Plenty of couples, groups, and families have said it at some point: “Let’s open a joint account.” Then someone mentions the forms, the paperwork and the trips to the bank, and the idea quietly dies. And instead, the money you share stays in one person’s account, mixed in with everything else.
So, how do you share an account without all that wahala? Well, with Piggyvest Joint Accounts!
Piggyvest Joint Accounts let you open and manage a Piggyvest account with people you trust, like your spouse, siblings, or even roommates. Everyone you invite can add money and manage your pooled finances — all in an account separate from your personal one.
In this article, you’ll learn what a Piggyvest Joint Account can do, how it’s different from Piggyvest Group Target Savings, who it’s for and how to open one.
What is a Piggyvest Joint Account?
A Piggyvest Joint Account is a new type of account for people who manage money together. You create it right in the Piggyvest app (just like a Piggyvest Kids account), and it sits apart from your personal account. It’s live now on the latest version of the app.
Each Piggyvest Joint Account has its own name and photo, which every member sees. So instead of sending the family’s money to your big brother’s account, everyone adds it to “Okafor Siblings.”
Switch into it, and you’ll find a separate home screen, savings and investments, with a banner at the top that reads “You are in Okafor Siblings.” Tap “Switch” to go back to your personal account.
What can you do with a Piggyvest Joint Account?
A Joint Account keeps shared money in one place and gives everyone in it a clear role.
Here’s what you can do with a Piggyvest Joint Account:
- Add money and save together. Every member can put money into the account and save, so nobody has to collect contributions first.
- Choose who does what. Members add money, save, and request withdrawals. Admins can do all of that and invite new people too. The Owner approves withdrawals and manages everyone in the account.
- Show how everyone is connected. Each person picks their relationship to the group (spouse, roommate, colleague, and more), and it shows beside their name.
- Use the wallets you already know. Your Joint Account comes with every wallet in a standard Piggyvest account, from PiggyBank and SafeLock to Flex Dollar, and you can invest with Investify too.
- Receive money from anyone. Your Joint Account has its own account number, so friends and family can send money straight into it.
- See who added what. Every member can see the account’s balance and what each person has added.
It all happens inside the Piggyvest app you already use, so you don’t need to download anything new.
How is a Piggyvest Joint Account different from Group Target Savings?
If you’ve saved with friends on Piggyvest before, you’ve probably used Group Target Savings. They sound similar, but they serve different purposes.
Group Target Savings is a savings plan with one target your group saves towards. A Piggyvest Joint Account is a whole Piggyvest account that you and the people you invite run together.
Think of it as our version of a joint account at a traditional bank, minus the paperwork and with all the benefits and ease of the Piggyvest you know and love.
Who is a Piggyvest Joint Account for?
You can start a Piggyvest Joint Account with anyone you want to build wealth with. When you set one up, we ask what it’s for, and we’ve built it to cover just about every way Nigerians pool money.
So, you can open a Joint Account with:
- Your spouse or partner, for rent, bills, foodstuff, school fees or building a house.
- Your siblings, for caring for your parents, medical bills or a family wedding.
- Your friends or roommates, for shared rent, hangouts or that Detty December trip.
- Your colleagues or classmates, for office contributions, gifts or graduation.
- Your community, from your ajo group or cooperative to your church, mosque, alumni association, hometown union or residents’ association.
Want one Joint Account with your spouse and another with your siblings? No problem. You can create or join more than one.
When Dara and Israel Obasola started saving together for their wedding, Dara sent her savings to Israel, who put them into the Piggyvest app. Now, couples like them can each add money to one Joint Account.
How to open a Piggyvest Joint Account
Tired of being the family’s unofficial bank? You can finally retire.
You can open a Piggyvest Joint Account in seven steps:
- Update your Piggyvest app and log in. New to Piggyvest? You can download the app and create an account in a couple of minutes.
- Tap your profile picture at the top of your home screen. This opens the “Switch account” screen.
- Tap “Create,” then tap “Create a Joint Account.” You’ll find it right under “Create a Kids account.”
- Name your account. Pick a name everyone will recognise, add a photo and, if you like, a short “About” line.
- Choose what the account is for. Pick up to ten options, from “Rent” and “School fees” to “Wedding” and “Detty December.” You can change them later.
- Choose what you are to the account. Spouse? Roommate? Colleague? There’s even an option for boyfriends and girlfriends. Your choice shows beside your name, and everyone you invite picks their own.
- Invite your people. Add each person’s phone number or email, make them a “Member” or an “Admin,” then create the account. Not ready to invite anyone yet? Tap “Skip and create.”
Note: You become an “Owner” when you create a Piggyvest Joint Account, so you’ll be responsible for approving withdrawals.
That’s it! We send each invitation as soon as the account is created, and you can invite more people from the Members page later.
Got an invitation instead? We’ll send it to your phone number or email address. To accept, open your Piggyvest app, tap your profile picture, go to “Join” and tap “Accept.” You can also tap “Join with a code” and enter the code from your invitation.
Don’t sit on it, though, because invitations expire after seven days.
How do withdrawals work on a Piggyvest Joint Account?
Before anyone puts a kobo into a shared account, they’ll want to know how money comes out of it. On a Joint Account, that depends on each person’s role.
Here’s what to know about withdrawals on a Joint Account:
- Who can ask to withdraw? Members and Admins can withdraw if the Owner allows it. The Owner decides whether they can request withdrawals at all.
- Who approves a withdrawal? The Owner approves withdrawals. When a Member or Admin requests a withdrawal, the money leaves the account only after the Owner approves the request.
- What happens if the account is closed? The Owner can close a Joint Account, and any remaining money moves to their Flex Naira wallet.
It also helps to agree on what the money is for from day one. These tips for talking about money with your partner work just as well for siblings and roommates.
Start saving together today
Whether it’s the household budget, rent for the flat or your parents’ upkeep, the money you share can now have an account of its own. Update your Piggyvest app and open a Joint Account today.
Got questions? We’re always here to help. Reach out to our support team through the Piggyvest app, on X (formerly Twitter) or Instagram, or send an email to contact@piggyvest.com. 💙
