Online lender Simple unveils shared accounts

US-based digital lender Simple has introduced Shared accounts that will allow partners to spend and save together.

Online lender Simple unveils shared accounts

The account, which has been launched following months of beta testing and research conversations with partners, can be set up digitally in minutes. This eliminates the requirement for customers to visit a branch for opening an account, the lender said.

The new account incorporates a built in savings and budgeting feature to help customers balance regular monthly expenses. It also includes the Safe-to-Spend feature that offers customers an accurate picture of what can be spent on a day without affecting future goals.

Simple Shared accounts also offer a push notification to alert partners whenever one of them spends from the account, as well as allows partners to see who made which transaction.

Simple senior product manager Derek Zumsteg said: “Shared has been the most requested product since we launched in 2012.

“We wanted Shared to go beyond traditional joint accounts. It’s designed to help partners communicate transparently about money and manage it in healthy, productive ways that build trust.”