I’ve have just spent the last month convincing my wife to open a joint account using Monzo to which she finally agreed. However, I’ve only now noticed that Monzo Joint Account don’t allow overdrafts. This is a massive hurdle for us and now means that a Monzo Joint Account isn’t suitable. We aren’t often in our overdraft but it’s always good having the peace of mind for those unexpected higher bills.
Please Monzo allow an overdraft for Joint accounts, you are missing out big time!
He’s making a suggestion. It’s not a bad one but its not gonna happen in a million years…
I know, but could’ve saved a world of conversation and sway to the wife if they’d have read about the product first.
As it goes - are there many other financial institutions/products who allow joint credit? Mortgages are an obvious one so don’t include that.
I think most joint accounts in the market offer overdrafts?
Could be wrong though.
I’m not sure. Only ever had a Monzo joint.
To be fair, I didn’t read the T&C’s. I have an overdraft set up on my Personal Account and we have an overdraft set up on our joint account with our current bank. It didn’t even cross my mind that Monzo wouldn’t over overdrafts for joint accounts. I just thought it would be a given that they’d offer an overdraft on a joint account. Disappointed still though that this isn’t something that can be offered.
Unfortunately the joint account is somewhat unloved. It’s only been the last few months you could even use your (paid for!) custom categories for transactions.
Other than that the JA has been pretty much untouched since it was introduced and I can’t see them doing much with it either.
Your best bet is to setup budget pots and if you get an alert saying a DD is higher than usual and you don’t have the spare cash is to move it from your personal OD the night before.
Yeah any high st bank allows them subject to status. Don’t think Starling or Revolut does though from memory.
Use pots to generate some savings and this can be your emergency fund. You can make interest on it then too.
With love, I sometimes think that folk miss the point somewhat of these sort of posts.
Taking this topic as an example, for me the purpose of an overdraft is peace of mind. If a bill is unexpectedly bigger then it still gets paid and I can move money out of savings afterwards.
I think it’s undeniable that an overdraft would be useful for many people on a joint account. Folk like @SeanDavidson19 post, I think, to make the case to Monzo that there’s a product that they’d like them to supply and which might be profitable for them. And from Monzo’s side, there is interesting data on the volume and frequency of similar requests.
For me that’s the whole point of this place - ideas to improve Monzo - I think we should be encouraging that, even if as regulars we have heard it all before!
I think it’s quite a basic thing for it still to be missing. Especially given people will live in it, and that will generate revenue.
touch wood we haven’t needed one, there hasn’t been a suddenly large increase in a direct debit that I wasn’t expecting but my salary didn’t get paid for some reason it would be a week late, this is exactly what I’d want it.
Safety net, money in pots, notifications of increased DD are all good features but it doesn’t do the very simple and basic thing that an overdraft does.
And to counteract that… our bills pot I keep at £0.00 once the bills have all gone because I get 0% interest on it, so it goes to the safety net.
This is the thing for me. I’m not in the market for a joint account, but it’s the reason (well one of the reasons) why I could never go #FullChase.
I’m here for the clever stuff but sometimes you need the fundamentals first!
The fact that overdrafts are now seen as essential shows how banks have us all stuck, making even more money off us. Using all the tools you mentioned to avoid them means more cash in your pocket, and healthier finances, and that’s always a good thing.
I absolutely want an overdraft on my joint account and it is part of the reason Monzo joint is just a spending account for me and my wife.
Our serious bills come out of a NatWest joint account with an overdraft. Like @Peter_G said, it’s peace of mind, I don’t want to miss a payment on those bills in the eventuality we had a massive brain fart and didn’t fund the joint account correctly.
