Revolut launches Joint Accounts in UK after hitting 100,000 joint users in Europe
“We are really excited to be launching Joint Accounts to customers in the UK today, following the successful release of the feature to European markets back in April.”
Revolut has announced the launch of its new Joint Accounts product in the United Kingdom
The global financial super app supporting over 30 million customers worldwide, including 100,000 joint users across the European Economic Area, launched Joint Accounts to increase financial flexibility and inclusion, and to suit the needs of all customers and their personal relationships.
Blending the best of existing social and banking features
The Joint Accounts feature will allow customers to create an extra account within the Revolut app to be jointly owned by two people – whether they are partners, family members, or friends.
Revolut states these new accounts offer customers greater flexibility in managing their finances, through pooling resources and the ability to manage a common budget.
Antonella Benhamou, Head of Banking Tribe and UX Product Owner at Revolut, said: “We are really excited to be launching Joint Accounts to customers in the UK today, following the successful release of the feature to European markets back in April. As it continues to scale at pace, Revolut is becoming even more social and inclusive to meet the needs of different individuals, relationships, and budgets. Joint Accounts will help to easily sort out money matters with whomever we share our financial life – blending the best of existing social and banking features.”
The super app aims to actively challenge the stigma many feel when creating a joint account. Joint Accounts along with Revolut <18 can become a center of family finance, but they can equally be used by all types of duos, whether that be partners, siblings, roommates, or friends.
Revolut customers in Europe are predominantly using Joint Accounts for everyday spending, with the top spending categories being supermarket shopping and restaurants, according to the firm.
Revolut makes moves in New Zealand and the US
The company has recently launched its app in New Zealand after a 12-month trial. The service offers a global account with no monthly fees, allowing users to hold five major currencies and transact in over 200 currencies. Users can enjoy low-cost foreign exchange, international money transfers, and up to $350 NZD in free ATM withdrawals per month. Foreign currency exchange is available 24/7 at bank-beating rates, though fair-usage limits and weekend fees may apply.
In the US, Revolut launched a robo-advisory service to simplify and automate the investment process for customers, offering them a comprehensive solution for managing their portfolios with lower fees compared to traditional investment companies.
Robo-advisers, which use computer programs to provide investment advice online, typically charge less than half the fees of traditional brokerages. Revolut Robo-advisor offers customers a cost-effective solution for creating investment portfolios, with a low annual fee of 0.25%. Additionally, with a monthly minimum of just $0.25, it provides an affordable option for individuals looking to build their investment portfolios.
Revolut expects that the robos will attract the mass affluent segment, broadly defined as those with less than $1 million in investable assets, who may be attracted by its high-level technology services.