It can’t be that deep – an account opening form, passport photographs of all parties, valid means of identification for all parties, valid utility bill, reference forms, a biodata form that allows the bank to know more about you, resident permit if you’re a foreigner, and the list goes on – just to open a joint account? Phew, it surely can’t be that deep.

Thankfully, technology and innovation have made it possible to create, operate and access a joint account anytime, with anyone and anywhere, without these plenty requirements.

And there’s more.

Now, you can do joint banking with a peace of mind with a family member (not necessarily one you are romantically involved with aka your spouse), or with your friend, your colleague, your neighbour, etc. Basically, anyone who shares the same financial goal as you. We had an insightful discussion with a finance expert who understands the principle of joint banking, and he shared the following;

• The definition:
  Simply put, joint banking is doing everything you would normally do with a regular bank as an individual but with other people (two or more people). So instead of saving, investing and transacting solo, you do all these things with other people. But not just anyone, specifically people who share common financial goals or interests as you. E.g., you can do joint banking with your flat mate for the sole purpose of saving towards your rent; or you could do joint banking with your siblings by creating a joint investment account to invest towards owning a property. Gone are the days when joint accounts were only used by relatives, couples, or business partners. But one thing still stands, you need to have a level of familiarity and verified trust with whomever you are collaborating on your finances with.
• The procedure:
  We’ve established that joint banking involves two or more authorized users. In the ‘old days’ a bunch of requirements were needed to do money together. Perhaps that was why people stuck to doing it with people they could hold accountable. However, nowadays, all you need is a digital platform that offers these services. These platforms verify your partners and hold them accountable for you, so you can enjoy equal control, transparency and access on the account. Simple and straightforward.
• The benefits:

• Income depreciation: The value of the naira today isn’t the same as it was in 2014. A good loaf of bread now costs N1000. A 50kg bag of rice is close to N50K. And the list goes on. One of the ways to soften the impact of income depreciation is to combine finances with others. As with the rent example, the involved parties can put their money in a high yield savings account and earn the benefits which can be used towards their next rent.

• Compound Interest: When it comes to collaborating on your finances, think about it this way – more is more. Our speaker called it the 8^th wonder of the world. And we agree. When you save or invest more, you earn more. We gave a few examples here. It is one sure way to achieve your financial goals faster.
  
  
• Accountability, equal access and equal control: There’s no better feeling than seeing your money details in black and white. A mother can combine finances with her daughter and help her manage money better, brothers can save together towards a family project, friends can save and invest together towards starting a business venture. There’s no worrying about transparency, access or control.

Vested is a financial platform that allows you combine finances with equal access, control, and transparency. Experts have recommended that 2023 is a good year to do finances with others. Do not go alone this year. Share those bills and financial goals today. Grow faster together.