The Solution: 2 Player Banking
May 31, 2021
Who are joint accounts designed for?
New research suggests it’s not young Australians.
In a new YouGov survey of 1000 Australians, three in four (75%) millennials agreed that traditional joint banking accounts are better suited to married couples, and are not suited for modern relationships where people need more flexible ways to manage shared expenses.*
Seven in ten (69%) Australians agree with this statement, with one in three (32%) strongly agreeing in this regard.
Are young people destined to keep notes on the fridge, juggle transfers, or work it out some other way? Arrangements like "They pay the rent, and I sort out the bills and shopping" or "We split the rent and then I take care of groceries, while they sort the bills” are creating unnecessary life admin for couples.
Up believes there’s a better way. There’s no good reason a shared account can’t be quick and easy to both set up and shut down. Communication and control of shared funds should be equal; and you should still retain total control over your personal finances.
With our core focus on spending and saving, younger Australians have been especially attracted to Up. In fact 9 in 10 Up customers are either Millennials or younger. Our core focus is banking solutions that make sense for young people, and that means reimagining products that other banks see as one-size-fits-all.
The Solution: 2 Player Banking
On 31 May, Up customers were able to access digital banking’s most anticipated release - something completely redesigned to better suit modern relationships. We’re calling this new experience 2Up.
2Up in a nutshell:
- A shared transactional account with digital debit cards that lets couples share expenses and savings goals.
- Instant set-up and shut-down. Opening and closing 2Up can be done through the app in seconds.
- Lets customers maintain their independence and privacy — 2Up accounts work alongside customers’ existing personal accounts instead of replacing them.
- It’s more than just a joint account. Couples can receive notifications for shared charges, be included equally in support conversations, save toward shared goals, and easily budget together.
Thousands of customers have joined 2Up with their financial player 2. So far, more than half of those customers are new to joint accounts demonstrating that the product is serving an unmet need!
“This is a financial game changer for couples,” said Anson Parker, Up’s Head of Product. “It’s like going from listening to music on cassette tapes to streaming on Spotify all in one go.”
“It means you can maintain a joint account with your significant other, with each party having complete and immediate transparency over what comes in and what goes out of the account, including the ability to tag and categorise transactions in the app.”
“The icing on the cake is that each party can maintain a separate, individual transaction account - and up to 50 personalised savings accounts - all within the same app.”
Establishment is a simple process where one Upsider invites another. Once accepted that’s it! More than a joint account, 2Up will let couples work together towards common savings goals, view a shared payment history, and even talk to support in a group thread so nobody has to hold a phone on speaker! It’s a totally integrated approach — not simply a shared transactional account. And we couldn’t be more excited to bring the world of collaborative banking into Up.
It takes just three minutes or so to join Up on your phone, and another three to invite your financial Player Two. And if it doesn’t work out between you two? No problem. Shut down your 2Up and be on your way.
*This study (conducted online between 3rd – 5th May 2021) comprised a nationally representative sample of 1,027 Australians aged 18 years and over. Following the completion of interviewing, the data was weighted by age, gender and region to reflect the latest ABS population estimates.