US neobroker Robinhood (NASDAQ:HOOD) has announced that it is launching joint investing accounts, which allow customers to seamlessly manage investments with their partner while keeping their shared assets in one place.
Joint accounts make investing more collaborative for families and loved ones, providing shared access for account holders that allows them to combine funds and increase their investment power as they work towards their financial goals. Customers can extend certain Robinhood Gold benefits to a joint account at no extra cost, such as earning a 1% deposit boost and 5% APY on uninvested cash.
Steve Quirk, Chief Brokerage Officer at Robinhood said,
“At Robinhood we understand that investing is often a family endeavor. With joint accounts, we are empowering families and loved ones to achieve their financial goals together, reinforcing our dedication to long-term financial success.”
Whether saving for a child’s education, putting away money for a downpayment on a home, or working hard to build and leave a financial legacy, joint accounts can be ideal for families and partners who wish to align their financial goals and work together towards achieving them.
Benefits include:
- Keep investments in one place: Customers can easily switch from individual investments to their joint account with a tap. This simplifies the investment process, making it more convenient to manage investments in one place, and ensures that both account holders have a clear overview of their financial situation.
- Access for two: Existing customers can create a joint account with a partner and enable shared access to manage investments and transfer funds at any time. This feature ensures that both account holders are fully involved in their financial decisions and can act quickly and efficiently when needed.
- Increase purchasing power: Account co-owners can combine funds and leverage their collective financial strength to help meet their family’s financial goals.
- Share perks of Gold: Certain Gold member benefits extend to their joint accounts at no extra cost: earn a 1% deposit boost, then 5% APY. These exclusive benefits enhance the value of accounts, providing additional growth opportunities and financial rewards.
Joint investing accounts started rolling out today and will be available to all Robinhood customers in the coming weeks. Getting set up is simple, customers can go to their Robinhood profile, select ‘add account’ under their total account balance, tap ‘joint investing’ and then follow the on-screen instructions to complete an application. To learn more and understand how to get started visit the Robinhood Help Center.
