You don’t have to share a bed to share finances (but you can!)

you don’t need to go into a bank branch with arms full of paperwork to get a Joint Account. Instead, you can use your phone to simplify your financial life by signing-up for a free KOHO Joint Account and Prepaid Visa with anyone you want. This new account can be shared with anyone you fancy – whether it’s roommates, partners, spouses, siblings, or just good old fashioned friends.

KOHO, a financial technology company that offers Canadians a full-service alternative to their traditional bank account, is redefining how Canadians save and share money with the launch of a first-of-its-kind Joint Account. Imagine being able to save for a trip with your partner, keep track of rent and expenses with your roommate, or pool money for the restaurant bill with your friend instead of sheepishly asking the server to split it? Not to mention, real-time balance updates, shared savings goals, and expense tracking right on your phone creates financial transparency that conventional Joint Accounts lack. Some expenses are better shared, so why not make that as easy as possible?

Canadian FinTech company KOHO launches simplified Joint Accounts (CNW Group/KOHO)

The process of getting a Joint Account doesn’t fit for many people today,” shared Daniel Eberhard, CEO and Founder of KOHO. “Walking into a branch and filling out complicated forms is too high a barrier for a lot of people, especially in non-traditional situations. Our joint accounts are part of our continuing mission to democratize and simplify great financial products,” he added.

Shared account holders will have their own Personal Account, along with a Joint Account, which includes the following features:

  • A Joint Account reloadable prepaid VISA card
  • No fees!
  • Expense tracking
  • Real time Joint updates and spend notifications (notifies both account holders of any spending that happens)
  • RoundUps (the ability to round-up each purchase to the nearest $1, $2, $5, or $10 and have the app tuck the difference away into savings)
  • PowerUps (instant 0.5% cashback on all purchases)
  • Shared savings goals (allows users to set and contribute to goals together)
  • Instant virtual cards (for online purchases)
  • Send free e-Transfers
  • Free, instant KOHO-to-KOHO transfers
  • Personal account spending privacy
  • All of the benefits of a regular KOHO account

How relationships are defined is evolving and changing constantly. So too should the financial products that serve us.