Managing an account for someone else?


I’ve been looking into ways to help a family member manage their finances (with their permission) and came across the term third party mandate, which I have seen offered by the main banks as a way to be added onto the account as a third party (not a joint account holder).

Does anyone know whether Monzo offer this service at all? I’ve looked but I can’t find any information with regard to Monzo. I would like to do it through Monzo if possible, since they have excellent budgeting features and all.

Just to clarify, this person has not lost capacity to make these decisions, they are just bad with money so we’re looking into our options

It’s not something Monzo offer but people have suggested it before. For example here and here.

Monzo do have a vulnerable customers team who help people with all sorts of issues from metal health to gambling addictions and everything inbetween. Perhaps your friend could reach out to them and I’m sure that they can work with you to help?

Here are the details: