US brokerage Robinhood (NASDAQ:HOOD) announced it is launching joint investment accounts, which allow clients to seamlessly manage investments with their partner while keeping their shared assets in one place.
Joint accounts make investing more collaborative for families and loved ones by providing shared access to account holders that allows them to combine funds and increase their investing power as they work toward their financial goals. Customers can extend certain Robinhood Gold benefits to a joint account at no additional cost, such as earning a 1% deposit boost and 5% APY on uninvested cash.
Steve Quirk, Robinhood’s Chief Brokerage Officer said,
“At Robinhood, we understand that investing is often a family endeavor. With joint accounts, we empower families and their loved ones to achieve their financial goals together, reinforcing our commitment to long-term financial success.”
Whether you’re saving for a child’s education, putting down a down payment on a home, or working hard to build and leave a financial legacy, joint accounts can be ideal for families and partners looking to align their financial goals and to work together to achieve them.
Benefits include:
- Keep investments in one place: Customers can easily switch from individual investments to their joint account with one tap. This simplifies the investment process, making it more convenient to manage investments in one place and ensures that both account holders have a clear picture of their financial situation.
- Access for two: Existing customers can create a joint account with a partner and allow joint access to manage investments and transfer funds at any time. This feature ensures that both account holders are fully involved in their financial decisions and can act quickly and efficiently when needed.
- Increase in purchasing power: Joint account owners can pool funds and leverage their collective financial strength to help meet their family’s financial goals.
- Share the benefits of gold: Certain Gold member benefits extend to their joint accounts at no extra cost: earn 1% deposit boost and then 5% APY. These exclusive benefits enhance the value of the accounts, providing additional growth opportunities and financial rewards.
Shared investment accounts started rolling out today and will be available to all Robinhood customers in the coming weeks. Setup is simple, customers can go to their Robinhood profile, select ‘add account’ to their total account balance, tap ‘joint investment’ and then follow the on-screen instructions to complete an application . To learn more and understand how to get started, visit the Robinhood Help Center.