UK-based digital bank Monzo has launched a joint accounts option, which can be operated alongside users’ personal accounts.
”A Monzo joint account is a secondary account that’s separate to your personal one. So you’ll still keep your original account and card. But you’ll have access to another account that’s shared with another Monzo user. You can switch between the two accounts anytime in the app.”, according to Monzo.
Shared account users will retain their original accounts and cards while getting access to a second account which is shared with another person, with transactions tracked for each user. Those opening a shared account will receive a new card with a different design.
Shared accounts can only be opened by existing Monzo customers, as invites must be sent between users. The joint accounts do not currently support the Current Account Switch Service, as Monzo’s personal account service does, but the bank advises its fans to ‘watch this space’. Monzo is also looking at adding its ‘pots’ – savings pools – to the joint account offering.
”We’re excited about this first version of Monzo joint accounts, and can’t wait to see them out in the world. And we’ve got even more plans for joint accounts in the future.” Monzo says.
”First, we want to support the Current Account Switch Service for joint accounts. We’ve heard from you that this would really help with moving over bills and other payments from old joint accounts. So watch this space!
And second, we agree with our community that pots for joint accounts would be really handy. We’re launching joint accounts without them, but we’re keen to add them soon.
We’ll also work on smoother transfers between personal and joint accounts, that are tidier in your feed, and can be scheduled like a standing order.”
Monzo’s rival app-bank Starling launched its own joint accounts in June 2018. A great deal was made of the fact that the accounts could be opened using Google Nearby technology, meaning customers would simply have to sit next to each other apply for an account.
Follow the link to see more about the benefits and the risks of sharing finances: Should you share your finances?
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