Manage your money together with joint accounts!


#367

The labs isn’t really a beta testing ground - Think of it more as early access to certain features :smiley:


(Frank) #368

I think that is more where TestFlight comes in.


(Dan) #369

Not sure if this has been suggested before, but it would be great if I could make a payment on my personal account, and then assign/move it to the joint account.

Sometimes I don’t have my card, or we suggest “actually put that meal on the joint account”. Would make the feeds look more succinct, rather than transferring money out etc.


((╯°□°)╯︵ ┻━┻) #370

I want to bring up a feature again that I mentioned ages ago and that is the ability to automatically split direct debits.

All our household bills come out of the joint account and we each over estimate the total amount of all bills and transfer half in each at the beginning of the month so we’re ready for them to be taken. What would be better is if selected transactions could automatically be split.

For example gas & electric is never a fixed amount so when the direct debit is requested I’d like it to automatically take half from my account and half from my partners. We’re forced to have a single account in order to open a joint one so why not get to make the most of it?

Most bills increase too and this would also help mitigate the risk of payment failing due to lack of funds. Especially since overdrafts aren’t available either :slight_smile:


(Martin Joseph McGranaghan) #371

TestFlight team?!? Is this an option?!! I’d beta the crap outa anything!


(Tom) #372

That sounds cool, but I’m not quite sure how it would work as I don’t think it’s legal to rewrite history (I.e. to pretend money was sent from a different account). Mind you, you’re not talking about a simple transfer of funds, but rather spending money on a card and I don’t know precisely how that works (as in, how the funding account is attached to the card). Cos with a credit card you spend and then decide how to pay after the event. Perhaps you could pay with one Monzo card and then reassign the funding account internally with Monzo? If that’s possible, that would achieve precisely what you said. But, even so, I think it might become a bit messy to manage, so I reckon you might have to make it look like you paid using the other card. And then that becomes problematic again, cos you didn’t really.

To clarify, I didn’t think you were saying “let me transfer money from one account to another and then change my mind about where I sent it from” as that would be illogical and impossible to manage if sending funds to another bank. But I still think the idea might be too complex to manage (and possibly illegal). But I might well be wrong, of course.

What do you reckon? Or did I get hold of the wrong end of the stick?


#373

I think Curve do something similar. You can make a payment then choose which card it gets assigned to within a certain time frame.


(If there's the wrong end of a stick, you'll find me holding it.) #374

That’s correct. You Can go back in time to move any purchase under £1000 up to 14 days after it was made. You can only do it once per transaction.


(Tom) #375

Ah, that’s interesting, thanks for the info. I guess that’s a bit like paying with your credit card and then choosing how to pay it off later, which has been available forever and is one of the main reasons for having a credit card. But in this case you use another credit card (the one you choose) to do the paying off (and then pay that one later).


(Kelvin Papp) #376

How (if at all) will these changes impact IFTTT? Will it be possible to reference Joint Account pots with it?

Forgive me if this has been addressed, I’ve not been on the forums for a while so I’m playing catch up…!


(Frank) #377

It would be great to hear a summary of what is expected to be released and how things should work before the launch. Like IFTTT, roundup, savings, etc.


#378

Any news on the switching server yet? Holding out for that myself.


((╯°□°)╯︵ ┻━┻) #379

I assume you mean switching service i.e. CASS?

There are no announced plans to enable this. Your only option is to do it manually and those who have done it this way are reporting that it isn’t as big of an issue as they first thought :slight_smile:


(Ollie Strong) #380

Do we know when the following will be fixed? If I purchase an item using my monzo current account 1) I can’t split it with my joint account 2) if I send the money from my joint to my current account it doesn’t update the summary so always looks like I’ve spent more than I actually have.


Save together with Pots on joint accounts!
(Eldin Rammell) #382

Same here. Neither my partner or I use our individual accounts at all. So having two individual accounts is a complete waste… we just need a Joint Account. It can also get confusing for other Monzo users wanting to make a payment to us. We appear automatically from our phone number but the default payment is to our individual account. Any way of disabling it??


#383

Is there any news on when joint account overdrafts may become available? Me and my wife really want to go full Monzo but just can’t risk mortgage etc coming out of the joint account without an overdraft in case of unforseen stuff


((╯°□°)╯︵ ┻━┻) #384

While it would be good to have that cushion of an overdraft, don’t forget, just like your current account you will get an alert before your direct debit is due if you have insufficient funds :slight_smile:

You can then move funds from any account you wish to avoid any charges from either Monzo or the supplier.


#385

That’s a good point. I would close my other account to move to Monzo but would have the overdraft on my persanal Monzo account to act as a buffer. Thanks for your reply