Labs Feedback: Joint Accounts 🤝

Making Monzo Monzo Labs
22

Oh damn…I didn’t know this.

23

This is worth a read before taking out a financial product with someone else:

https://www.experian.co.uk/consumer/guides/financial-association.html

1 Like
24

I wouldn’t open a joint account unless it was my wife - I wouldn’t even do it with a GF to be honest.

2 Likes
25

Your wife wouldn’t like it if you opened one with your girlfriend

47 Likes
26

Do you know how I get back to personal account from my joint account in the app? I cannot find a button or way to do this at all?

27

Long hold on the icons at the bottom of the screen to bring up the switcher

28

Do you know how to get back to your personal account from the joint account? Where is the button for this?

29

Thank you so much. This is so simple now but totally not obvious or mentioned in the set up process Monzo.

Andy you saved me a while evening of frustration.

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30

You’re very welcome. Stumped me initially as well! You’ll be pleased to know improvements are already in progress!

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31

Depends on how you intended to use your account isn’t it?

32

Oh absolutely - I’d have loved things like shared pots, without the need for creating a joint financial history,

But Monzo joint accounts now, are really just a carbon copy of a traditional joint account - I’m far more excited about what’s to come, than what it is right now,

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33

Will opening a joint account leave another account on my credit report? Also, will another credit check be done?

34

Beware…the customer operations team are not able to close joint accounts…”the tool hasn’t been built”.

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35

See lab post:

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36

On the joint accounts lab thread they say they are not yet reporting to credit agencies so hopefully you’ll have it closed before then

Edit: or just see the post above :see_no_evil:

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37

This was mentioned on the livestream.

I do think Monzo could do a little more around advertising these little tidbits.

But I also think it’s more important for people to understand what opening a joint account will do.

Just because it’s Monzo, it doesn’t mean it’s all fluffy kittens and everything is “cool” (not aimed at you by the way lol, just people in general).

9 Likes
38

No that’s fair. It said on the T’s and C’s that it may do another check on your credit file but I don’t believe I understood fully that financial accounts would be linked

With that being said, shouldn’t Monzo have tested the end to end process before even releasing it to the labs? This is a massive oversight for me and I certainly won’t be testing a labs feature again for fear of another important back end tool that may not have been built.

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39

Is there any indication when they will be reported? The reason I ask is that we will shortly be applying for a mortgage and I’ve heard that the age of your accounts can make a difference to your credit score.

40

I completely see what you are saying - I look at labs as “We have an idea, we’ve put a really rough plan together - Let us know what you think”

Unfortunately, as it’s available to everyone, it can mean people will enter in to things which they probably should have given more thought to.

I see plenty of people report on different forums about “beta” products, and I always think “they shouldn’t be on a beta product with the expectations they have…”

1 Like
41

Indeed, I would still have expected the joint account closure system be built however, this loop should have been closed. It did explain in the terms and conditions how to close the joint account but as it turns out, it can’t be done, at least for the moment.

Is this a breach of their T’s and C’s?

1 Like