Remember Simple Bank? The online-only bank emerged five years ago with the goal of giving customers a deeper understanding of their finances with charts and budgeting goals. Now, after being acquired by Madrid bank BBVA, it’s launching its first new product in a while: joint accounts.
Simple is marketing its “shared cards” to couples of all types: roomies, life partners, parents and their kids—any duo that has to pay for things together. To get one, both parties first have to have their own individual Simple account. Once open, it allows people to set up a pot from which to draw money for bills and whatever else. What’s interesting about Simple’s joint account is that it’s able to identify who is spending what. If you use the joint account to buy your morning coffee, your account will identify that you spent money from the account at your local coffee spot. The other person on the account will get a push notification saying you did this. The product makes banking together a little more transparent than ordinary joint accounts, but will not stop your partner from draining the account.