Opening a Shared Account

Opening a Shared Account


What are Shared accounts?

When you open a Shared account, you and your partner will each have an individual account (that belongs to just you) and the Shared account (which you both own). You can also start a Shared Protected Goals Account with your partner for your combined savings. You can only have one Shared account and one Shared Protected Goals account - meaning you may only share your accounts with one partner.

Your Shared account is separate from your individual account: it has its own account number, Safe-to-Spend, available balance, debit cards (one for you and one for your partner), Goals & Expenses, and transactions.

You and your partner co-own the Shared account (learn more about co-ownership here). Your solo accounts remain private—only you can access the funds or information on your individual account. While your individual accounts are separate, both parties must keep their individual accounts open in order to have a Shared account together.

Before opening a Shared account

Before opening a Shared account, take a quick look at this article to learn a bit more about co-owning a bank account. It’s also a good idea to talk with your partner about how you’ll be using the account. What expenses and income will you share, and what (if any) will you choose to keep separate? Are you eager to analyze your spending trends or make shared Goals? If so, what system would you like to use?

Inviting someone to open a Shared account

  1. From your account settings, select Start a Shared account.
  2. You’ll see an info screen with a few key facts about Shared accounts. After reading these facts, enter your partner’s email and phone number.
  3. If they already have a Simple account, they’ll get an invite to open the Shared account right away. If they don’t have a Simple account yet, they’ll be invited to apply for a Simple account. Either way, you’ll both get an email once the Shared account is opened.
  4. Your new Shared card will be automatically sent to the address we have on file for you (and your partner’s will be sent to the address on their individual account). The cards will arrive in about 2 weeks.
  5. When your card arrives, activate it.


info icon What next?

Learn about funding your Shared account and using all its features:

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Important! This account is for your personal use only

An increasing number of customers are being targeted by fraud scams. Before you apply, review these guidelines to help prevent you from being involved in fraudulent activity.

Do not open an account on behalf of someone else
If anyone asks you to open a Simple Account to receive funds, it is an attempt at fraud. Common fraud attempts include requesting that you open an account to receive a gift or bonus offer, obtain a job or job training, or help someone else receive funds (such as unemployment benefits).

Do not share your login or account information with anyone
Neither Simple nor any other legitimate institution will ever ask for your account information. If any third party requests your Simple Account login information, it is an attempt at fraud. Sharing your account information with another person or allowing someone else to use your account to receive funds is a violation of the Simple Deposit Account Agreement terms and conditions and can expose you to fraud.

Actions we may take if fraud is suspected

We take fraud and security very seriously at Simple, and take rapid action in the instance of suspected fraud attempts.

We may freeze and close accounts
We may freeze and close accounts if fraudulent activity is suspected, including the following circumstances:

We will report fraud attempts
We are responsible for reporting fraud attempts to authorities, including attempted unemployment fraud. There are state and federal penalties for unemployment insurance fraud (including potential fines and incarceration). If you suspect you are a victim of unemployment fraud, contact the appropriate state fraud hotline listed here.

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