Robinhood (NASDAQ: HOOD) has added joint brokerage accounts as a feature for their account holders.
In a blog post, Robinhood said joint accounts “make investing more collaborative for families and loved ones,” explaining that funds can be combined and thus boost investment holdings.
Steve Quirk, Chief Brokerage Officer at Robinhood, said that joint accounts “are empowering families and loved ones to achieve their financial goals together, reinforcing our dedication to long-term financial success.”
The new feature is being rolled out today.
Joint accounts are standard at most modern brokerage services. While simple to set up, they also create a legally shared account with pros and cons.
Robinhood added that joint accounts can share the perks of their Gold level, such as a 1% increase in interest for savings.