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.
I think the new bill splitter method that theyre working on will solve alot of the problems you state.
Myself and my housemate also do something similar but the lakof an audit for the monzo me and only allowing exact splits at the minute is hampering us. But the sneak peak of the new plan looks great and i look forward to testing it out
What I am suggesting is that Monzo takes advantage of their ability to create card numbers and account numbers to create virtual ones which can be split automatically, rather than bill splitting as you pointed out.
People have similarly asked for this in regard to virtual cards for online banking, and I can predict people asking for card numbers and account numbers for pots at some point too.
@nathanthomson8 as points out, the mentioned bill splitting could work here depending how it’s implemented (hopefully Direct Debits & other payments can be managed via the feature).
As you mention depending how Shared Pots are implemented the bills could be setup on one person’s account which then uses the funds from the shared pot automatically.
There are also services such as the following which could help in the meantime:
I get what it does but I feel like it’s not solving the issue, that is still a manual step to share every bill.