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Let’s face it. Money is important to any family. It’s the subject of many arguments and disagreements among couples. When two people form a relationship, they often bring with them their experiences, beliefs, and baggage when it comes to money. Getting on the same page about your finances is a struggle for all couples whether you combine your finances or choose to keep them separate.
Enter Zeta.
Zeta is a modern bank account specifically designed for families. Regardless of your relationship stage, Zeta provides a bridge to understanding and managing your money together in one account.
Before we get too far, let’s talk about joint bank accounts. They’re not a new concept, and many banks offer joint accounts among their banking products. What makes Zeta different?
What is Zeta?
Zeta is a financial technology company founded by Aditi Shekar. It is not a bank, but it partners with Piermont Bank to provide a joint bank account that’s FDIC-protected up to $500,000.
Helping couples manage their money better is at the heart of everything Zeta does. It all started with the company’s first app, the Zeta Money Manager. More recently, the couple launched Zeta Joint Cards, a shared banking experience for couples.
Zeta Joint Cards
Zeta Joint Cards are the centerpiece of the company’s joint bank account. Similar to other joint accounts, it allows you to budget, save, and spend money together from one account. Each partner gets their own card and access to the joint account. It’s easy to connect your Joint Cards to existing individual bank accounts too. Sharing an account doesn’t mean you have to share all of your money. The account might just be used for shared expenses. The details are up to you as a couple. Here’s a look at Zeta Joint Cards’ more prominent features:
No Monthly Fees or Minimums
Zeta joint accounts have no minimum opening or ongoing deposit requirements and no monthly service fees.
Mobile App
The ability to manage your money anytime, anywhere is more important than ever. The Zeta Joint Card app is currently available for iOS and Android. It’s the primary tool customers use to manage their account, transfer funds, send money, pay bills, and more.
Notifications
I’m someone who tends to turn off notifications on his phone, but not when it comes to money. I always want to know what’s going on with my financial accounts. The Zeta app allows you to receive updates on your phone anytime a transaction occurs.
Communication
One of the keys to successfully managing money with someone else is communication. Without communication, there’s no point in a joint bank account. Unfortunately, most banks leave it out of the equation, only focusing on the banking component. Luckily, Zeta is different. Within the account are several communication tools to help you not only stay on the same page with your finances, but learn and grow as money managers too.
Automatic Bill Pay
Zeta allows you to set aside money for shared bills within your account. You can also set up automatic bill pay (ACH and checks) for recurring payments.
Payments
Besides bill payments, Zeta customers can send money to individuals through their accounts too.
Mobile Check Deposit
You can also quickly deposit checks through the mobile app.
Large ATM Network
Zeta Joint Cards have free ATM access at more than 55,000 ATMs across the U.S. through the Allpoint ATM network.
Virtual Cards
Virtual card numbers help protect your financial accounts by generating a virtual card number to use for online payments instead of your joint card number.
Earn Interest
Money kept in your Zeta joint account currently earns 0.20% APY. It’s not the most competitive rate around, but it’s much higher than the national average and probably higher than what you’d find at your local bank.
Goal Setting
You can create sub-accounts within your Zeta Joint Card account for different savings goals. Whether you’re saving for your first home, a future family, an upcoming trip, or a wedding, you can create and fund separate savings goals in one spot.
Zeta Concierge
None of us have all the answers, especially when it comes to money. Customers can ask the Zeta Concierge questions and quickly receive answers as necessary.
Getting Started with Zeta?
Is Zeta perfect? No, and I think they would be the first to admit that its joint account is a work in progress. That doesn’t mean it’s not a good option, especially compared to your bank down the street. With no fees, tons of communication and money management tools, and a relatively competitive APY, Zeta Joint Cards makes sense for couples looking for an easy way to manage their money together. You can learn more about Zeta and apply for an account online.
What are your best tips for managing money together with your partner? Let us know in the comments below.
Kevin Payne is the budgeting and family travel enthusiast behind FamilyMoneyAdventure.com. He’s also the host of the Family Money Adventure Show podcast, where he helps families learn to manage their money better so they can afford to do the things they love.
Kevin is a freelance writer specializing in personal finance and travel. He is a regular contributor to USA Today, Forbes Advisor, Bankrate, Fox Business, Credible, and CreditCards.com.
