimal user experience, ensuring transparency and security of transactions.
Benefits of the Revolut Joint Account
The Revolut Joint Account has various advantages that make it an attractive solution for those seeking to share their finances. Let us look more closely at its main assets.
Flexibility and security
Revolut makes it an honour to offer its users a combination of flexibility and security. With a joint account, each holder can access the funds at any time, which is particularly useful for shared expenses and unforeseen situations.
Security features include:
- Real-time notifications for each transaction, allowing accurate and immediate tracking of transactions in the account.
- Possibility of freeze instantly a card in case of loss or theft via the application, ensuring rapid and effective protection.
- Access to Advanced security features such as biometric authentication and two-factor verification to secure access and transactions.
This flexibility and security make Revolut joint account a reliable tool for managing shared finances.
Shared expenditure management
The management of shared expenses is simplified with the Joint Revolut Account. Whether you are a roommate, a couple or simply a financial partner, you can manage your common expenses in a transparent and efficient way.
Key benefits include:
- Clear distribution expenditure, facilitating the monitoring of individual contributions.
- Possibility of establishing budgets share and track expenditure by category, helping to maintain control over common finances.
- Monitoring tools and detailed reporting, allowing to visualize expenditure trends and adjust budgets accordingly.
With these tools, shared finance management becomes more transparent and less stressful.
Credit cards for each holder
Each holder of a joint account Revolut receives his or her own credit card, which offers several advantages:
- Financial independence : Each person may conduct transactions without having to apply for permission from the other holder.
- Individual monitoring spending, allowing to see who spent what, and when.
- Access to security features such as instant card freezing, transaction notifications and the possibility of setting individual expenditure limits.
These individual bank cards ensure more efficient and secure management of shared finances.
In summary, the Revolut Joint Account offers a flexible, secure and convenient solution for managing shared finances, adapted to various types of financial relationships. Whether you need to manage common expenses or benefit from advanced security features, Revlout responds to these needs with a modern and efficient approach.
Revolut Joint Account Fees
When considering opening a joint account, it is crucial to consider the associated costs. This section will give you an overview of the rates and plans offered by Revolut for their joint accounts, as well as a comparison with the competitive offers.
Rates and plans offered
Revolut offers several plans with various rates to meet the needs of its users. Here is an overview of the options available:
- Standard : Free, but with basic features and limitations on free cash withdrawals.
- More : For 2,99 € per month, offers additional features such as better insurance coverage and higher withdrawal limits.
- Premium : For 7.99 € per month includes benefits such as travel insurance, higher toll-free cash withdrawals, and access to competitive exchange rates.
- Metal : For 13,99 € per month, the most comprehensive plan with exclusive benefits, including concierge services and metal cards.
These plans offer some flexibility, allowing users to choose the one that best meets their financial needs. It is important to note that fees may vary depending on the region and the specific services used.
Comparison with competitors
To assess whether the Revolut joint account is the best option for you, it may be useful to compare it with other offers available on the market. Here is a quick comparison with some popular competitors:
- N26 : Proposes joint accounts with similar costs, but with a more limited offer in terms of multi-currency and insurance.
- Monzo : Also offers joint accounts with effective shared finance management, but the costs may be higher for international withdrawals.
- Bunq : Known for its flexibility and multi-currency accounts, but plans can be more expensive than Revolut.
By comparing these offers, Revolut is distinguished by its reduced fees and its multi-currency flexibility. In addition, security features and real-time notifications add a layer of comfort and transparency in managing shared finances.
In conclusion, although each service has its own advantages, Revolut offers a balanced combination of cost, functionality and flexibility that can be very beneficial to those seeking to open a joint account.
How do I open and use a Revolut joint account?
Opening and managing a joint account Revolut is a simple and intuitive process designed to facilitate shared financial management. Whether you are a partner, roommate or financial partner, this guide will help you navigate through the registration steps and the features available.
Registration and configuration
Registration to the Revolut joint account is fast and is done entirely online via the mobile app. Here are the steps to create your joint account:
- Update application : Make sure you have the latest version of the Revolut app installed on your smartphone.
- Access the section ‘Joint accounts' : Open the app and navigate to the section dedicated to accounts attached.
- Create a joint account Select the option ‘Create an attached account'.
- Invite a partner : Enter the phone number or e-mail address of the person with whom you wish to share the account. She will receive an invitation to accept via the app.
- Complete the required information : Follow the instructions to complete the required information and perform KYC (Know Your Customer) checks.
- Validation : Once all the information is validated, your attached account will be ready for use.
This process is designed to be as smooth as possible, allowing you to start using your attached account in minutes.
Expenditure and card management
Once your account is created, you can start enjoying its many features. One of the most important is the management of shared expenditures.
Each account holder receives a personal credit card, thus simplifying the allocation of expenses. Transactions are tracked in real time with instant notifications, ensuring full transparency.
Here are some tips for effective management of your joint account:
- Use notifications in real time : Enable notifications to track each transaction with the attached account.
- Establish a common budget : Discuss common expenses with your partner and set a monthly budget to avoid excessive spending.
- Use categories of expenditure Revolut enables each expenditure to be categorized, thus facilitating the monitoring and analysis of common expenditure.
- Set spending limits : Set spending limits for each card to better control cash outputs.
Thanks to these features, managing a Revolut joint account becomes a simple and transparent task, tailored to the daily needs of all users.