Friends Turn to Shared Bank Accounts to Strengthen Bonds and Fund Adventures

In a growing trend fueled by social media, friends are opening joint bank accounts as a way to save for shared experiences and strengthen their relationships. From financing milestone trips to setting playful savings challenges, this unconventional approach to “financial intimacy” is gaining popularity among young adults seeking both accountability and connection in their spending habits.

Madison Machen, an Austin, Texas, resident, adopted the idea after a chance encounter on a flight. Inspired by a seat-mate who used a joint account to fund trips with her best friend, Machen started a shared Cash App account with her own friend, Kim. Within six months, the pair saved over $1,000 and plan to use it for a 20th friendship anniversary trip to France. “It’s fun for us, because we can do little wagers, almost like a swear jar,” Machen said, noting she deposits $5 whenever she skips a training run for her marathon.

Group of friends in a jungle | Source: Pexels

Experts say the trend contrasts with the rise of “Buy Now, Pay Later” incentives, which can lead to repayment struggles. Alyssa Davies, author of Financial First Aid, explained that joint saving makes money “less intimidating, overwhelming, and there’s way more transparency.” Content creator Tori Dunlap added that young consumers want spending flexibility, but warned that trust is critical: “Everyone on the account typically has equal access, which means one person could withdraw funds without permission.”

Some financial experts urge caution. Taylor Price, known online as pricelessstay, highlighted risks such as liability for overdrafts and potential credit impacts. She suggests individual sinking funds as a safer alternative. Still, others report success: Australian TikTok user Kim Brindell said her group’s joint account “definitely made an impact in how we prioritize quality time together,” helping them organize annual trips without disputes over costs.