Does Monzo offer a joint account?

(Alex Sherwood) #15

Tom talked about joint accounts in yesterday’s video, there’s a link to the video in the quoted post.

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(Nick Petrie) #16

Simple just launched Shared (joint) accounts:

Two cards, one account: With Simple Shared, you’re two players on one team: You’re still your own people, with your own accounts, but with shared saving, spending, and features like Safe-to-Spend and Goals, your financial life becomes a collaboration.

I know this is a way off yet for Monzo team, but always interesting to see how others are tackling the challenge / opportunity

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#17

Yes, I am also keen to see a Joint account with two cards that link to it. Sooner the better really as I would like to track total family expenditure. The monzo card is far less useful for family tracking if its just for one person.

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(Ben Green) #18

Bill Splitting is a smarter and more modern approach to the traditional joint account. According to the Trello roadmap, we can expect to see it within the next 3 months, although I expect it’ll be at sooner rather than later end of that period.

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(Oliver kennedy) #19

Sounds like a great idea, I have just recieved my card, my fiancée wasn’t too bothered but I thought it was a great idea for simple stuff like food shopping.

So I think something like this could be great, or like the option to assign part of the moey to different things, I.e if you had 100 pounds on the card but assign 50 for food shopping you can only spend the other 50

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(Alex Sherwood) #20

That’s on it’s way in the form of…

Which is due in the next 6-9 months, according to the roadmap.

Although we don’t know how strict the saving function will be yet, my guess is it won’t be strict at all & you’ll still have easy access to these funds. Stopping spending over a certain amount has been discussed here but as Jack mentions in that thread, it doesn’t seem practical.

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(Andy Little) #21

I should be getting my card today or tomorrow, so I haven’t actually seen the budgeting features yet. But from what I’ve read about it, having a joint account with Monzo would make household budgeting so much easier.

As it stands my other half and I have our own separate finances and each put some money into a joint account each month to cover bills / mortgage / food shopping etc. This would mean that a huge portion of my monthly expenditure would be lumped together, rather than tracked as different expenses by Monzo.

Another great option might be having separate Monzo accounts and having the option link them so that at point of sale yo u could hit “this is a shared cost” and have the accounts split the bill automatically regardless of who paid for it.

tl;dr: +1 for joint accounts.

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(Alex Sherwood) #22

My guess is that Monzo will wait until after current accounts are launched before setting up functionality to link different users accounts.

Bill payments will get a lot more attention once direct debits are possible.

In the meantime, a version of your second request

is on it’s way - bill splitting is on the roadmap.

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(Nik) #23

In addition to a joint account it would be handy to get the kids (teenage) a prepaid card you can top from one account. I suppose you could p2p a payment?

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(Andrew Schofield) #24

To continue the discussion about Joint accounts, I’m linking this post (and subsequent replies) here.

Then in response to

This gets closer, and could work, although in many cases, I suspect people with a joint account don’t see a distinction between the shared/personal payment .

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Targets - Custom Timeframes 1
(Ben Green) #25

Myself and many others I know, would still prefer to have a personal account as well a joint one. Understandable for various reasons, gift purchases for one. Plus in some cases the person they share a joint account with may not be eligible for an overdraft and therefore they wouldn’t be either, so they keep a personal account with an overdraft as an extra safety net.

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(Andrew Schofield) #26

I agree, and this solution possibly (probably) solves both problems.

For people wanting a traditional joint account, they transfer all money into the shared account (either by standing order after payday, or alternatively by paying into it directly if it has its own account number), and then set the default account on their card to be the shared account.

For people wanting a shared and personal account they just don’t transfer everything into the shared account and switch when necessary.

In this scenario marking certain known payments as “always shared” would be a nice addition although not strictly necessary (i.e. I know that any payments to my mortgage provider are always shared etc.).

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Pay Directly From Personal, Joint & Savings - (One Card, Multiple Accounts)
(David) #27

Yep… sounds good. I have a joint account and personal account for the reasons mentioned above. Was looking to use the Monzo just for the shared account because it’s so good for budgeting… but this solution would go a step further.

Now we’re agreed, can we have it by Christmas? :wink:

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(Jon) #28

I support this idea fully. Me and my girlfriend have a joint account at one of the high street banks and this is the thing we miss the most with Monzo. Otherwise we love it!

Having to split the money that comes into the joint account into two Monzo accounts is not ideal. This month maybe she spends more than me, next month the other way.

Please can we have a joint account? :slight_smile:

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(James Bond) #29

+1 - I fully support this feature. It is probably one of the most important things I’m looking for at the moment.

Essentially, my girlfriend opened another high street bank account just so that we have somewhere to put some of our joint savings and disposable income that we use for restaurants, drinks and other misc purchases. However, it’s difficult for me to actually keep track of budgets in that account.

My utopia would be that we both have Monzo accounts. However, we can allocate a set amount from each account into a shared pot/account. Potentially designating limits on how much each of us could spend, etc. Checking up on our shared pot/account should be as easy as looking at my own.

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(Ben Green) #30

That’s the ideal solution in my opinion too :smiley:

Although some don’t require their own personal accounts so perhaps Monzo should make personal and shared independent of each other, both being optional but at least one is required if not opting for both. I’m not sure how that would work though.

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(Naji Esiri) #31

This could be a really interesting extension of the shared pots idea :male_detective:

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(Graydon) #32

Essentially, the reason this interests me is that my wife and I are both young, poor and living in London. We don’t have the luxury of getting by without pooling resources in this economic environment. When the bills come in, whoever has money at the time makes the payment. Advanced features like splitting payments are not important to our situation. We simply need something that can help us spend and manage our pooled resources TOGETHER. We should both be able to use cards/apps at the same time linking to the same account, or it becomes too complex and impossible to manage.

From what I understand, currently this is not possible, as only one device/card can be used per account.

I would imagine this functionality would be quite sought after among couples living in expensive cities.

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#33

While the account is in one name and with one card a work around would be that you can install the app on both an Android phone and an iPhone and link your Monzo card to a Curve card. Should your partner then chose to use one of your phones or your Curve card they would have similar access to the account. Though clearly this is against the spirit of the terms and conditions. Also while Monzo card transactions are well broken down by merchant the Curve ones would be lumped together under a merchant Curve

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(Alex Sherwood) #34

It’s good to hear your use case, I’m sure you’re right about this being a popular idea, there’s certainly been a lot of discussion about it in the community.

That’s correct but the feature will be developed at some point -

Here’s the latest comment from Monzo -

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Joint Accounts 8