Spot Money, a new open banking platform, has launched its shared account functionality in Mzansi. This will allow up to 10 people to manage their finances jointly. Never has there ever been a better time to safeguard your finances and managing them accordingly, in fact this should go without saying at any time.
Andre Hugo, Spot Money’s CEO and co-founder, said the new functionality would deliver immediate benefits across a range of scenarios. These include managing short-term shared expenses like household bills, office coffees, book clubs, ride sharing, ad-hoc school expense collections and even creating mini-stokvels.
“Until now, shared accounts meant a primary account holder would provide limited access to chosen beneficiaries. Our approach makes all account holders equal partners: they all have full sight of transactions, and are able to top up and make payments out of that account through a range of channels, which leads to better expense management,” said Hugo.
The obvious use case for a shared account is for couples and partners, who would be able to move their living expenses into the account for ease of management. This could extend to any scenario where people share accommodation, or where people support other family members financially.
“Anyone who’s ever shared a house or apartment with someone, knows it’s easier to herd cats than to manage shared expenses,” said Hugo. “A shared account will take the pain and hassle out of this part of your life.”
A second area where Spot sees shared accounts working well is where a group of friends are planning a trip away, and they need to pay a range of expenses. “Group trips away are huge fun, but it can be tough to keep track of who paid for food, accommodation and all the associated expenses. One shared account allows everyone to see instantly who paid what, and where the money goes, without chasing payments afterwards,” said Hugo.
It doesn’t end there, it turns out wine clubs and book clubs will also benefit from shared accounts, with all members able to contribute and run the club’s finances without having to figure out how to split bills and who still owes money.
“Shared finances are one of the trickiest parts of taking control of your money, but we’re making it quicker, easier and a lot less painful,” said Hugo.
Spot account holders can’t share their Primary or Reward accounts, but can share any (or all) of the three additional accounts they’re able to create in the Spot app. There is no limit to the number of shared accounts that users can be a member of.
Spot Money’s shared accounts will attract no monthly account fees. Accounts can be created and shared instantly, and members can be added and removed in seconds by the shared account admin. All transactions are tracked in real time, with no surprises.
If you are interested in finding out more including how to set up a shared account then check here. A nifty feature that is seemingly a no brainer for many.
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