Create a shared account

A shared account is a practical and secure solution for managing expenses, direct debits and transfers between several people.

Create a shared account

Opening a shared account only takes about ten seconds. To do so, the customer must :

• From the "Account" tab open the "Accounts & money pots" section, click on "+" and then select "Duo account" for an account to be shared by two people or "Group account" for an account to be shared by a group.

• Enter a title for the account (e.g. "Couple", "Roommate", "Summer 2023").

• Search and select the members to invite into the shared account (if they do not appear in the list, you can enter their phone number or email address in the search bar. An invitation will be sent to them).

• Define the rights of each participant (as explained later in the paragraph Managing the rights of each member).

• Personalize the shared account by adding a cover photo, or by inviting other members.

• Deposit money into the account (see the paragraph Depositing money into a shared account below).

Once created, the shared account is accessible by its members from the "Accounts" tab of the application.

How a shared account works

• It only takes a few seconds to deposit money into the account.

• Each member can credit the shared account.

• Each participant who has the right to spend money can use a payment mean (such as the Visa card) to spend the money available on the shared account.

• In order to avoid payment incidents and unpleasant surprises, there is no authorised overdraft with a shared account.

Managing members' rights

The creator of the shared account can give the following rights to each participant:

• View the balance of the account.

• View transaction history: the member will be able to generate bank statements.

• Spend money: the participant will be able to use the money in the shared account to pay.

• Manage participants: the participant will be able to invite or remove other users to the shared account, assign rights to them but also remove them. The creator of the account cannot be removed.

Depositing money into a shared account

There are several ways to credit the shared account:

• Use the IBAN of the shared account
  • The creator of the shared account has the possibility to generate an IBAN with BIN (Bank Identification Number) dedicated to the account.
  • The IBAN is accessible to all the members of the shared account from the "IBAN" section accessible in the detailed view of the account.
  • This IBAN can be used to move money in and out of the account without charge.
  • It is possible to use it as a beneficiary for an incoming transfer or to share it for the setting up of a direct debit mandate.
  • The name of the member invited can be attached to the IBAN of the shared account aside the name of the legal holder. To do, it's necessary for the member to get verified and to get the right to spend.
• Transferring from another Lydia account
  • A member who has money in another Lydia account can drag and drop it from the account tab of the application or by clicking on the "+" (credit) icon from the detail view of the shared account.

Spending money from a shared account

If the member has the right to spend money from the shared account, a member can :

• Pay with a physical card: To spend money by card the member can, a member can link its personal card to the shared account from the main tab of the application. Each member can order its own card. To order a physical card click here.

• Buy online with a virtual card: Simply create a virtual card and use the virtual payment card numbers to make a secure online purchase. Once the purchase is confirmed, the card can be destroyed.

• Contactless payment with their phone: customers can add a card (physical or virtual) to their smartphone payment solution (Apple, Google, Samsung, Lydia Pay) and select the shared account as the payment source for this card.

• Withdraw from ATM: it is possible to connect a physical card to the account and use it to withdraw money from the ATM.

• Send money: it is possible to transfer money instantly from a shared account to another account or by SEPA bank transfer.

• Direct debit on IBAN : It is possible to apply a direct debit on the shared account IBAN.

These are convenient, secure and free of charge ways to pay abroad.

Shared account fees

There are no fees for opening a shared account and no account maintenance fees. Each member has the possibility to receive a free physical card. To order a physical Lydia card click here.

They can deposit money into the shared account free of charge and spend up to €3,000/month, beyond which each account member is subject to the usage limits and fees of their individual account.

There is no limit on the number of members on a shared account, nor on the number of shared accounts to which a single customer can belong.

Documents to open a shared account

To make full use of a shared account, having verified profile is an essential step. It's quick, secure and all you need is a valid ID (ID card, passport, residence permit). It is necessary to have a user account on the Lydia application to join a common Lydia account.

Closing a shared account

Only the creator of the shared account can close the account. Participants can leave the account at any time by clicking on "Leave account" at the bottom of the screen.