How to Open Joint Accounts with SaveBetter
SaveBetter makes it easy for customers to add deposit products to their portfolios that are jointly owned.
Whether you are considering joining the SaveBetter community or already have, it’s important you know about a powerful feature of the SaveBetter platform that enables you to take your savings strategy to a new level: joint accounts.
What does it mean to have a joint account through SaveBetter?
As a SaveBetter customer, you have one account where you can view all the deposit products you own. Let’s say you have selected and funded for yourself both a high-yield savings account and a 12-month high-yield CD — all those products are accessible through the SaveBetter account associated with you. That’s one of the beauties of the platform — one enrollment and one convenient account, with the potential to hold multiple deposit products provided by multiple banks.
You can also elect to add deposit products to your SaveBetter account that will be jointly owned by you and another person. Any jointly owned products would appear in your account overview and on your monthly statement, as well as those of the other owner. But only you see and can access the products you possess individually.
What are the benefits of joint accounts through SaveBetter?
1. Increased deposit insurance
One of the most attractive and practical benefits of joint accounts is that you can save more money at a federally insured financial institution without forgoing deposit insurance coverage.
According to The Federal Deposit Insurance Corp. (FDIC), it treats joint accounts as an “ownership category” distinct from individual accounts. Its guidance on deposit insurance notes:
The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for coverage over $250,000 if they have funds in different ownership categories and all FDIC requirements are met.
All deposits that an accountholder has in the same ownership category at the same bank are added together and insured up to the standard insurance amount.
To help explain, let’s say you hold funds in an individual savings account at Bank X, an FDIC member bank. Say you and a co-owner then open a joint savings account at Bank X; because that ownership category is different, money held in the joint account at Bank X would be FDIC-insured, as well, and subject to its own deposit limits, regardless of the funds held in your individual savings account.
As you browse the SaveBetter marketplace, rest assured that all the products are offered by FDIC-insured financial institutions.
2. Pooled savings yield higher returns
With joint accounts, co-owners can pool their financial resources together and, in turn, maximize the interest they earn. Thanks to the increased deposit insurance coverage savers get, there’s a lot of capacity to net higher yields.
If you and a loved one are saving toward a shared goal, like a family vacation or a new family car, consider using a joint savings account to hold what you each contribute.
3. Transparent finances
With joint accounts, each co-owner has visibility into their balances and how their deposits are performing. This degree of transparency can breed greater and more open communication around finances and savings goals.
Including a joint owner for a new deposit product if you’re new to SaveBetter
You can opt to make your very first deposit product funded through SaveBetter a joint account.
When you’re ready to set up a SaveBetter account for the first time, start by choosing a product to fund and then press “Save now.”
You will be taken through the steps to register as a SaveBetter customer. This creates your convenient, all-in-one account where you can access all the deposit products you've chosen to fund (as many as you wish!).
When prompted if you would like to add a joint owner, select Yes. Follow the steps to input the joint owner’s details and proceed with the identity check for both you and the joint owner.
At present, a joint owner can be someone who hasn’t yet joined the SaveBetter community. Both individuals must be present when opening a joint account.
How an existing SaveBetter customer adds a joint owner for a new deposit product
To add a new deposit product to your SaveBetter account that you want to jointly own with another individual, here is a quick guide on the process:
1. Login to your SaveBetter account, and select a product to fund.
2. When prompted if you would like to add a joint owner, select Yes.
3. Follow the steps to input the joint owner’s details and proceed with the identity check.
Important notes about joint accounts with SaveBetter
Here are some things to keep in mind as you consider whether a joint account is right for you.
A SaveBetter customer’s individual and joint accounts will all appear on the same monthly statement.
For jointly owned money market deposit accounts and high-yield savings accounts, only the primary owner may deposit funds.
For jointly owned certificates of deposit, only the primary owner may direct how funds are handled after the CDs mature.
Head over to the Explore Products page to discover the deposit product that can help you and a loved one achieve your savings goals through the power and convenience of a joint account.
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APY means Annual Percentage Yield. APY is accurate as of May 12, 2022. Interest rate may change after initial deposit. Minimum opening deposit is $1.00.
Each customer authorizes the Custodian Bank to hold the customer’s funds in a custodial capacity in order to facilitate the customer’s deposits to and withdrawals from deposit accounts at various Product Banks that the customer requests through SaveBetter.com. The Custodian Bank does not establish the terms of the deposit accounts, or offer the deposit accounts to customers, and provides no advice to customers about deposit accounts. Central Bank of Kansas City, Member FDIC, d.b.a. Central Payments is the Service Bank. Custodian services are provided by Lewis and Clark Bank.