Yes, you're absolutely welcome to open a joint account at Kernel! Here's everything you need to know before getting started.
Your existing accounts stay as they are
You don't need to convert or close your individual account. A joint account is completely separate, and you can hold both at the same time, alongside any accounts you manage for your children.
How to open a joint account
You can apply here: Open a joint account
The application will ask for one person's details first, before requesting the second account holder's details. Both partners will need to verify their identity as part of the process.
Note: Each Kernel account requires a unique email address. You'll need to use an email address that isn't already linked to an existing Kernel account.
Things to keep in mind before you apply
Joint accounts work a little differently to individual accounts:
KiwiSaver isn't available on joint accounts. If you want to transfer a KiwiSaver balance to Kernel, you'll need a separate individual account for that.
Shares & ETFs aren't available on joint accounts. This feature is only supported on individual accounts.
Tax is calculated differently. Joint accounts have a different tax structure to individual accounts. You can read more about how tax works on joint accounts here.
Moving existing funds across takes a few steps. You'll need to sell your units, withdraw the cash to your bank account, then re-deposit and reinvest into the joint account.
Don't have a spare email address? Use the Gmail trick
If your main Gmail address is already linked to your individual account, you can create a new unique address without setting up a whole new inbox.
Simply add +1 before the @ symbol in your Gmail address when registering:
janedoe@gmail.com becomes janedoe+1@gmail.com
Kernel treats this as a unique email address, so you can register it as a new account. But all emails sent to the +1 address are delivered straight to your regular Gmail inbox, so you won't miss any notifications.
Note: This trick works with Gmail addresses. It may not work with Outlook, Yahoo, Xtra or other email providers.
Frequently asked questions
Do I need to convert my individual account to a joint account? No. You simply open a new joint account and your individual account stays exactly as it is.
I already manage accounts for my children, will this affect them? Not at all. Creating a joint account has no impact on any other accounts linked to your profile.
Can I move my existing Kernel funds into the joint account? Not directly. You'll need to sell your units, withdraw the funds to your bank account, and then re-deposit and reinvest into the joint account.
Can I use the joint account for KiwiSaver? No. KiwiSaver must be held in an individual account. If you'd like to invest your KiwiSaver with Kernel, you'll need a separate individual account.
Can both partners access and manage the joint account? Yes. Both account holders have their own full access with their own email address and password and can log in and manage investments independently.
What if I want to turn my individual account into a joint account? If you don't have KiwiSaver or Shares & ETFs with Kernel, we may be able to convert your individual account to a joint account. Get in touch with our team at support@kernelwealth.co.nz with the following details for the other account holder:
A photo of their valid NZ driver licence or NZ passport
Proof of full name that is less than 12 months old (preferably a government issued letter or bank statement, note that first name initials are not sufficient)
IRD number, RWT and PIR tax rates
Email address
Phone number