Targets - Custom Timeframes 1

(Naji Esiri) #12

So just to pick up on these two points. At the moment, there is one way to stay logged in on two devices; have the app installed on two different types of device, one iOS and one Android.

We’ve no plans to launch conventional joint accounts, but we will be working on smart ways to send money, save communally and split bills (all the things which are sometimes more convenient with a shared account). :slightly_smiling_face:

Does Monzo offer a joint account?
(Andrew Schofield) #13

[quote="Naji, post:12, topic:6242]We’ve no plans to launch conventional joint accounts, but we will be working on smart ways to send money, save communally and split bills (all the things which are sometimes more convenient with a shared account). :slightly_smiling_face:

That’s disappointing to hear, this surely can’t be that uncommon a scenario? Will there be a way of transparently replicating a traditional joint account behaviour from 2 “linked” (for want of a better word) Monzo accounts. Something like a shared pot which contains all of the money from both accounts which is then used for all transactions? And will both accounts see any transactions made to/from the shared pot?

(Naji Esiri) #14

Hey Andrew, Joint accounts are a common request service from Monzo users! The idea of having two accounts linked, which both users can access isn’t something we have any plans for, but lots of the features we’re working on look to replicate the most convenient aspects of shared accounts. Things like communal saving pots will be part of this in the longer term.

Ultimately, we want to do one thing (current accounts) really really well, rather than offer a long list of financial products with complicated terms and hidden costs :slightly_smiling_face: Hope this makes sense?

Buddies/Housemates debts settling up
(Andrew Schofield) #15

It makes sense certainly, do one thing and do it well. I’m struggling at the moment to work out how (if) I can use Monzo to manage a family budget (where by definition the money is “ours”) with the requirement that both parties will need separate accounts.

Bill splitting doesn’t really work in this scenario as it is based on the notion that some proportion of the money belongs to each party (and relies on the full upfront cost of the transaction to be in the individual’s account). (This is mostly thinking out loud)

(Naji Esiri) #16

Oh yep, I definitely appreciate that family budgeting would be a little confused if split between two separate Monzo accounts! Once we launch current accounts, it may be something we revisit in more detail. It would be awesome to build an smart and simple solution within the existing framework for this exact purpose.

(Ben Green) #17

This is such a common request, and easily mistaken for or thought to be included with the upcoming bill splitting feature. I made that mistake and Hugo helped adjust my understanding.

It’s a common financial problem that I really don’t think the current banks have worked out how to solve, so if Monzo aren’t going to work on it directly I expect a partnership integration will pop up. Possibly something like splitwise or splittable.

(Andrew Schofield) #18

Yes, I was saying that bill splitting isn’t a solution to this problem. Shared pots gets closer, but still seems like you would need to withdraw from the pot to your own account and then perform a transaction.

For the record I think the problem that shared pots aim to solve is entirely separate from joint accounts. Shared pots seem to solve the issue of transient relationships between account holders with some common outgoings (essentially an electronic kitty). This acts like n+1 current accounts. The joint account problem is a much simpler one (in terms of its non-transience), all transactions for all account holders occur from the same account.

(David) #19

Couldn’t agree more Uncle fungus. This could be as simple as allowing 2 cards for one account and access from more than one device.

As mentioned above, you can work around the multi device limitation already, so all I need is a second card linked to my account. So close but I’m guessing so very far. :confused:

(Ben Green) #20

Your description sounds similar to this

It’s essentially a shared account supporting variable spending and bill payments from numerous people. And your aversion to having to move money between accounts manually to make the type of payment (shared/personal) is something I share.

Perhaps the discussion may be better moved over that topic as I’m struggling to see the big relevance to custom timeframes.

Does Monzo offer a joint account?
(Andrew Schofield) #21

I’ve linked up the following post

As I suspect most people will want this information if they search for topics about Joint Accounts.

(Ed Stubbs) #22

It seems like a pretty small thing to implement but then again I don’t have an engineering background. However I would say that without custom time frames, the targets feature is a bit pointless at the moment.

It would also be nice to have some sort of indication of how far through the month you are, perhaps a percentage on screen or some sort of bar showing the progress from pay check to pay check

(Mark Crummett) #23

Definitely want this. Mainly the custom timeframes as I get paid on the 27th of each month, rendering targets pointless for me at the moment

(Alex Sherwood) #24

This is a very manual solution but at the end of each month you could increase your current month’s Targets, to cover your additional spend, since payday & then descrease the following month’s Targets to take that spend from your new paycheck into account. That way your performance against Target is always measured against the same benchmark & the category alerts :traffic_light: will still work as they should & provide a meaningful insight.

Obviously that’s going to be too much hassle for some users but it’s what I do at the moment :slight_smile:

Targets - Custom Timeframes 4
Set Start of Month 13
Spending Periods
Edit spend amount manually
(lena) #25

I hope that Monzo can introduce weekly targets, rather than monthly.
Trying to set a target for a monthly expenditure, for something that you normally don’t try to think about (i.e. how much I spend on groceries per month) is actually quite tricky. Weekly targets would be brilliant. Even the choice of daily.

(Alex Sherwood) #26

Me too! This feature really will be a game changer :slight_smile:

I’ve moved your post here, as the second post at the top of the thread includes a preview of this feature, which is being worked on now.

Judging by this comment, from one of the Monzo designers, it sounds like this is almost ready -

if you think that the suggestions so far have missed anything, please do share your thoughts :bulb:

(lena) #27

Thanks Alex :slight_smile: That’s really helpful. Look forward to it!



Can you incorporate weekly budgeting/spending targets as opposed to just monthly please as it doesn’t appear to be an option (at least on my app)?



(Alex Sherwood) #29

Hi Matt!

I’ve moved your post here, as there’s a preview of the solution that Monzo are working on towards the topic of the thread.

It’s sounding like this could be ready as soon as the current accounts launch :tada:

(Jarmolkiewicz, Matt) #30

Perfect thanks.

Kind Regards,


(Danny) #31

The monthly target feature is a brilliant idea but it would be nice if you could choose a weekly target as well