Zeta Joint Accounts vs. Simple Shared Accounts

Aditi Shekar
January 12th, 2021 | 4min
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Hi there, given all the phenomenal interest we’ve gotten from Simple Shared Account holders looking for a new joint account, we wanted to put together a quick guide on how Zeta Joint Accounts compare.

Zeta vs. Simple: What’s similar:

One joint account, two debit cards, zero monthly fees: When you open a Zeta joint account, Zeta sends both you and your partner custom debit cards to allow you to spend as you need—with zero monthly fees. The cards can also be used for contactless payment via a digital wallet.

Shared expenses: Zeta offers the ability for you and your partner to share expenses you have together. You can each fund your account (through direct deposit and transfers from other accounts) and have any shared expenses flow out of your joint account to streamline your finances.

Available to Spend: Zeta creates pockets for your money so that you know exactly what’s available to spend or what’s reserved for an upcoming bill or check.

Bill Reserve: Zeta lets you set aside money for your bills (similar to Simple’s Expenses feature) and even pay those bills from the app as needed. Tag your transactions (e.g. utilities) and keep your budget up to date.

Shared Goals: Zeta gives you the option to save together automatically. You can create multiple goals and set up auto saves to help you reach them as a team.

Free ATMs: In the app, we’ll show you all of the ATMs you have access to as part of the MoneyPass network.1

If you want to see a full list of Zeta Joint Account features, including check writing and more, check them out here.

What’s different:

No individual accounts: Simple required you to have an individual account before you could open a Shared account. At Zeta, we do not! In fact, we don’t offer individual accounts (we might change that in the future). We offer the ability to open a joint account and fund the account however you choose—through direct deposits or recurring transfers from your individual accounts. Our goal is to stay focused on the joint experience so we can make it stand out from the crowd. Many existing Joint Account users opt to use their Zeta Joint Account as their primary or only account.

Interest on the entire account balance: While Simple offered interest on any money you held in your goals, Zeta offers interest on your entire account balance. Our goal was to simplify the math for you and make it less complicated.

Spending trackers: At Zeta, we originally launched our Money Manager product and learned a lot about how couples stay on top of their finances. Our most used feature are our spend trackers which let you set a monthly budget for a specific category and track how you’re doing against that together.

Credit Card Insights: Credit cards can be linked in Bill Reserve, allowing you to see balances and get a full view of your financial picture.

Messaging: Our goal at Zeta is to help you and your partner stay on the same page about your finances. To do so, we’ve added messaging to Zeta Joint Accounts, a feature that lets you and your partner easily talk about specific transactions, goals or even any tasks you need to accomplish with your finances.

Zeta Concierge: We take our role as your financial partner very seriously, and we’ve built out a team of Concierges to help you with anything that might come up. Need some help with a transfer or want some advice on how to roll over your 401k? Our team of Concierges are eager to help.

Have more questions? Follow the discussion on Reddit or drop us a note at support@askzeta.com.

1Out-of-Network ATM cash withdrawal fees apply. Third-party and cash deposit fees may apply.

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1Zeta is a financial technology company, not a bank. Banking services provided by Piermont Bank; Member FDIC. All deposit accounts of the same ownership and/or vesting held at the issuing bank are combined and insured under an FDIC Certificate of $250,000 per depositor. The Zeta Mastercard® Debit Card is issued by Piermont Bank, Member FDIC, pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted.

2Zeta Annual Percentage Yield (APY) is effective as of 05/01/2023, for customers who qualify for VIP status. Minimum amount to open an account is $0.00. Minimum balance to earn the APY is $0.01. Interest rates are as follows: 2.45% APY applies to the entire balance for customers who qualify for VIP status. Interest rates may change after the account is opened. Fees may reduce earnings.