Does Monzo offer a joint account?

No, I guess in that case accessing it would become illegal, until probate was obtained as it would form part of the deceased’s estate.

That’s what I presume to be the case, I guess I’m just waiting for Monzo to confirm it.

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This is correct - Shared Pots are not joint accounts.

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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!

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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.

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Nail. Head. Well said @andy100

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Any decent strategy is fairly simple really- you either compete on price or you differentiate in areas that your customers find valuable.

I want to support Monzo in their efforts; however, I’m not sure how they collect customer feedback. Is it just this forum? Why not send out Survey Monkeys to us?

If they want to reduce the cost to serve those that haven’t switched over from a mainstream bank surely the first step is to really find out the reasons why!

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I consider my husband and I to be a very common case - in an ideal world we would each have a personal account and share a joint account. (In reality we have many accounts because each one returns certain benefits, e.g. related savings products, good travel exchange rates, air miles, etc.)

A case few people seem to have made is the reality of running a household without a joint account. Almost all of the utilities are in my husband’s name (we do not share a surname) because he is the sort of person to get MSE emails and enjoys keeping our bills down and our finances in order. I am a stay at home parent and I am usually the one who has the time to monitor bills and speak to service providers when there is a problem. It’s difficult enough to do this when I am not the named account holder but impossible when I’m not named on the account the funds are coming from.

Also, it should be pointed out that a lot of Monzo’s investors and early adopters are men. Financial parity with my partner is really important to me and it really irritates me that in order to fully transfer our finances to Monzo, we would have to return to a 1950’s system where I ask him every time I need to move money around, and he has to effectively transfer a stipend into my account every month.

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Why couldn’t you hold the joint pot?

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There is no joint pots. What they call shared pots aren’t shared pots at all, because nothing is shared!

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Because pots aren’t good enough.

You cant do direct debits and standing orders from them
You cant have two debit cards from them
You cant have an overdraft on one (and if you were allowed whos responsible)
There’s still issue with ownership and legalities around this – (if one person drops dead).
You cant deposit a joint cheque

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J06

This is not financial parity.

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In your case it wouldn’t make sense to transfer everything to Monzo. Your 2 personal accounts could be but keep the joint account.
They’re still developing the current account to where they want that to be, can’t see them taking enough people off that to start doing an entirely new product at this stage

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Sorry if this is posted elsewhere but couldn’t find!

Has anyone else seen the seak peek of joint accounts in “coming soon” through the help section of the app?

It difficult to peek at the though through the app. Would be great for more info! image

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Still showing as long term on trello so unless that’s changed it might be a while before we get a better view.

Liking the screenshots!

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Thanks for the heads up :raised_hands: I wasn’t expecting to see this so soon :eyes:

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Tom recently Tweeted he hoped it would be in place in a “few months”…

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This is an assumption - so I could be wrong - but it sounds like Monzo’s planning not to officially announce their plans for accounts in advance -

[photo from the 1st tweet below]

image

https://twitter.com/simonvc/status/994206309447880704

https://twitter.com/kkweightman_/status/994208289683582977

https://twitter.com/simonvc/status/994209153676693505

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Good spot. Am really pleased to see progress being made with this. I’d be very willing to go full Monzo at the point joint accounts arrive.

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