I see the joint account parity ‘thing’ rolls on 
It seems that this is the case only for Perks, Extra and Max accounts at the moment.
Which will always be the case. Plus/Premium are the past, they are not getting any upgrades.
Although, having said that, I’ve just signed up for Perks, and it doesn’t look like I can create a savings pot with the increased interest rate on the joint account either.
The person you share the account with will also need to be subscribed I think.
This page seems to suggest otherwise:
That says you and the other account holder both need Plus, Premium, Extra, Perks or Max to get fee-free cash withdrawals on your joint account.
Edit: I’m editing this post because I can’t reply more than 3 times as a new use @Revels . I have Perks, and I can’t see the increased interest rates on the joint saving pot, so I think either I have a bug, or it’s not very clearly explained.
They are two different things.
If you, and your partner have Plus, Premium, Extra, Perks or Max, you get fee-free cash withdrawals on your joint account.
If you have Extra, Perks or Max, you can also use custom categories, virtual cards, advanced roundups and auto-spreadsheet on your joint account. With Plus, Premium, Perks and Max, you can also earn 4.35% AER (variable) interest on up to £500,000 in a Joint Instant Access Savings Pots.
The latter excludes Premium and Plus.
I am a Max customer with a joint account. My wife who I hold the account with isn’t a paid user. When I attempt to open an Instant Access Savings Pot for the joint account, we are offered the lower interest rate.
It is important that the savings pot is established from the joint account, as I manage our finances but my wife is the beneficial owner of the funds. It would be helpful if Monzo could facilitate this.
Monzo facilitate this if you both have Perks or Max.
1 Like
Fair enough. I have Max with Family add-on so Perks or Max for her would represent very little (if any) value. So perhaps they should include the enhanced rate as part of the Family add-on.
HL offer a 4.7% flexible access cash ISA so I’ll just stick the money there instead.
This is correct. Your wife cannot benefit from a paid feature when she doesn’t pay.
1 Like
That’s strange as she currently receives phone and travel insurance as well as breakdown cover, which are paid features.
They’re benefits given via your Personal paid-plan - a Personal account holder can pay extra to have nominated people included in the ‘insurance’ cover. Just because a nominated person also holds a Joint account with you is not a consideration.
The savings issue is different. Only the paid-plan person gets the benefits which can’t have nominated people attached to them. Of the paid-plan (examples with Max: Free Greggs, credit insights, discounted investment fees, Vue ticket & discounted food/drink, discounted Pizza Express, higher interest, virtual cards, advanced roundups, discounted lounge access, fee-free withdrawals/deposits, custom wallpaper, connected banks, Burnt Coral card) - the only exception being custom categories, where the other Joint account holder is able to see, but not edit, custom categories created and used by the paid-plan member of the Joint account.
1 Like
I understand, but you can’t claim the joint account holder is not a consideration then highlight a glaring exception (i.e. custom categories) where the joint account holder is benefiting from the plan by virtue of sharing an account with the paid subscriber - my question is simply why should the savings rate be treated differently?
Except I do have a plan but I’m not receiving the benefit of the enhanced savings rate in my joint account. It’s similar to the frustrating situation whereby custom categories were not available for joint accounts, which thankfully, was eventually fixed.
In my/our case, there is no justification for my wife signing up to Max (she already receives phone & travel insurance, breakdown and a Two Together railcard via my plan) and in the absence of a Gregg’s addiction, it’s difficult to make a business case for Perks.
So, instead of these funds being desposited in the Monzo joint pot (where we’d ideally want them) we are forced to transfer them to a 3rd party which offers a superior rate. We can stomach a 25 bps haircut for ease of access in Monzo, but 75bps is too much. It’s effectively punishing a paying customer, but to what end?
Except it’s not punishing anybody - you’re still able to gain this enhanced interest rate in your personal account. It’s not ideal, but there it is.
You have a paid-plan on your Personal account. Not your Joint account. So you’ll receive the paid benefits on your Personal account. Some of the minor benefits bleed through, but none significantly. Paid-plans for Joint accounts don’t exist yet and there is a long, long history of them being requested in this thread,
Unfortunately that doesn’t work for us, which is why the deposit is now sitting with HL and not Monzo. Being forced to do that is the punishment (for both parties).
But why not make it ideal? That’s what Monzo is about.
The absence of paid plans for joint accounts makes this even less understandable. It begs the question, what would Monzo currently lose by extending the savings rate to joint accounts?
I apologise if this has been answered already, I’ve read through the whole thread but I’m still not 100% sure on the answer… If both I and my spouse pay for Perks, will any joint savings pots we create get the highest interest rate? I’m currently on Perks and she’s on Extra. We have twelve pots (2 x spending, 8 X joint savings, and 2 x personal savings on mine to get the higher interest rate) - if she upgrades to Perks will ask the joint savings pots instantly get upgraded to the higher interest rate, or will I need to recreate them?
You won’t need to recreate the savings pors. As long as they are Standard Monzo savings pots, and not through their partners.
You both need to pay either Perks or Max (can be one of each) to tlget the higher interest.
Before you get your spouse to upgrade, check that they will get use the extra perks, and check if the increase in interest will offset the extra cost.
1 Like
Well after ~6 months of slowly moving our daily finances over to Monzo I think we’ll be moving the majority back to Natwest… The reason for this is almost entirely the lack of Joint Account features. My wife and I have had 100% combined finances since before we got married and we have found that we really don’t like how much we are forced to do separately in Monzo. The lack of Joint Flex, the inability to schedule recurring payments from personal current accounts to joint savings pots, etc… Those are the big things for us, and along with other more minor issues we’ve come to the conclusion that managing finances as a joint couple with Monzo just isn’t very practical. We won’t be moving away from Monzo entirely - the pots feature is too nice to lose, and Natwest doesn’t offer a proper HYSA so we’ll keep using Monzo for that. But our daily spending will go back to Natwest and our Monzo interaction will likely go back to once-monthly transfers in/out. It is a shame, really, as we love a lot of Monzo features, but Joint accounts just aren’t there…
2 Likes