Hi. I’m a very new user to Monzo - I recently moved my banking away from my traditional bank after a series of disappointing experiences (local branch closures, discontinuation of premium accounts, incredibly cumbersome international transfers process, poor digital offering etc). I figured that most of my gripes were related to the outmoded approach of traditional banks so a ‘new’ bank such as Monzo may therefore be a good match to my needs.
I’ve completed the switch using CASS. I was going to trial Monzo for a while before committing, but my traditional bank flagged the transfers to Monzo as ‘suspicious activity’, locked my account, and left me on the phone for over 60 minutes to prove I was me. I approve of the activity being flagged as suspicious, but object to sitting on hold for so long to prove my money is mine… Anyway, the experience pushed me into voting with my feet and I pulled the plug on the old bank immediately.
The above preamble is to give some context to the questions I have below. I thought I did my research into Monzo, but admit to being caught out by the difference in functionality offered on personal and joint accounts - hindsight is wonderful, but I don’t think it even occurred to me that the functionality of a joint account would be limited, so I doubt I even asked the question. From my perspective, a lot of the reasons I was interested in Monzo seem to not be available to me at this point.
I’ve read the forum fairly widely and I can tell there has been a lot of historical discussion about this but, with so much info, it is difficult to distill it down to a current view.
So, I guess I’m looking for help to understand where the joint account ‘fits’ into the Monzo offering - now and into the future. Is it likely that the joint account will remain the poor cousin to the personal account, or is there hope that the functionality of the accounts will reach parity in the near future? Will Monzo seek to innovate with the joint account or, as seems to be the case at the moment, will the personal account be the trail blazer with the joint account left at the bottom of the hill until someone can be bothered to throw down a rope…? Finally, I know this has been asked a load before but I can’t see a recent perspective on the forum, is it likely that I will be able to upgrade my joint account to premium any time soon…?
I know the answers to these questions will be subjective and are unlikely to be from an informed position, however, the opinions based on long-term experience is likely to be very valuable.
Thanks for any thoughts!