Group Save (Design Conjecture)
No, you don't need a shared bank account to travel with friends by Mariya Postelnyak (2025) examines a group of friends who created a shared bank account for their trip. While this particular group of friends was able to pool thousands of dollars before their trip, financial experts have many concerns with setting up a joint bank account with friends – One of the biggest being that nothing prevents someone from going in and taking out money. Read more about my thoughts on this article here.
"Group Save" is an app that allows friend groups to pool money together for a trip and manage expenses collectively, without the risks that come with a shared bank account. On the app, users can add their friends to a group and create savings goals together. Each member can contribute funds, but members can only withdraw their own contributions, or need approval from each group member to withdraw collective funds. This eliminates the risks that come with a shared bank account. The app includes a running leaderboard that ranks the top 3 contributors, creating a sense of friendly competition. The app also allows users to input shared expenses, and does the math to split the costs among the group members. Overall, the app is meant to make budgeting, saving, and splitting costs for group trips easier and more enjoyable.
There are a lot more areas to explore around this concept, such as where the money goes. Does the money go to individual accounts or pool into a joint account? How do payments work?
References.
Postelnyak, M. (2025, September 9). No, you don’t need a shared bank account to travel with friends. Here’s how to avoid conflict. The Globe and Mail. https://www.theglobeandmail.com/investing/personal-finance/article-you-dont-need-a-shared-bank-account-to-travel-with-friends-2/
A.I. was not used for this conjecture.
