As someone who pretty much exclusively uses their joint account, I’m excited to see it getting closer to the sole account in terms of features.
But I’m equally as surprised to see how people are using “Pots” in general, and seemingly storing quite a bit of money in there (most of the time, not earning interest).
Until we can pay bills from Pots (and then I can see a real world use for them), I just can’t bring myself to use them.
I effectively use my Marcus account as one big joint account Pot.
Personally, I’ve been looking forward to joint pots as a way of ring-fencing money, temporarily. Not necessarily enough to warrant being worried about interest, plus it is always earmarked for stuff in the near/medium-term.
With Lloyds, that involved a savings account in my name, so my wife wasn’t able to access. Starling joint account was an option, but the wife prefers Monzo, so here we are!
That’s fair - I think the reason it’ll never work for me is because I move everything out at the start of the month (after salary and bills), to leave only a small amount in the main accounts (for emergencies).
At the end of the month, I withdraw X amount to cover the amex bill, and start again.
When we have bills from Pots, it’ll be very useful, and I’ll definitely use them then!
My wife just signed up for Monzo yesterday and our joint account went live this afternoon. Excellent timing! We’ll be moving all our direct debits and pay this week.
Question is, what do others use pots within a joint account for? surely the joint account is essentially in itself a shared pot. Dump money in from main account, wait for DD to come out.
My joint account is my main account! Before Monzo/Starling, I hadn’t had a sole current account for years. The addition of pots just gives Monzo’s joint accounts parity with the sole accounts.