Managing money as a couple can be tricky. Maybe your significant other pays the power bill, while you cover the internet, the fortnightly cleaner, and groceries too. Without the transparency of a joint bank account, this can be a real fire starter for arguments when someone feels like they are taking on the lion’s share.
Even so, in a recent YouGov survey of 1,000 Australians, 75%, or three in four millennials agreed that traditional joint bank accounts were outdated, made for “boomers”, and not really suited for modern relationships where both parties are bringing in money and a real sense of flexibility is key.
So, how do you deal with the life admin and all those unnecessary and mood-destroying financial feuds? Enter Up and their refreshed concept of couples banking.
They’ve dubbed it “2Up” with the fun tagline of “two-player banking” (cute). Instead of formalities and forms, you get to share the juicy stuff like savings goals—and quickly and simply managing all those shared expenses too.
In Up’s shared transactional account, you and your partner will each get an avatar, and you’ll be able to see who’s spending money and on what instantly. You’ll also get your own digital debit cards and in-app support—so no one has to hang on the phone on hold.
“This is a financial game-changer for couples,” says Anson Parker, Up’s head of product. “It’s like going from listening to music on cassette tapes to streaming on Spotify all in one go.”
“It means you can maintain a joint account with your significant other, with each party having complete and immediate transparency over what comes in and what goes out of the account, including the ability to tag and categorise transactions in the app.”
2Up can also be set up instantly—and shut down instantly (if, sob, things don’t work out between you two).
Suss out 2Up by Up right here.
Image credit: Toa Heftiba, Up
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Product & offer T&Cs @ up.com.au/terms. Up accounts issuer Bendigo & Adelaide Bank.