Monzo launches joint accounts

By Ryan Weeks on 14th August 2018

Challenger Banks

After a period of testing and tweaking, the shared accounts are live.

Monzo launches joint accounts

Leading digital bank Monzo has launched its hotly-anticipated joint accounts, which can be operated alongside users’ personal accounts.

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 to the bank’s trademark hot coral number.

Users can switch between their personal and shared accounts in-app.

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.

The firm began trialling the new accounts in early July via Monzo Labs, which gives a select group of users early access to new tools and experimental products.

During that period, testers flagged that it wasn’t easy enough to switch between personal and joint accounts, which Monzo has now fixed. The fledgling bank also says it wasn’t clear to all its testers that opening a joint account with another person would create a financial link between the two users that could affect credit scores. In response to this, Monzo has added more information about this possibility in the sign-up process.

Monzo’s rival app-bank Starling launched its own joint accounts in June. 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.

 

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