Shared bank accounts: The best of the best

Comparing mobile-first shared accounts in European banks

You might be moving in with your partner, or are actually friends with your housemates with whom you share expenses with. Either way, it’s only a matter of time when some petty arguments over expenses ruin a good thing. Whether you’re still in college or are already a responsible working citizen making a living for yourself, many mobile banks in Europe have created products or smart features to take the hassle out of dealing with expenses or saving up for a much-needed vacation together. Here is a guide on what you need to take into consideration when choosing a shared account and some mobile banks we would recommend!

Sharing a bank account with your partner is a sign of a very mature relationship

What matters the most for a shared account?

Sharing a bank account is certainly some extra responsibility for everyone involved so don’t take it lightly. Here are three things we recommend for you to consider before making your choice:

  • First of all - can you pay from it? Some mobile banks have created features like Vault or Group Bills from Revolut that helps you manage shared expenses or savings. But it is not a bank account, therefore you won’t be able to set up a direct debit for utility bills or make a big purchase from it directly. Therefore you also would not be able to have a card which you can pay from it either.
  • The second thing is the convenience factor: in our research, many people never end up opening a Joint Account because of the traditionally inefficient process to open one. Thanks to digital banks, a large chunk of complexity of getting a shared bank account has been lifted, you no longer need to find a time that fits everyone to visit a branch during a work day!
  • Last but not the least - the legal implication: the responsibility we mentioned earlier is mostly relevant to this point of consideration. Typically when you open a Joint Account, you and your partner are co-owners of the shared bank account. This means that in rare occasions if there is any compliance issue with the bank account, you and the co-owner are both responsible to cooperate in any investigation. Or when you wish to close the account, the approval for all the co-owners are required as well.
Making a shared bank account for communal expenses with roommates in college is a lifesaver

The Best of The Best

Below are 3 digital banks we recommend if you’re looking for a solution to manage your shared expenses or savings! Visit our review pages to read up more about each individual solution we recommend by clicking the links next to the bank that intrigues you or check out our bank account comparison overview to find the best option yourself. Or check out our full bank comparison overview via this link to get a full picture!

bunq

An up-and-coming Dutch neobank that focuses on ethical investment options, giving their users an option to choose how their money get invested. bunq also planted over 2 million trees as part of their green initiative. Powerful Open API and colorful cards - what's not to like?

HQ: Amsterdam, NL
Founded in: 2015
Users: 2'300'000+
Deposit protection: Up to €100'000
Website: bunq.com
Personal plans: ✔️
Starting at €2,99 per month
 
Business plans: ✔️
Starting at €4,99 per month
Currencies: EUR, USD, GBP, BGN, PLN, CHF
Shared accounts: ✔️
Student accounts:
Support: Chat, email
Sign-up bonus: 30 days free trial
HQ: Amsterdam, NL
Founded in: 2015
Users: 2'300'000+
Deposit protection: Up to €100'000
Support: Chat, email
Sign-up bonus: 30 days free trial
Website: bunq.com
Personal plans: ✔️
Starting at €2,99 per month
Business plans: ✔️
Starting at €4,99 per month
Shared accounts: ✔️
Student accounts:
Currencies: EUR, USD, GBP, BGN, PLN, CHF

bunq has to be the most flexible mobile bank which offers full-fledged joint bank account as well as smart features for group expenses. There are many options that can fit your needs: you can open a Joint bank account directly from the bunq app - whoever you’re sharing it with won’t even need to be there. You’re also able to share the access to one of your accounts with someone while maintaining the full control of the account. This works particularly well if you’re a parent and is looking for a solution to have a shared account with your kids. Moreover, you’re allowed to share a Joint bank account with up to 10 people - this created impressive flexibility to use with housemates or a close circle of friends!


Monese

Monese offers excellent currency exchange rates, an easy way to transfer money abroad in over 30 countries along with a great mobile app. Aimed at "digital nomads" from all over the EU, neobank offers customer support in 14 languages.

HQ: London, UK
Founded in: 2014
Users: 2'000'000+
Deposit protection: Up to €85'000
Website: monese.com
Personal plans: ✔️
Free personal plan available
 
Business plans:
Currencies: GBP, EUR, RON
Shared accounts: ✔️
Student accounts:
Support: Chat
Sign-up bonus: N/A
HQ: London, UK
Founded in: 2014
Users: 2'000'000+
Deposit protection: Up to €85'000
Support: Chat
Sign-up bonus: N/A
Website: monese.com
Personal plans: ✔️
Free personal plan available
Business plans:
Shared accounts: ✔️
Student accounts:
Currencies: GBP, EUR, RON

Just looking for something simple? Monese should do the trick. It is super easy to start a Joint account when you already have a Monese personal account. Once you invite your partner to join, you both will receive a bank card just for your Joint Account. The cards have a split design which makes the complete Monese logo when putting together, which is a nice touch! In addition, you can create a pot in your Joint Account to save up for something big with your partner. And that’s about it, Monese offers a simple solution for shared expenses and savings. If you’re not too fussed with anything extra, this could be a great choice!


Revolut

Europe's biggest neobank, Revolut is a pioneer of mobile-first banking. Offering a wide range of financial services and banking products, including (but not limited to!) trading stocks and crypto, Revolut is a safe option regardless of customer's country of residence.

HQ: London, UK
Founded in: 2015
Users: 18'000'000+
Deposit protection: Up to £85'000
Website: revolut.com
Personal plans: ✔️
Free personal plan available
 
Business plans: ✔️
Free business plan available
Currencies: 30+ currencies
Shared accounts:
Student accounts:
Support: Chat, email
Sign-up bonus: Save 20% paying annually
HQ: London, UK
Founded in: 2015
Users: 18'000'000+
Deposit protection: Up to £85'000
Support: Chat, email
Sign-up bonus: Save 20% paying annually
Website: revolut.com
Personal plans: ✔️
Free personal plan available
Business plans: ✔️
Free business plan available
Shared accounts:
Student accounts:
Currencies: 30+ currencies

Instead of offering a simple Joint bank account, Revolut chooses to provide users with features that directly address the issues you'd usually solve by having a shared bank account. This is also great if you don't feel quite ready yet for the commitment of sharing a bank account. The Group Bills feature works like a charm when dealing with the expenses. All you need to do is to just add your friends to a Group Bill, and that's it - everyone can now add expenses to the bill which can be split and paid for in an instance. You can also create a Group Vault where you and whoever you add to it can save up for anything together. All in all, Revolut is not a bad option at all, especially if you’re not quite ready for the commitment of opening a full-blown shared bank account together.


Wrapping Up

There is no shortage of options available on the market right now, so your best bet to approach this decision is in clearly defining the requirements you set for this account first. Would this be an account you make frequent purchases from? Do you need multiple cards? If so, do you need one for each person who uses it? Or do you simply need a single card? After that, you need to decide if you want a standalone bank account, like the ones bunq provides - full with a separate IBAN and maybe even a personalized link to easily request money afterwards. Alternatively, you can opt for a "virtual" account - essentially, a "Group Vault" from Revolut. There is also a concern of ownership rights, especially relevant for tax purposes. Do you want an account that is owned by a single person, while everyone else simply has access to it, or would you rather prefer an account that's jointly owned by everyone involved? The devil truly is in details, so make sure to read our reviews and comparisons of banks you felt intrigued by before you make the decision!

Was this guide helpful? We hope you’ve already found the shared account solution that suits you the best. If you have any questions, comment below and we will get back to you as soon as possible. Did we miss any good mobile banks that offers shared accounts in Europe? Let us know so we can update the article with your suggestions.

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