What is a Shared Vault?

Written by Wealthable
Updated 1 year ago

Between the Shared Vaults and Connections features, there are multiple ways for you and your circle to work together on your shared financial goals.​

Shared Vaults are great for roommates who split the rent, a group of friends planning a vacation together, or a family chipping in on a gift. Any of your Savings or Expense Vaults can easily be turned into a Shared Vault!

Connections are the folks you add to your circle on Elevault. Whether they’re a part of a Shared Vault with you, or you just need to send them a quick $5 to pay them back for coffee!

Here are some FAQs on Shared Vaults:

Who can spend the money in a Shared Vault?

Only the Vault Owner can spend the money. The Shared Vault will not be accessible to your Connections other than to add money and see the activity.

Can my connection deposit money to my Shared Vault?

Of course! Your Connection can add money to the Shared Vault you own, but cannot spend it.

Can my Connection see the activity in the Shared Vault?

Yes, your Connection can see deposits and withdrawals just like you can see. 

Can my Connection access my VaultKeys for our Shared Vault?

No, only you can see VaultKeys on the Vaults that you own. 

What is the difference between a Shared Vault and other Vaults, like Savings or Expense?

There is no difference. Shared Vaults are not a Vault type of its own, but is just a feature of the app. You can share any Expense or Savings Vault with your Connections. 

Can I remove a Connection from a Vault?

Absolutely! You can add or remove a Connection as you need to. 

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