Weāve just launched joint accounts in Monzo Labs! That means you can now open a joint account, test it out, and give us your feedback 
To get started:
- Head to your Account tab.
- Tap the settings icon at the top next to your name.
- Scroll down and tap Monzo Labs.
- Switch on the toggle next to Joint Accounts.
- Head back to your main feed and tap on the item about joint accounts.
- Follow the steps to get started with a joint account.
Note: the person you invite to create a joint account will need a Monzo account. But they donāt need to turn it on in Labs (weāll do that automatically). And after youāve both set up your accounts, the toggle in Labs wonāt do anything.
What to expect
As with anything in Monzo Labs, remember that itās a work in progress and weāre not guaranteeing a 100% smooth experience. But your feedback will help make it great when we finally bring it to everyone!
You can do most things with joint accounts that you can do with your main account. But weāre still working on these features:
- The Current Account Switch Service
- Shared Pots
Topping up a joint account by debit card isnāt supported, and weāre not adding it. Please use a bank transfer instead.
A note on cards: our new-look cards for joint accounts are still in production. So the card you get will still look like your old one.
Known issues:
- You need to have P2P payments enabled to sign up
- Fix coming soon
- iOS Widget not currently working correctly
- TBD
- You canāt add money to your account before the card arrives.
- TBD. For now, just wait until you receive your card!
- The letter that comes with the card is not customised
- Weāll fix later.
- Touch/Fingerprint ID may misbehave (iOS and Android)
- TBD. To fix: disable and re-enable Touch ID in your settings
FAQ
Will opening a joint account affect my credit score?
Answer
Short answer: it might.
Long answer: we donāt yet report joint accounts to our Credit Reference Agency (CallCredit). However, once we do, the two ownersā credit files will be linked together, and this would have an effect on their respective credit scores.
When two people sign up to a joint account together, and this is reported to a CRA, it informs the CRA that two people are liable for the same account, and it creates a financial link between them. When carrying out credit searches, some lenders will also credit search an applicantās financial link. Lenders may or may not take the credit situation of an applicantās financial links into their decision
This often depends on the lenders risk appetite, the type of credit product the borrower is applying for, and so on.
If you have a joint account with someone with a very low credit score, you might be denied credit. Conversely, if you have a joint account with someone with a very high credit score, you might be offered credit.
As with most credit-related situations, this will be dependent on a multitude of factors, and we canāt definitively say that having a joint account will affect a customerās credit score or will affect a specific lenderās decision.
Will any other joint accounts I own affect the likelihood that Iāll be offered an overdraft with Monzo?
Answer
No - weāre not currently taking financial links into account for our overdraft decisioning.
Iām getting stuck on the Who do you want to open a joint account with? screen
Answer
You need to enable peer-to-peer payments. To do this, head to the Payments tab, and turn it on by allowing us access to your Contacts.
Watch the Joint Accounts Labs event back here.
Give us your feedback below! And thanks for helping us test joint accounts!
my bad!
