Second Account

(Mr Victor Dhuphar) #1

when can we open second account so we can manager bills on one account and spending money on the other

(Andy - Customer of Monzo - Own Thoughts) #2

Hi @Victordhuphar there’s no plans to allow for second accounts other than joint accounts at the moment however Monzo are looking at allowing you to pay direct debits and bills from savings pots which should allow you to achieve what you and many others are looking for

(Jack) #3

There is a benefit to using one account which is that the summary screen can predict and work out your left to spend figure, and predict if you’re going to be able to make all your payments from your pay. If you had money split between multiple accounts it may not have the visibility to work it’s magic.

(Micky) #4

I did think about using the built in summary for tracking future spending and bills but I don’t have much faith in it. For the first half of the month it shows Im going to run out of money because of large transactions I have to make with standing orders at the start of the month. With a second account you just transfer all your outgoings and forget about them, what’s left is then your spending money for the month

(MikeF) #5

If the standing orders are included in the Committed Spending of the Summary then they’ll have no effect on the “running out of money” calculations.

(Jack) #6

They are constantly making improvements to summary so it’s always worth revisiting. For me it’s great.

(Micky) #7

I think it’s actually a bank transfer I did that has screwed it up for this month. It’s a regular one but the amount changes. it’s used a quarter of my spending money so the chart is not showing a real representation. The standing order is actually working fine

(Jack) #8

You can now exclude payments and transfers from summary. Would that help?

(Micky) #9

:hushed: is that new? I checked that a couple of weeks ago and I didn’t see it. Maybe I missed it since it was at the bottom of the screen but that’s fixed it :+1:

(Micky) #10

Think it might be worth testing the joint account switch service :crossed_fingers:

(MikeF) #11

I don’t think it’s officially supported yet (which is different from saying it won’t work, apparently).

(Micky) #12

I’ve put in a switch request so I’ll see what happens