In recent years, shared accounts have gained popularity in Spain. It is a financial option that allows two or more people to manage money together in a single bank account. What benefits and risks does this alternative to share costs offer?
According to experts from the financial comparator HelpMyCash.com, shared accounts can be a good option for couples, roommates or family members who share regular expenses such as the mortgage, rent, bills or the purchase of food. In a shared account, each owner has access to the same funds and can perform deposits, transfers, payments and cash withdrawals as operations. In addition, shared accounts often offer a debit card for each holder, which makes it easier to manage everyday expenses.
Another advantage of shared accounts is the transparency and ease of controlling joint expenses. “By having a single account, it is easier to keep track of movements and balances, and detect possible mismatches or errors. In addition, many shared accounts allow expenses to be categorized by concepts (for example, supermarket, leisure, transport) and to generate reports and statistics to analyze consumption habits and make definitions accordingly”, add the financial specialists.
Of course, shared accounts may also have certain limitations in terms of the offer of banking products and services, which is why the comparator highlights the importance of comparing the options available in the market and choosing the account that best suits the needs and owner preferences.
The best shared accounts on the market
In this sense, the comparator has made a list with the three best options on the current market.
– The EVO Banco Smart Account is an attractive option for those looking for a bank account with no maintenance fees. It offers a return of 2% APR during the first year for the first 30,000 euros. In addition, it allows you to have up to two owners, which makes it a flexible option for couples, siblings or friends who want to share it.
An additional advantage of the EVO Banco Smart Account is the possibility of adding a second owner easily through the bank’s application. Both holders will receive a free Smart Card, which offers the option of debit or credit payment. In addition, money withdrawals can be made free of charge in a wide network of ATMs both in Spain and abroad.
– The Abanca Clara Account admits up to two holders. “It has no connection requirements and no commissions: it does not charge administration or maintenance expenses, national transfers are free and the debit card too -one for each holder without expenses-“, indicate the experts.
– The ING Non-Account Account, like the two previous ones, can be opened with a partner, a roommate, or a family member. “It also admits up to two holders and each one will have their own debit card. Of course, the card is virtual, so to pay for purchases or withdraw money you have to associate it with Apple Pay or Google Pay ”, they explain from HelpMyCash. The account has no commissions or conditions, and includes online purchase protection insurance and, in addition, allows you to manage subscriptions to Netflix, Amazon, Spotify, etc.,
Although most shared accounts offer online tools that allow users to manage and control their finances with payment reminders or automatic splitting of expenses, they also have some risks and limitations that should be considered before committing. “First of all, it is important to define the conditions of the account, such as the number of holders, the type of movements allowed, the spending limits and the responsibility of each holder in case of non-payment or claims. It is advisable to establish a contract or a written agreement to avoid misunderstandings or conflicts”, the experts maintain.
