Revolut launches Joint Accounts for Singapore's shared finances

Revolut conducted the survey with research company YouGov on a representative sample of 1,000+ Singaporeans aged 18-65+ and concluded that more than 70% of Singaporean couples report experiencing financial challenges – the highest proportion among APAC markets surveyed by Revolut, including Australia, New Zealand, and Japan.

The company’s aim is to simplify shared finances in Singapore, enabling every type of duo to manage their finances together in a simpler way.

Revolut’s survey findings

According to the survey, 34% of couples experience stress caused by financial instability and unexpected expenses. Budget disagreements are another significant hurdle, cited by 30% of respondents, marking Singapore as a risk zone for spending conflicts compared to other regions.

Additional challenges include disagreements over long-term financial planning or major purchases, unequal contributions to shared expenses, difficulty tracking shared expenses and payments, and discomfort discussing money matters openly, among others.

Singaporeans desire tools to simplify shared finances, with 50% finding automated bill reminders essential, 40% valuing advanced analytics for tracking spending patterns, 38% wanting bill-splitting features, and 35% valuing customisable permissions and spending limits in shared accounts.

Revolut launches Joint Accounts

In response to these findings, Revolut’s Joint Accounts aim to increase financial inclusion and convenience by allowing partners and people who share finances to jointly own a Revolut account, with both owners receiving their own cards.

The main features of the Joint Accounts include budgeting tools, shared expense elements such as bill splitting, tracked shared expenses and in-app reminders, multi-currency capabilities, real-time notifications for all account activities, and safety features.

By providing a three-step account opening process, Revolut aims to remove the barriers associated with creating a joint account with a traditional bank. 800,000 of Revolut’s customers across the UK, Europe, Australia and New Zealand are using Joint Accounts for everyday spending.