I’m keen to bang the drum for joint accounts. It’s just not working for me and my wife and as all
Our finances are interlinked and only my salary, without a functional joint account we will have to go back to the dark side until monzo can offer.
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The simple matter is they don’t care, they added joint accounts to encourage more people to switch and then have forgotten about them
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I don’t think they’ve forgotten about them. Not with people bringing it up in every topic on here!
What it seems that they’ve done is given it a lower priority by getting things working only on current accounts and getting the feature out of the door.
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We are quite happy with our joint account, the pay direct debits from pots feature is far better than what we had with our previous current account. We find our personal accounts a bit of an annoyance really, we’d happily do away with them and just have the joint one. I don’t see the point of packaged bank accounts, if you shop around you can normally find the insurance you need for less from an insurance company.
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Is anyone else having a problem even just getting a joint account. For me it just says “it’s not available right now”.
Have they pulled the product offering for new requests as it appears to be substandard ? Would be nice to hear an official line on this.
It’s not substandard and it is still available.
They are just being a bit stricter on the criteria they are using. There will be a reason but they won’t tell you what it is or explain any more than they already have.
You can wait and see if they relax it/whatever you’re doing goes over that threshold or go elsewhere.
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If it appears to be substandard, why do you want one?
it “appears” to be substandard from the comments I have read, would like to be able to try it for myself to validate or otherwise (plus give some constructive feedback), only Monzo not allowing new joint accounts (or maybe they just don’t want to give me one)
its the “they won’t tell you” that I don’t like.
That’s the law unfortunately.
You’re perfectly entitled not to like it but shouldn’t confuse that with an idea that we have any ability to change it.
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well, I’d like to be able to talk to someone at monzo about it so I can understand whats available and how I can try it and then help to change it, rather than cryptic messages
Monzo will not tell you anything more. There are very strict regulations on this.
No emails to the CEO will change this process, you cannot be told why your application has been declined.
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are these banking regulations? If so, which ones?
I don’t think it’s a regulation as such, more a standard from all banks not to reveal detailed information on these kind of things.
They don’t want to give any detail on why accounts wont be accepted so that people don’t learn the thresholds and game the system.
If they do, then Monzo will be held accountable when stuff does go wrong for not having adequate checks / processes. Which is likely a regulatory requirement.
Even something like “sorry you can’t be accepted because X”
They would then tell someone else “sorry you can’t be accepted because Y”
They would then tell someone else “sorry you can’t be accepted because Z”
And before you know it you have all the pieces to the puzzle.
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makes more sense, thanks
In short, if someone declined you for any form of credit it will be relative to your credit file, so they’ll have seen something they don’t like:
Missed payments
High credit utilisation
Too many credit applications in a short time
Too much available credit (strange I know, but puts banks in a risky position)
Defaults
CCJs
Maybe check your credit file through clear score or credit karma or both, and make sure everything as it should be, mainly address history and all your accounts are at the correct up to date address.
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