You have the possibility to share Lydia accounts. You can share them with one person or several people once they are all using the Lydia app.
Depending on the number of people you invite onto one account and you can easily select what each person can do within the account. With that being the case, a Lydia shared account can be used in several different ways such as:
- A joint account
- Spending accounting with flat mates
- Organising an event between friends where everyone can follow how the moneypot money is being spent.
All users who have access to an account will be able to see it in their Lydia app. Simply go onto the “Account” tab in the app.
Once you choose to share an account, you can choose the rights each person has within the shared account. You can choose if the other person can simply:
- See the balance
- See the transaction history
- Spend money on the account: the user can use the shared account as a source of payment on the Lydia app.
- Manage the users: the user can add more users or simply edit the rights of each user
Only the person that created the account can delete it. The creator of the account is also the only legal owner of the funds available on the account.
By giving any type of rights to another user the creator/ owner of the account understands any risks that may be associated with doing so as explained in the T&Cs.
Invitation to an account
Another person can be invited by the owner/ creator of the account or anyone that is already included in the account and has been given the right to do so.
They will receive an invitation which they can choose to accept or refuse.
The rights given to a user can be modified or taken away at any moment by the owner/ creator of the account or by someone who has been given the right to “manage users”.
Using a Lydia shared account
Every user is able to credit a shared account.
Every user that has the right to spend can use the money available on the Lydia account.