So I am wanting to keep holiday spending completely separate from everything else, this would be joint with my wife. Some ideas I have had are:
Have an additional Monzo account and use a different card for spending. Would work, but not sure if Monzo would be happy and would need to tell the cards apart. Not sure if we can have 2 joint accounts, might need to have extra individual accounts set up for another joint account.
Use a normal joint account and categorise the spending as holiday. The problem is the overall totals of money in the account will be confusing.
Use pots. This would work but it would be necessary to always move money out of the pot when any is spent to not very practical.,
Yep, I’d agree. We each have a Wise account for holiday spending, the advantage of that being (for us) that we can transfer sterling to other currencies any time during the year when the rate is favourable. And now they also do the equivalent of Pots in different currencies too,and free virtual cards.
Revolut you can spend directly out of another currency account entirely separate from your UK account using the same card. So long as the currency is offered, just lock in the rate before you go with a bulk conversion.
Hyperjar allow you to spend out of separate jars in GBP - just link the card to a ‘holiday’ jar. It’s fee free abroad, just have to activate this first unlike with others.
Thanks all for the suggestions. I might try the holiday pot to start with and if this fails go to starling for holiday money. Only snag with starling is that for a joint account there that means 3 more accounts which is rather complicating things. The suggestion fro Trevmitchell of being able to pay from a pot would be ideal, not sure if anyone ha put it on the wishlist yet.
The topic that he linked to shows how many people are interested in the form of votes, so be sure to add yours by clicking the vote button at the top of the article.
We’ve seen work done recently that Monzo are possibly heading in the direction of doing this but to my knowledge they haven’t specifically stated that are. Although they never do, they just drop subtle hints and things
It would be a great way to implement what Starling have as the “2nd card” type thing.
“Physical Card from Pot” I would call it. I know there’s a lot of issues with this, as I think stuff around recognising pots as accounts, etc, but I’d be happy to pay an issuance fee to create a one-off card for a pot.
In the same way I can use Virtual Cards to do my online spending and reduce risk of my card details being leaked, I’d see that as the same.
But for now a big old holiday pot per Option 3 is the best.