You need to reread by orignal message
How about just a group of users Pot’s?
No collective account, no admin, no way of others removing funds.
Each user nominates a pot they would like to add to the group.
Then everyone gets a report of what the total of the group of pots are and how close to a nominated target the total is.
It would then be up to the user to sort any transaction agreements to the colective outside of Monzo.
Essentially people don’t need tools to transfer the money, that mechanism is already there.
It’s the group reporting that would benefitial.
Any funds management squarely resides with the individual.
The way id think of all this is kind of like a bitbucket interface.
Merge Request - notification to withdraw money
Reviewers - Other members of the pot
Approved/Merged - Money released to user once approved by all members
Big bump for this idea, I think it would be very useful
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Wonder could shared pots be a good thing now for monzo to tackle.
Could potentially help improve the overall balance held in monzo and potentially move some customers money from other providers.
I know i along with my gf have some savings in our seperate marcus accounts for things like trips away when everything returns to some sort of normality that wed rather have in “shared pots” to help get a better joint picture of things.
If you have a joint Monzo account you can have joint pots?
I think were not quite there in the relationship and personally dont think id get a joint account with someone until have a house together and perhaps married.
So a shared pot would be ideal for me.
Can see similar use for groups of friends booking trips which include more than 2 people that dont want a joint account together.
Yeah there’s still definitely a need for shared pots but I think legally it creates an issue because the money has to be in someone’s account and they have to be the legal owner of the money
Shared pots could perhaps keep the money in the personal pot and then it kind of links and says total £1000, £250 from Adam, £250 from Bob and £500 from Charlie?
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Could Adam only spend or transfer 250 from the pot then?
Yeah but then you would be able like all agree to transfer it to one person for the spending or them withdrawal all into your ££ into your main current account? I’m not sure, I just think there is some legal issues with the shared pots thing
I can understand the potential legal issues arising from this, but ultimately I have many situations where this is a need and I think it would be a good feature for Monzo to explore and their team to figure out the legalities of.
Yeah dare i say it a real differentiator (think thats the word?) as it could be a real gap plugger for people who want something to act like a joint account but arent ready for such a big financial commitment like that
As someone said before, it’s just a saving up pot and then if anyone wants to take their own money out, they can. But if it could have a group goal, etc… it would really help for holidays and Christmas savings
Bump. Come on Monzo. This is a great idea for a group of mates to put money into a pot for holidays / splitting bills
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Hi there,
There are three of us and we are trying to manage our shared expenses. We have a shared tab which works ok but becomes problematic when we need to budget for shared goals like a holiday or house renovation fund.
Will Monzo enable shared pots or a way for us to deposit money in a shared tab ahead of transactions that need to be split?
Thanks
H
It’s a terrible idea for a whole host of reasons.
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Not a bank, but revolut allow this.
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I agree with Revels. I think this is a bad idea to have a single pot that everyone can access, espeically when you are not financially linked.
You say that but couldnt monzo think of a smart way to handle this?
For example they could rework the current payment review similar to secure id for purchases from the pot for example that needs to be approved by all contributers within the 10 minutes
And what about when you’ve put in £900 and I’ve put in £9 and then I never respond to you wanting to get your money out?
It’s a recipe for disaster with no gain.