Guide to setting up joint accounts on Frec

Managing investments with a partner just got easier with Frec’s joint accounts feature. In this guide, we’ll cover everything you need to know about joint accounts and how to get started.

What are joint accounts?

Joint accounts on Frec allow two people to co-manage their investments while maintaining separate logins. This means you and your co-owner can access and manage the same portfolio while maintaining individual account security.

Benefits of joint accounts

There are several reasons why an individual may want to set up a joint account:

• Simplified portfolio management: Manage all your shared investments in one place
• Maintain independence: Each owner gets their own secure login
• Convenient access: Each owner can deposit or withdraw funds as needed

What you’ll need before getting started

1. For you
   • Your basic personal information
   • Your co-owner's name, email, and address
2. For your co-owner
   • The initiator's date of birth (for security verification)
   • Their basic personal information

Important notes before you get started

Joint accounts can only be created using a new email that is not already used on Frec. If you or your co-owner have existing accounts with Frec, you will need to use a new email or create a secondary email address by adding a +1 (or any combination of letters or numbers after the plus sign to the original email). For example, if your login email is john@gmail.com , you can create a new login with john+1@gmail.com and still receive notifications to your original john@gmail.com address.

If you’re interested in moving your assets from an existing individual account to a joint account, simply open a joint account and reach out to help@frec.com for the next steps. Your individual account will be automatically closed once all of the assets are moved into your joint account.

Steps to setting up a joint account

For you (initiator):

1. Go to Frec’s sign-up page.

2. Create an account with your email and password.

3. Select “Joint Account” as your account type. If you accidentally select the wrong account type, you can change it later using the drop-down menu in the upper right corner.

4. Enter your personal details as prompted.

5. When prompted, enter your co-owner’s full legal name and email.

6. Click “Continue”. This will send an invitation to your co-owner to join the account.

For your co-owner: 

1. Check your email for an invitation from Frec.

2. Click “Create Account” to get started. Note: You must use the link in the email to create a joint account with the initiator.

3. Follow the steps to set up your account.

4. When prompted, enter the initiator’s date of birth for security verification.

5. Complete the rest of the onboarding process.

6. Once the co-owner completes onboarding, you will both receive an email notifying you that your joint account is ready!

Joint account ownership

Most joint accounts default to joint tenants with rights of survivorship (JTWROS) , meaning if one account holder passes away, the other inherits full ownership.

Exceptions: 

• Louisiana: JTWROS is not recognized. Accounts default to tenants in common (50/50 split) . To adjust ownership percentages, email help@frec.com.
• Community Property States : If married, your account may also default to a 50/50 split , similar to Louisiana.

Need help?

Our team is here to help you every step of the way. If you have any questions during the setup process, don’t hesitate to reach out to our team at help@frec.com.

We also welcome any and all feedback to help us improve the joint account experience.