Sounds great like a joint account with no joint liability ?
Once I got through all of the off-topic joint account stuff, this looks interesting.
Having said that, I don’t think I have a personal need for it at the moment but it does allow a certain flexibility and transparency in pooling funds that I haven’t seen the like of before.
Me and my wife can’t wait for this.
Do we have an ETA on Shared Pots. This is a feature I’m really looking forward to.
My partner and I need new windows on the flat. So a shared Window Pot would be perfect.
I’m not sure I get the use case particularly, especially given this seems it’ll only work with everyone being on Monzo: is that right? I think you’ve already got the gifting idea with Monzo.me links: having a whip round that way works fine.
What we do need, more than this, is joint accounts. Mine and my wife’s money is all “ours”. We’re not sharing bills or clubbing in I joint presents or other expenditure - which is what the shared pots may be good for. A fully multi user account is a must, and until then very few of my friends (granted, older than your target demographic - we’re just old people in our thirties ) will move over.
My full current account switch completes tomorrow. I share a flat with two others and we pay into another legacy account that I have, the bills and rent come out of this. If Monzo can deliver pots that direct debits that can come out of I’ll quickly switch over this account too.
I think shared pots would be a great idea, great for saving up for holidays etc, if the people you are going away with have Monzo! Again it would be great if payments could be taken from the shared pot for example accommodation charges etc.
How do shared pots interact with the FSCS?
FSCS still applies, technically the money is still in the account, it’s just earmarked that it’s not free to spend within Monzo’s systems
Perhaps that was unclear. If two people contribute to a pot and that pot contained more than £85k, then would it be their combined deposits that were covered? I think that only a staffer would be able to answer this authoritatively.
No. Staffers have already said that shared pots won’t really be shared pots.
The pot and all funds in it will belong to one person. Consequently only that one person’s FSCS protection limit of 85k applies. Though multiple persons may access it at the owner’s discretion.
Who are these people, and how do I become friends with them?
If you find out let me know ;-D
This is a great solution!
Can’t wait for this to be rolled out.
The sneak peek looks great. Can anyone remove cash from the pot or is it still “owned” by one person?
It is going to be owned by one person. If someone is paying money into a pot, they are paying money into your account.
However, you may give them permission to withdraw from it.
Great, sounds good and looking forward to it becoming available. Thanks for the reply @nanos
Any idea when shared pots will launch?
This idea is really exciting and would help my wife and I immensely with our short-term savings and longer-term budgeting. Can’t wait.
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