Theres loads of talk on here about joint accounts for couples, and pots with rules, and sharing bills, and even shared pots, but one of the things that many young people have to manage which Monzo could help with is the bills in a shared flat.
Imagine if Monzo could create a shared account which, rather than being a joint account with shared access to that money and debt responsibility, what if you could have a monzo card and account number that automatically split any bills up to a daily limit.
The benefit for customers is that everyone pays their half automatically without collecting the cash, while the benefit for Monzo is getting more customers, as inevitably not everyone will have Monzo and someone can encourage other users.
Say the Virgin Media bill comes through via direct debit, that gets split, say we need toilet paper, that gets split, it simplifies the problem, if one or more of the people in the flat doesn’t have money it rejects the transaction.
The problem is how to split shared bills, the solution is a flat joint account which doesn’t hold credit or debit but just splits the bill between the other users.