Joint Account Plus Pricing

I’m wondering - what will be the pricing for Plus with regards to a joint account?

Specifically:

  • If one person has Plus but the other doesn’t, will the join account get Plus free?
  • If both people have Plus, will the joint account get Plus automatically?
  • Or, alternatively, will there be a separate cost to make the joint account plus-enabled?

Loving Plus btw - it’s awesome.

Edit: I guess that there’s another potential customer category - those who want to pay for Plus on the Joint Account only, and directly. I imagine that this kind of customer would object to paying twice - even if there was a discount - if they only want the Plus features on the Joint Account. So I guess another option is:

  • Pay for Plus on only the Joint Account, but not on either personal account.
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Of course, option (1) would be nice, but seems unlikely as it undermines revenue quite a bit. Option (2) seems perhaps the most likely, perhaps there would be a discount, but who knows. Option (3) would be a bit steep though…

id like to think you can have
personal & joint
or for some
joint only

My hope for this is that the Plus perks are attached to the user and not the account.

I want plus, while my partner isn’t so bothered.

I would like to see a scenario of “Plus account holder has access to Plus features on the joint account”.

I.e. I can do virtual cards, but my joint account parter cannot; I can do data sync, custom categories etc, while my partner has no desires for those features doesn’t.

Given Custom Categories can be “archived” when you unsubscribe, I figure that means there’s a way they could show do differing sets of categories.

Then things like fancy card, interest, maybe only come to all once both people are Plus holders?

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Monzo could do a Spotify style approach as they have done recently with the duo account - if you both want plus then charge £7.99 a month rather than £4.99 for each person and one person can pay etc

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Custom categories are definitely the feature that makes this overlap complex. They could allow both Joint Account holders to use just custom categories on the joint account only, if one of the account holders has Plus.

Everything else is specific to the account holder. Other accounts, interest, card, virtual cards, roundups, credit tracker, offers, export transactions, cash deposits, and fee-free withdrawals abroad are all completely separate from the Joint Account. So I hope that they go with sharing that one feature.

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I know it potentially makes feature sharing confusing, but this is how I would envision the possibilities, between Follow User, Both Users Plus Holders, and Separate Fee:

‘Follows’ Plus holder Both Users Must be Plus Holders Separate Fee?
Holographic Card X X X
Connected Accounts X
Virtual Cards X
Custom Categories X
Interest X X
Offers X
Advanced Roundups X X
Credit Checker X
Auto Export X
1 Free Cash Deposit X X
£400 Abroad X X

Interest / Cash Deposit / Withdrawal Limits - depending on how that is split could go either way (total split between all accounts, or separate limit per account)

Connected Accounts / Credit / Offers - are already sort of per user basis.

Advanced Roundups - Probably should sit with User, but would imagine needs both users to confirm usage.

The only thing is that they will want the offering to be simple and easy to understand.

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Come to think of it, it’s pretty critical to have Virtual Cards on the Joint Account, too. That’s already annoying not to be able to have.

I guess I’m gonna be the Debbie downer who points out that a lot of premium accounts give the benefits to both holders for one price.

Not expecting Monzo to do this at all (but I’d love to be surprised).

Who does that?

Definitely Halifax and Nationwide.

No reason why Monzo can’t but it’s unlikely to be the £5 price we’re offered for single accounts.

Putting the whole lot up to (e.g.) £7.50 may have worked but having already launched sole accounts at £5.00 I don’t imagine that this is realistic.

Anyway, it’s already been demonstrated that ‘what everyone else does’ isn’t a particular Monzo motivator. (In the abstract, it amuses me that people join a bank that claims to be trying to do things differently and yet, at the same time, quoting “what other banks do” is still a thing.)

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Hence literally saying “not expecting Monzo to do this at all”.

That’s exactly why I did join Monzo. But over time I realised that the things they’re doing differently are mainly cost saving measures which don’t make money work for me. Hence I’ve switched away.

But you’re right. Comparing Monzo to other banks seems totally unreasonable. I’m not sure what I was thinking? In future I will look at everything through a Monzo shaped vacuum.

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sigh That wasn’t aimed at you at all but hey-ho. It’s more pointed at the general attitude across the forum these days of “we want something different but the things we want to be different are only the things which individually benefit us positively”. Doing things differently will benefit individuals in some areas but come at a cost in others (cash deposits).

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I will quite happily pay for joint account plus membership. My wife and I only use our joint account, in an ideal world we would get rid of our personal accounts and just run our joint account.

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My guess is when plus does come to join accounts it will be possible to add it to a joint account without either customer having to also have plus on their personal account.

If this is the case then it would indeed be one
fee for plus on the joint account and those benefits are available to both holders.

All my custom categories are things that we now use our joint account for :disappointed: fast food, car costs, weekly shop

Makes me not want to use my joint account for things because I want better categories…

I actually don’t spend much on my personal card apart from some computer games or coffee or something I want from Amazon for myself

Anything for the house or family is the joint account

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I’m now thinking the price for Plus on Joint accounts should be exactly the same as Plus for a Personal account. There is no difference, the features are being made available to ONE bank account.

The only difference with a JA is that two people can access the same account in-app and an extra physical card is needed. But given that JA’s fall behind PA’s on features, I don’t think the extra cost for the extra card deserves mentioning.

In order for the JA to have Plus, both people need it on their current account.

Simple and clear.