Manage your money together with joint accounts!

(Bruce) #327

Just had a look and they even support crypto! Any other improvements on yolt?

(Martyn Hanmore) #328

Missing feature: the spending graph and in particular the ability to dial back to any date and get your spending for that date would be really useful in the joint account. We track a daily budget and are probably going to go back to using two separate accounts simply because you can’t get the automatic total in the joint account!

(MikeF) #329

How long have you had the joint account? That cuts in after a month or three (same as with the single account) so you may have insufficient history for it to be working yet.

(Martyn Hanmore) #330

Many Thanks, I subsequently found that noted on one of the labs threads too… I have more than a month but not yet a whole calendar month so I’m hoping it kicks in at the start of November! I don’t remember ever not having it on the personal account but I guess I mustn’t have at the start.

(MikeF) #331

It used to be a month when current accounts were first launched but I believe that’s been lengthened somewhat now so may be 2 or 3.

(Martyn Hanmore) #332

Long time to wait for a very basic analysis! I guess they switch on other features for guessing your habits as a package. Fingers crossed it’s still 1 month - otherwise it’ll mean mothballing the account to accrue a few months of non-data! Many thanks for your replies.

((╯°□°)╯︵ ┻━┻) #333

I believe it is 2 months before you see the graph on joint accounts :slight_smile:

(Andy) #334

See below:

(Ahmed Hmeid) #335

Wish this was prioritised over the 1% savings pot…

(MikeF) #336


(Ahmed Hmeid) #337

I meant joint pots (in my haste I read a comment midway through the post and replied to it without replying to it… I can see how it made no sense in isolation :P)

(MikeF) #338

OK, makes sense. I was just looking at the Pulse comments above your post and scratching my head!

(Tom Page) #339

Hey Simon, thanks for responding.

The lack of an overdraft facility is a really big deal for me. I’m trying to go full Monzo but the beginning of every month make me anxious. I’m paid four weekly, my wife is paid monthly, so it’s not always obvious what the health of our joint account will be on the 1st of each month. Perhaps naively, when the joint account beta started and it was missing some features that the personal accounts had I assumed they’d come quickly - being honest it’s pretty disappointing that you’re not even working on it.

Financially almost nothing is more important than the account our mortgage payments come from having enough money in them on the first of the month. It seems a solution to this is for me to move the direct debit back to my personal account, because this does offer an overdraft, but this seems perverse and exactly the kind of “us working round the bank rather than the bank working for us” example that Monzo is supposed to be all about avoiding.

I know resource constraints will be high for Monzo, but I’d be happy with a crappy fix here: if it’s too difficult to assess both singular and joint eligibility for overdrafts (I’d be surprised by this given almost every other bank does this, but I’m just guessing at the hold up) then can you let us pick whether we have a joint overdraft or two personal overdrafts; I know I’d pick the former in a heartbeat. You already have the UI sorted.

Cheers, and thanks

(Sophie Morgan-Short) #340

If you could do joint accounts with more than 1 person that would be ideal. My 3 housemates and I all have Monzo accounts (which we love), but manage our house finances and payments out of a NatWest account. Monzo is so much more user friendly, having a joint house account between the 4 of us on there would be perfect!!!

(Jamie 🏳️‍🌈) #341

Hmm, not sure I’d want my credit file linked medium/long–term with strangers, as happens with joint accounts, but each to their own :man_shrugging:

(#fullmonzo joint account since Aug18) #342

How about shared pots for this?

(Jamie 🏳️‍🌈) #343

The point about ‘shared pots’ which aren’t just a ring fenced amount of a main joint account, as has been pointed out before, is that the balance and liabilities are not truly ‘shared’ – you may delegate viewing rights, paying-in rights and even, perhaps, withdrawal rights (doubt it) but the money still legally only belongs to one person. If that person gets run over by a bus, and their accounts go into probate, all the other funders may not get their money back. Bit annoying if you’re two weeks off the holiday of a lifetime with all the money tied up in the ‘shared’ pot.

(Sophie Morgan-Short) #344

Right now we have an account in one person’s name that we all pay into and have logins for that we pay our rent and bills out of. It’s not ideal because only that person has the house bank card and can talk to the bank about any issues if it’s locked or a bill hasn’t gone through or something. If we all had equal access and rights it would be very useful! Or I suppose if someone could be an admin/primary owner or something so they can remove any housemates that move out and add new ones that would be ideal. Current banking is really not great for shared banking responsibilities like flatshares, there’s a huge market for it I think!

(#fullmonzo joint account since Aug18) #345

I think you might be onto something here

(Jamie 🏳️‍🌈) #346

I understand the problem, having shared a student house with up to five others.

The issue is in order to have the convenience of true shared access, each user essentially becomes the only guarantor for everyone else’s debts.

The level of trust and legal complexity required may well exceed the benefits provided by the workaround of just having one account holder.

On that note, you say you all have logins for that person’s account – if it’s the same login information you’re undoubtedly breaking the terms and conditions of the account, and are invalidating the fraud protection from the bank. You’re also, I expect, massively increasing the risk the account is flagged for money laundering which would have a catastrophic effect on the named account holder’s ability to use the financial system in the future. If I were that person I’d be pretty worried.