Simple is already one of our favorite tools for managing your finances. They make it incredibly easy to see how much money you have, set up goals, and budget your expenses. Today, they launched Shared accounts, a new feature that makes it dead simple to split expenses and finances with another person.
The feature basically streamlines every issue you have with sharing expenses, whether it’s with your spouse, significant other, or a roommate. Between the two of you, you’ll have three accounts: two separate, individual accounts and a single account you can both use and have access to. From the shared account, you can both deposit money to pay for joint expenses like rent. If you have shared goals, like buying a house together, you can set them up and save for them in the joint account, too. But then let’s say you want to buy a new phone for yourself. You can use your own individual money from your individual account. Many couples already budget this way, but Simple’s interface and budgeting tool make it really easy to do this.
It’s also flexible and customizable, so you can use the Shared feature in a way that makes sense for your own situation. For example, you can customize your notifications for transactions within the shared account. This way, when someone pays the rent, you’ll know. Also, if you use a shared account with a roommate, you don’t have to worry about them seeing your individual account transactions-it’s a completely separate account and they won’t have access to it. (The gif below shows how you can switch between accounts.)
When you sign up for a shared account with your partner, roommate, or whomever, you’ll both get a debit card for expenses. Unlike every other shared credit or debit card, though, you can actually see who paid for which transactions, even though it’s a shared account. So if your roommate bought something for himself with your shared account, you can call him out on it.
Simple is FDIC-insured and your personal information is never sold or shared with anyone. If you already have an account, you can start using Shared via the dropdown menu on your profile. It takes a couple of minutes at most to set up a new account. If you’re new to Simple, you can read our post about them here. They have some useful customer testimonials in this video if you want to learn more, and to get started, just head to the link below.
Shared Accounts | Simple