Shared Pots


(Tim Banting) #104

Would a shared pot only be offered to existing Monzo account holders or are you looking at some sort of virtual pay card? Ideally, I would love a second card that o could give to a partner or pot holder. Also, have you considered this as a way of helping children save and spend? Start with a shared pot and then migrate to a full account when they come of age?


(Paul Whitehead) #105

I’d love a feature like this for splitting the rent between myself and my girlfriend, however we’d need an account number and sort code to give to the agency. Without the ability to use it like a normal account, its only really a “play” feature without much real world use.


(Josh Carson) #106

Seconded!


(Chris Price) #107

It would be great if any pot could (maybe for a fee) be auto-magic’d into a real account with associate card (with pot art on it!) and sort/account number.


(Faraz) #108

I really like this idea, but would like to put forward a variation on the implementation. Rather than shared pots, how about virtual shared pots? Meaning it’s broadly the same thing, but the actual money stays with the individual. At the point the actual withdrawal is made, a notification is sent to participants, who approve the withdrawal/transfer from their own accounts.

The reason is that circumstances change, you may want to save for a group holiday, but then an emergency comes up, or you’re low on funds, or you fall out with the group/pot owner, so you want control over your money and trust doesn’t need to come into it.


(Jamie 🏳️‍🌈) #109

How does this minimise the “bus factor”?

If the owner of a pot gets run over by a bus, you’re basically saying to contributors: If you’re lucky enough to have been given withdrawal rights beforehand, get in quick and empty that pot belonging to the dead guy before we get to hear about it and freeze his Monzo account.

I get this ‘sharing’ has its (very limited, in my opinion) uses, but Monzo please don’t shy away from clearly explaining the legal implications of what you’re creating to users. Including the fact that you don’t really know those legal implications, because a contributor would essentially have to launch a claim in probate for a court to decide who ‘owns’ the money.


#110

Very, very well put. As I said before: calling this a “shared” pot is pretty inaccurate in the first instance!


#111

It is more like a cake tin you leave on your windowsill next to an open window and have told your neighbour they can help themselves to a slice, they have access but it is not their tin, it is not their cake, and their access is limited.


#112

No, it’s not at a like that:

I’ll put a slice in the tin in the morning, and they can put a slice in, any time they want.

Then, if I haven’t closed the window by the time they come back from work, they may also take a slice back out again…


#113

Just to give some feedback I like the idea of a shared pot but it really saddens me that there is such a negative vibe towards a proper joint account. TBH the thread is so long I can’t easily piece it together.

I need a proper joint account for my wife so that we can close our old bank account. I can’t do that with her having a separate account to mine because I manage all the finances. This is why the joint account is so important. I would have thought the feature was a no-brainer to remove barriers for sign-up. I would even pay for the feature.

Joint accounts and being able to pay directly out of pots are the only things missing for me to exit all my old banks (I have quite a few…)

Cheers


(Marcel Ruhf) #114

I don’t think that they have negative vibe. Monzo started witha a single user - single account architecture. They will need to make substantial changes to their platform, which won’t happen overnight. As far as I’m concerned, it’s just a matter of time.


#115

Well, if the monzo platform has been designed so that a substantial change to the platform is needed in order to implement a basic banking feature such as joint accounts, then whoever designed it, didn’t have much foresight. And if I was an investor that would bother me…

Also, this is not how I have understood Monzo’s own comments on the matter so far. I understood their comments to date as “we want to do joint accounts differently, and we just haven’t figured out how exactly yet. And since we have currently enough interest in single accounts, this isn’t a priority for us at the moment.” and whilst this not something I’m excited about, it’d be a much less worrying situation.


(Marcel Ruhf) #116

If it started as a bank, Ii would likely agree. But since it didn’t, i think it’s nothing to be concerned about. Correct me if I’m wrong, but I have yet to come across a joint prepaid card. Much of the core platform is probably the same, just replacing card processor and issuing bank with internal equivalents. They could have supported it from the outset, but it would probably have needed more time and money to get there. I think their MVP strategy of releasing small increments makes sense long-term.

Edit: And who knows - Monzo Labs will be out tomorrow - maybe there will be an experimental feature to the tune of joint accounts to gather some feedback :smile:.


#117

Surely, they would have been able to design the architecture in such a way that it allows n people per account, just set n = 1 during the prepaid days.

Changing architecture later on is almost always more expensive than doing it right in the first instance.


(Gareth) #118

(guess) The system was designed ages ago that people could have multiple accounts (https://monzo.com/docs/#list-accounts) but not that they have a many-many relationship.


(Marcel Ruhf) #119

I’m not sure what they predicted - although @tom did at one point say that they didn’t expect 100K+ people to take part in the prepaid beta. That could have impacted the initial decisions that were taken.

Edit: Oh, and this:


(Maya) #120

This would be super useful. My partner and I were thinking of opening a joint monzo account (is that a thing?) just for this reason .
Please make it an option to pay direct from pot rather than move into currrent account.
For example we could say all food transactions (ie supermarkets or whatever else we eat to add to a list) will be drawn from here . Or all transactions done in “Germany” taken from “holiday pot”.
So just like the coin jar knows how to round off sums , these jars could be geographically activated or we could attach it to a preselected list (much like Focus Booster app that denies you access to the internet except for a preselected list of sites).
Hope this makes sense


(Lloyd Watkin) #121

Yes, please. Discussed this with my girlfriend just this morning, and opening a new savings account, a pot makes things so much easier <3


(Neil Martin) #122

Great feature that will be very useful and something I look forward to using with my partner. :+1:


(Matt) #123

That’s great news. The shared functionality is something the community has been asking for, for ages. Definitely something I will use straight away. Will it have the ability for others to withdraw as well as deposit?