A joint account is a type of bank account that is owned by two or more individuals. Each account holder has equal ownership and rights to the account, which means that they can both make deposits and withdrawals and perform other transactions using the account. 

Joint accounts can be useful for couples, business partners, or family members who want to share financial resources or manage expenses together. For example, a married couple may choose to open a joint bank account to pay for shared expenses like rent, credit card bills, or utilities. Business partners may use a joint account to manage the finances of their business, and family members may use a joint account to manage funds for a specific purpose, like paying for a relative’s medical bills.

One advantage of joint accounts is that they simplify financial management by allowing multiple people to access the same account. This can make it easier to manage shared expenses and avoid the need for constant communication about financial matters. It’s important to note for anyone considering a joint account to carefully communicate clearly with their co-account holder(s) about their financial goals and responsibilities.

Joint accounts can also be beneficial for financial education. They can help teach young individuals the importance of budgeting and saving, as well as the responsibility of managing a shared account with another person. Joint accounts can also help people learn how to use credit responsibly, how to make sound financial decisions, and how to communicate and compromise with their account partner. Finally, they can help people gain a better understanding of the financial system and how different types of accounts work. Learn more about the advantages of joint accounts here.

Joint accounts can provide several benefits for individuals who want to share their finances, such as simplifying financial management, budgeting and saving, easier management of shared expenses, improved credit history, and greater transparency. Onyx Private is now offering joint accounts for free for up to 4 people with individualized cards and independent logins! Everyone gets access to the same funds and benefits (such as the Concierge) at no extra cost. 

T-Bills, or Treasury Bills, are short-term debt securities issued by the U.S. government and backed by the full faith and credit of the Treasury Department. They have maturities of one year or less and are considered low-risk investments. T-Bills are sold at a discount to face value, and the return is the difference between the purchase price and the face value at maturity. They are used as a benchmark for short-term interest rates and are a common tool for managing cash balances.

Proceeds from the sale of T-Bills are one of the main sources of financing for the U.S. government’s operations such as repaying outstanding U.S. debt and financing various initiatives and programs. Additionally, the sale of Treasury Bills helps to stabilize financial markets and provides investors with a safe and liquid investment option. It’s worth noting that the U.S. government’s borrowing needs are ongoing, and it continues to issue new Treasury Bills on a regular basis to finance its operations and repay outstanding debt. This helps to ensure that the government has access to the financing it needs to maintain its operations and support economic growth. 

T-Bills bills offer higher yields than most savings or money market accounts (as high as 5.01%). T-Bills can be a useful tool for diversifying a portfolio and reducing overall risk, which is great for beginners and more conservative investors. Investors can earn a positive return even in low-interest rate environments. Read more about T-Bills from NerdWallet.

To buy T-bills, you can do the following:
1. Open a TreasuryDirect account: This is a program offered by the U.S. Department of the Treasury that allows individuals to buy and hold Treasury securities, including T-bills, in electronic form.
2. Choose a financial institution: You can also purchase T-bills through a broker or financial institution that offers Treasury securities.

Instead of going through the government’s website TreasuryDirect you can easily buy T-Bills from your Onyx Private account. Your funds will be held by Pershing BNY Mellon, Member FINRA, and upwards of $500,000 of SIPC insurance. Onyx is one of the first digital banks to launch T-Bills purchase option in an app. 

As the world becomes increasingly digital, self-service investing and banking platforms have proliferated. And that’s amazing because it means more people can learn to manage and grow their money. But, unlike private banks, these apps don’t offer the personal assistance that a private banker can provide with a white-glove premium service. In addition, they don’t serve young and affluent customers well. They also don’t provide access to alternative assets!

Over the next decade, a massive $15T of wealth will be transferred from the old to the new generation, yet 80% will seek a new financial advisor. The new generation of private banks will offer a unified digital-first banking and wealth solution that is white-glove and deeply personalized with both managed and self-directed capabilities.

Our CEO, Victor Santos, a Forbes 30 Under 30 Entrepreneur, came across the need for Onyx Private himself! As a serial entrepreneur, he built and sold banQi, a neobank for the masses in his native Brazil. The bank had millions of users when he sold it and the buyer is one of Brazil’s biggest retailers. Victor was looking to invest the proceeds from the sale, but found that the incumbents accepted only bigger accounts and the newcomers’ apps were too simplistic and self directed!

He realized there was a market opportunity and quickly formed a new company. He brought his experienced executive team from banQi with him as his co-founders, Douglas (COO) and Tiago (CTO) who had helped him scale banQi. With a clear new value proposition, they felt confident in replicating their success.

Inspired by the possibilities, they built Onyx Private: a unified and fully digital premium banking and wealth management experience with a white glove 24/7 concierge service. Onyx Private is targeting affluent young professionals and providing them with financial services previously only available to the rich.

By sometime this year, we will launch a fully digital yet human financial advisor membership plan at a fraction of the price of private banks, all inside your app with small minimums and access to a variety of personalized alternative assets and estate/tax/financial planning services. 

We were accepted and graduated from Y Combinator, the storied Silicon Valley incubator and investor that helped launch companies to stardom such as Airbnb, Instacart, Coinbase, DoorDash, and others, through this process we learned that our core customer really wanted premium services. Onyx is also backed by Village Global, One Way Ventures, GFC, Goodwater Capital, Olive Tree Capital and many other famous investors. 

We hope you’re intrigued and have enjoyed learning a little bit more about us! Join Onyx to democratize and digitalize financial services previously only accessible to the ultra-rich. Click here.

Valentine’s Day is the most romantic day of the year, and many people spend it pampering their loved ones. They normally buy flowers and gifts, go out to eat, and maybe even book a spa day. Luckily, Onyx Private is a one-stop shop that can help you plan out all of the above (and more) with our 24/7 Lifestyle Concierge service. 

To start, what really is Valentine’s Day without a bouquet of flowers? When you sign up for Onyx Premium Plan, you can receive a free bouquet of flowers to send directly to your partner’s doorstep. And just when you think you are stressing to find your partner a gift, Onyx makes it easy by providing a Valentine’s Day Gift Guide with our curation of thoughtful gifts. Read more for more memorable gifts to consider getting your Valentine. 

Finding a great dining place could be worrisome and stressful because Valentine’s Day is almost here, and reservations are starting to fill up fast. However, you can easily check in with the Onyx Concierge to let us help you book a nice table with priority access. Read more about the most romantic dinner areas in every state. 

And if you want to really impress your better half, the fun doesn’t have to stop there – Onyx Private Concierge can even plan a full getaway itinerary for you and your partner if you want to make the holiday even more magical by bringing it throughout the week. Our Concierge for our Premium Members is completely free of charge to use, so you can enjoy it all of the time! Moreover, while having fun spending an eventful day with your loved one, you can get 1-10% Cashback from dining, shopping, or anything you use your Onyx card with. Onyx Private even has Special Offers integrated into it, which has many additional Cashback offers that go straight into your account within no time.  

Holidays should be spent less time stressing, and more time loving, especially on Valentine’s Day. Onyx Private wants to make sure you and your significant other are well taken care of, with our many benefits. 

As a young adult and student, having a credit card may be challenging and risky. First, most students, especially international ones, don’t have any credit history, so it is more difficult to get a new credit card. Secondly, controlling your expenses using a credit card can be challenging, and you can end up piling up card balances that could hurt your credit score along the way. Some of the main advantages of having a debit card are that they don’t charge any interest because you aren’t borrowing money, it’s your own money. Additionally, you typically spend less when using a debit card because you are more conscious about your money and budget. Having a budget and keeping track of your spending and savings can help encourage a healthy financial future. There is a lot of credit card debt that lies in the hands of young adults, and it has increased since the pandemic. 

Many people are drawn to credit cards nowadays because they offer travel points or other rewards. However, Onyx offers many rewards for their membership. Imagine receiving 1-10% cash back on all purchases, free Priority Pass lounge access, and a discount on a Lifetime Gym membership, all from your debit card. With Onyx, you can get all of that and more! As a student or young adult who is traveling and always on the go, this membership is an amazing choice.

Not only having a debit card is beneficial, but investing at a young age is very important. You don’t want to look back when you’re older and regret not investing in the stock market or anything that could have grown your money into a larger amount. There is not a single wealthy person out there who does not recommend investing. Investing is a powerful way to put your money to work and build wealth. Even if you start with a small amount of money to invest, it still is better than nothing. Onyx offers SPIC insured investment accounts with personalized Robo-advisor portfolios, direct indexing with tax-loss harvesting, and no management fee. By using computer algorithms, Robo-advisors build you a portfolio and manage your assets based on your goals and risk tolerance, which is perfect for beginners. There is no minimum amount to invest; you can set recurrent contributions as low as $25/month and easily withdraw your money in case of any need.

Having control of your financial life and investing early is key for a balanced healthy financial life. Young adults should start controlling and planning their finances as soon as possible. You can easily budget your money better by using a debit card and limiting the amount of purchases you make on things you don’t need. Investing is essential in reaching financial freedom, as it can beat inflation due to the power of compounding interest. Using these practices of wealth management can help you build wealth and retire early when you develop smart money habits. 

Check out the Broke Millennial Book Series for more investing and money tips.

International students often face difficulties when it comes to obtaining credit cards because many credit card companies require applicants to have a U.S. credit history and a Social Security number, which can be difficult for international students to establish. This is especially true for premium credit cards such as the Chase Sapphire Reserve and American Express Platinum.

One of the main challenges for international students is the lack of a U.S. credit history, which can make it difficult for them to get approved for a credit card. Without this history, international students may be seen as a higher risk to the credit card company and may be denied a credit card as a result.

Another challenge for international students is the requirement of a Social Security number. Many credit card companies require applicants to have a Social Security number in order to apply for a credit card, but international students may not have one, as they are not eligible to receive one unless they are working in the U.S. This can make it difficult for international students to apply for a credit card, as they may not have the necessary documentation to do so.

Despite these challenges, there are options available for international students who are looking to obtain a credit card. Some credit card companies offer student credit cards, which are specifically designed for students who may not have a U.S. credit history. However, these cards often have lower credit limits, high interest rates, and poor rewards and member benefits.

Onyx Private offers an interesting alternative for international students. Onyx does not require any credit history or a Social Security number, and only requires a valid U.S. address to open an account. Onyx Private is a premium checking account with a metal debit card that provides similar rewards and member benefits as premium travel credit cards. By upgrading to an Onyx Private account, international students can receive a metal debit card with credit card rewards and exclusive benefits, as well as access to a 24/7 lifestyle concierge service.

Join Onyx now and upgrade your savings and spending with our premium membership. Enjoy 24/7 white-glove concierge service, exclusive member benefits, 3% APY on checking accounts, and 1-10% cashback on all your debit card purchases.