Whilst I agree that the problem is complicated when you look just below surface level, if a joint account is to be truly useful, rather than just a shared pot of money that is built up and transferred elsewhere, you need all of the features of a normal account.
An account number and sort code that you can give to (for example) utility providers and such
The ability for all parties to be able to transfer in and out of the account from both monzo accounts and traditional bank accounts
Joint notifications when money is added/removed.
These three as I see it are the most important pieces of functionality to replicate from the traditional approach.
Super interesting feedback! Like Simon said, we’re taking all the comments and info we can get from our users to understand exactly what we need to make this as useful for our users as possible. Genuinely, thanks so much for this @prwhitehead!
Another thought. Two cards, three accounts (two joint and one pot). Can we pay money on the debit card out of the pot or do we need to keep transferring cash out of the pot to spend?
I would imagine we’d transfer most money in a joint scenario to a joint point with little, if none, in the main accounts. So not being able to pay on the debit card from the joint pot adds extra layer of fiddle.
I’ve said it before and I’ll say it again: joint accounts work just fine. Joint pots is overcomplicating a product that works fine for many. Why not give us the option of both?
Hey everyone, you might be interested in our recent Sneak Peek for Shared Pots.
Please note: it’s not quite the same thing as a full-blown joint account, but you might find it useful for some cases where you just want to add money with someone (or someones?) else to a joint kitty.
I’m currently using a separate Monzo account from my wife. I like the idea of shared pots but it doesn’t really help with our pretty normal use case.
I earn all the income at the moment, although that has not always been the case and probably won’t be in the near future. It comes from having two kids though and sharing our resources.
In the past, we put pur spending money into a joint account and paid a few bills seperately, with me paying most of them. Now, i put some money in her Monzo account every month and some in mine.
The trouble we have with this is that we don’t want to see how much I spend on groceries and how much she spends, we want to track how much we both spend. We don’t want to see how much we each spend on holidays, we want to see how much our family holiday costs. A joint account used to work fine for that, apart from lack of budgeting features.
We have friends who don’t share their finances and tot up every time they spent money on something and their partner didn’t. I don’t want to micromanage transaction by transaction though, I just want to see how much we spent on groceries the last couple of months, to see if we should be cutting back on fresh meat or things are cheap enough.
I want to see how much our recent trip to Scotland cost and how much we should save for the next one. Right now that involves us both categorising the transactions and totting it up together. I feel like it should be easier than that. It would be - with a regular joint account.
I’d also like to know how much we need for groceries each month rather than trying to guess how much each of us will spend - I guess a shared pot would help with that if you could spend from it directly.
Monzo’s communications on this matter are hugely confusing! On the one hand you have staff expressly stating that this isn’t to replace joint accounts and then you are implying it could replace them.
I know these aren’t even available yet, but it seems irresponsible to me, to even mention these shared pots in the same context as joint accounts, without a massive disclaimer, so here you go:
I feel urged to strongly warn against even considering to use this incarnation of shared pots in place of joint accounts, as it leaves the person that isn’t the account holder in a uniquely vulnerable position, as they have given away every claim they ever had to any balance that might be held in the shared pot.
On the one hand I agree that if you see things from the jobs to be done point of view (see https://hbr.org/2016/09/know-your-customers-jobs-to-be-done), just mindlessly creating features prohibits you from coming up with new innovative ideas that might be better, (the innovator’s dilemma and all that).
There might be a better way to solve all the problems that joint accounts do, but I can’t think of it. I can think of ways to solve some of the problems, but not stuff like access to funds in lieu of probate, shared direct debits, or so on.
I think I can solve some of the problems we have with not having a joint Monzo account. I can probably do budgeting with your API, etc, but I don’t really want to spend my weekends doing that, rather would spend them with the kids.
Honestly, it might be that a joint account seems like the best approach to solving these problems because it is the best approach to solving many of these problems.
A key point for me is, one reason for a couple having a joint account is to make it easier if one of them dies. I don’t think we’ve seen anything yet for what will happens to joint pots in this case, and I’m not confident it will be good enough.
It would have to satisfy the laws around probate I imagine, which are probably quite complicated. A bit like what would happen if someone took the money out from under someone’s mattress. Having access to something is not the same as being allowed to take it.
These aren’t joint. They are clearly owned by one person. As such there is no difference between money in the pot, and money in the person’s main account,from a legal perspective, whether the account holder is dead or alive.
Thanks, I’ll add a note to my post. Just to be clear: we’re not suggesting that shared Pots = joint accounts, just that some of the use cases might overlap so it’s useful for folks to consider. But you’re right!
I’m a long time Monzo user and investor, and am slowly getting more and more annoyed at Monzo’s reluctance to address Joint Accounts. Monzo are coming across as arrogant by failing to explain why this simple banking feature is not even on the roadmap.
I feel as though they are trying to change how they work for the sake of change, and are struggling to work out what that new take actually looks like.
That’s fine. But please introduce the old joint account that everyone here (and elsewhere) is asking for first, then work out how you can improve it.