With Joint Accounts, you'll get the same savings features as you do on your Personal Account. Get 0.5% cash back on each transaction, plus be able to save together using RoundUps and Goals 💰
All these features can be accessed through clicking on Personal in the top right hand corner of the app > then clicking on 'Joint' in the switcher > 'Savings'.
Cash back on a Joint Account
As a KOHO customer, you'll hear instant cash back of 0.5% on each transaction.
Your Personal cash back rewards are separate from your Joint cash back rewards. Personal cash back only accrues when using your Personal card, and Joint cash back only accrues when using your Joint card.
You'll see the rewards on the home page of your account within 1-2 business days of the original authorized purchase.
Either user of the Joint Account can cash out the cash back balance, at which point both of you'll see the amount added to Joint Spendable 💰
RoundUps on a Joint Account
RoundUps help you save as you spend, by rounding every purchase you make on your Joint account to the nearest $1, $2, $5 or $10 (you'll choose the amount in-app).
RoundsUps for Joint Accounts are user specific. For example, if you choose to round every purchase to the nearest $2, only your purchases using your Joint card will increase the Joint RoundUps balance. Purchases made by your Joint partner will not (unless they also choose to setup Joint RoundUps).
While accumulating RoundUps on purchases is user specific, either of you can cash out the entire balance of the Joint RoundUps into the Joint Spendable balance or into a Joint Goal.
Remember, your Personal RoundUps are separate from your Joint RoundUps. Personal RoundUps only occur when using Personal cards, and Joint RoundUps only occur when using your Joint Account.
Goals on a Joint Account
Goals allow you to set shared goals and save together for things like a wedding, vacation, or fun stuff for your apartment 🙌 The contribution is based on a schedule that either you or your Joint partner can set, such as daily, weekly, or monthly.
All contributions into a Joint Goal are made using the Joint balance only and do not impact your Personal Account.
Either of you can can create, edit, or delete a goal. This includes contributing funds into a Goal and withdrawing funds from a Goal into your Joint Spendable.
If this seems tricky, just remember that your cash back and RoundUp contributions are user specific, while Goals are not. Withdrawing all funds from any savings tool can be done by either of you.