Thoughts on if this is a bug. Monzo support think not. Statement of Interest not showing joint account details

UK Help Bug Reports
1

First, sorry if the title sounds inflammatory. It’s not supposed to be - I’m looking for feedback on whether folks think this is a bug or not.

Issue:

A bit of background - I need to generate a statement of interest for my tax returns each year. One for my personal accounts and pots and one for my joint account and its pots.

Prior to this issue, I’ve been able to generate a statement of interest which has text along the following lines:

Between 6th April 2023 and 5th April 2024, you earned £xx.xx in interest from your Savings Pots, Pots and balance in your personal account, and you earned £xx.xx from Savings Pots, Pots and balance in your joint account.

This year, when I do the same thing, the text reads:

Between 6th April 2024 and 5th April 2025, you earned £xx.xx in interest from your Savings Pots, Pots and balance in your personal account.

The joint account wording is omitted. Monzo support have told me that the value includes both personal and joint account interest but this was only after a long back and forth with Monzo support. I can’t see how anyone would assume this was the case from the wording.

It’s important to note that this text is the same regardless of whether I choose the option to generate the statement from my personal or joint account. In either case, I’m heading to the three dot menu on my account → Manage account → Statements → Interest Statements and choosing the relevant Annual Statement of Interest.

If I choose previous years now, they display the correct wording. The problem is only for this financial year. Monzo support have told me that I should just tell my accountant that this includes joint account information but there is nothing to support this in the statement. At the very least, this is confusing and is why I consider this to be a bug.

It would also be super helpful if someone could confirm if this is the case for them as well as that would support this being a bug.

Details to reproduce: As above
OS: IOS latest
Device: iPhone
App Version: Latest Testflight (issue has been present for at least the last 5 versions)

Screenshots: If needed, can provide them.

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2

My 2024-25 interest statement contains both personal and joint interest.. I’m using Android, not that it should make a difference… are you sure you have earned joint interest?

3

Thanks very much for checking. It’s possible (actually quite likely) I haven’t earned any interest on my joint account. I’d expect the statement to say that rather than omitting the words altogether though.

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4

Likely this :backhand_index_pointing_up:

I’ve checked my interest statements and they show the following text account references:

6 April 2024 - 5 April 2025 - Personal Account
6 April 2023 - 5 April 2024 - Personal Account & Joint Account
6 April 2022 - 5 April 2023 - Personal Account & Joint Account
6 April 2021 - 5 April 2022 - Personal Account
6 April 2020 - 5 April 2021 - Personal Account
6 April 2019 - 5 April 2020 - Personal Account
6 April 2018 - 5 April 2019 - Personal Account

We’ve almost solely used the Joint account since launch in 2018, making 2022-2024 look right and all other years look wrong.

This is the issue. It’s ambiguous. No reference to a Joint account in an Interest statement could mean no interest was paid. But it may also be a reporting error too. Needs some Mr Sheen.

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5

Thanks for checking all those! Monzo support have told me I didn’t accrue interest during the last financial year which does make sense as I moved everything over to higher interest pots on my personal / max account.

Monzo don’t agree that it’s confusing or a bug however and I think that’s going to lead to more confusion and other support cases in future.

Full disclosure - I’ve also raised a complaint as there was a combination of problems reporting this and getting an answer for the question I asked. That should hopefully allow someone else to evaluate this and give another opinion. I’ll update this thread if anything changes.

4 Likes
6

I seem to think I had a similar issue in the past even though I did earn joint interest. I had to explain that they needed to be separated.

If you have a joint account and earn no interest, they should tell you to remove the ambiguity.

In the past they’ve also given mixed messages about whether the interest stated for joint account was the full amount of interest paid to the joint account (and thus needed to be divided by two to report on each tax return) or whether it was half the total amount paid. Again, the lack of clarity is a pain, and it’s hard because of the statement “design” to easily work things out.

It would be a simple task to reword the statements to be unambiguous but there seems to be no acknowledgement by Monzo of the importance of this.

Statement layout in Monzo is a huge weak point.

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7

I agree with you, I’m not sure if bug is the term I’d use but it seems confusing and like a small amount of rewording could make it much clearer. If the joint account has none, say it’s none, and then it’s easy. If they are merging both together into one value (which it sounds like they might not be, but in any case), explicitly state that it includes joint so that anyone reading it would understand that.

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