Team/ group account

Hi Everyone - busy setting up a golf society which already growing in terms of numbers. I’ve seen all high street banks offer accounts, but nothing from Monzo (and similar style banks).

User case is that any group/ team want the ability to put fee’s into a pot to pay for events. This example it would be for golf kit and golf rounds paid in advance.

Any updates here on when we can expect something?

Hi. Welcome.

I would say there’s basically zero chance of this happening soon, if ever. Considering how far behind joint accounts are, they have a lot of work to do before they can add other more complex accounts.

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Which is it you’re wanting, a group account or a pot that you can get people to pay directly into?

Apologies for the confusion but your title and then the way you’ve described it sound like two different things.

I’m guessing that closest Monzo offer is the free (Lite) business bank account (see ) which looks like it will fulfil your needs. Having a business account (or “club/society account” as I know the old Girobank used to offer - yes, I’m that old!) does have the advantage of, if the tax office picks you for an audit, it’s “easier” to say what money is yours personally and what belongs to the club/society/organisation.

You don’t need to be a Ltd company for a Monzo Business account - a “sole trader” is accepted (which basically just means you are operating the business/club under your own name rather than a separate legal entity) and you can sign up through the app.

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You can create a group Vaults on Revolut :wink:, but I didn’t try that service as didn’t need it yet :thinking:

Thanks! I looked via their website on desktop and I didn’t see that: obviously in app only (shame).

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Sounds like Shared Pots could solve this issue:

Looks like they abandoned that due to legality issues - hopefully they can bring this back though as they are introducing virtual carsds from pots (likely a different set of legal issues)

You could probably open a Paypal account as a ‘business’ and everyone can have their own login

Sounds like virtual account numbers for pots would also solve this for the OP so that people can pay directly into a pot. Or even for pots.

However they’ve not come back to clarify anything yet so it’s hard to advise :man_shrugging:

Sounds like both - the account to keep the club funds separately and pots to ringfence money for the specific events, rounds etc

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