Labs Feedback: Joint Accounts 🤝

It looks like this for me :thinking: whether I’m initiating the withdrawal from my joint account in the JA or my current account.

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One question regarding the T&C’s, and without having the exact text I can’t be 100% sure, but did I read it correctly where it said about £85,000 FSCS protection on the joint account, which is 50% per person?

If so, shouldn’t this be £170,000 FSCS, as the protection applies the £85k limit per depositor, not per account.

Not quite, here’s what the T’s & C’s say:

Just like the current account, our joint accounts are protected by the Financial Services Compensation Scheme (FSCS).

Bear in mind you’re only covered by the FSCS for a total of £85,000 across all the accounts you have with us, and the money in your joint account is considered 50% yours and 50% the other person’s.

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The text is identical whether you are in your PA or your JA, which I think is where it’s confusing.

If im in my Personal Account, then on the Add tab the text needs to say ADD to my PA from my JA.

Same for withdraw, but obviously saying withdraw from PA, and add to JA.

On the JA, the text would then say ADD to my JA from my PA and then for withdrawal, saying withdraw from JA, and add to PA.

It’s fairly confusing with the text and the flow.

For simplicity I would recommend redesigning this page and have a TO: and FROM: account field so people can freely select, regardless of which account they have selected.

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It can also work in reverse to this, so when I am in my PA, I can choose to add to my JA and withdraw from my JA.

And when I am in my JA, then I can choose to add to my PA and withdraw form my PA.

Either way, the next needs to be updated on one side or the other - but preferably a whole new design for simplicity :slight_smile:

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Should appear immediately. Perhaps she needs to update her app? :slightly_smiling_face:

Oh, ha, that could well be it. She never does updates. I’ll tell her to update and report back.

I’ve just noticed that the Web app doesn’t allow you to view your joint account. I’m guessing that will be coming soon?

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Not any time soon sadly :frowning:

hmmmm I guess it’s like it never exists for me then since we will pretty much 100% be using the joint account

Same here :neutral_face:

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Look at the top of the screen, you can change it to withdraw…

The other party closed down the JA we had together. With my agreement.

However, there was no notification of this happening. It seems like they could have done it and I wouldn’t have known until I used the account. I assume this will change in future?

I’m unable to try and open another joint account with someone else now though. The button just doesn’t work.

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Yep that did it, invitation received and cards on the way. Thanks!

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Hi

Not properly run it in yet, but two pieces of feedback/ideas -

  1. Under the Make Payments tab, I have the payees associated with my Account, my partner has their own: the payees should be relevant to the joint account.

  2. It would be really great if there were some way of switching DDs to the joint account, rather than going through the process of having to ring yo each provider to switch.

Thanks

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CASS is in the works to allow full switching or DDs, balance etc to joint account hopefully be out soon!

This one has come up a few times and I’d love to know if it’s even possible.

Given that a DD is a request on a Sort Code/Account Number combination (at setup time at least), does a bank ever have the freedom to reroute these to another account on their own?

I want to say ‘No’ based on the information given but I don’t have anything to back that opinion up.

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I’ve done it with HSBC when opening a joint account. If HSBC can manage it I’m sure Monzo can.

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I’m confused, is that not what CASS and partial switching process does?

Loving the new Switching in iOS!

Can now do it from the top and bottom (now with Haptic)!!

I also love the fact the card shows differently and when you switch it remembers the page you were on!

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