Should You Get A Joint Monzo Account
A few months ago I wrote a post about ‘Should you get a joint account as a couple?‘, a decision you shouldn’t take lightly. But for many people, the pros and advantages of a joint account outweigh the negatives. So I thought I’d talk about why you should get a joint Monzo account out of all of the choices. I’ve spoken about my love for Monzo and its functions quite a lot of times. And having been a Monzo cardholder for over 18 months nothing has changed.
Setting up a joint Monzo account
If you’re planning to set up a joint Monzo account you’ll both need regular Monzo accounts first. They’re super easy to set up and don’t require loads of paperwork so this could be pretty instant. Once you both have regular Monzo accounts opening a joint account takes minutes with no additional ID checks. Luke only opened his Monzo account so we could get a joint one, but it’s made life so much easier.
If you already have a joint account together and want to switch it over to Monzo you can do that too. There’s more information on switching to Monzo on their website.
What you’ll get with your account
When I have more than one card my worry is usually working out which is why. But with the joint Monzo account, you’ll get a brand new card that says joint account on it. I find this so much easier when I’m looking in my purse for the right card. Each of you will get a brand new joint account card alongside your personal account card.
You can manage both your regular and joint accounts via the Monzo app with a lot of the same functionality.
Features you’ll get with a joint Monzo account
In your feed, you’ll be able to see who has made each transaction. This will make it very easy to track exactly who is spending your money and what it’s being spent on. Much like your regular account, you’ll be able to get a breakdown of what you’re spending and in which areas. So if you’re planning your budget it will make it much easier to see how much you spend on what.
You can set spending budgets for areas such as groceries or meals out and you’ll both get a notification when it looks like you’re spending too fast. This means you can both be responsible for your budgets and outgoings.
Pots in your Monzo account
When we first signed up for our joint Monzo account you couldn’t create pots or savings pots via a joint account. But now you can and it’s a game-changer. It means for anything you’re saving for together like a holiday, a job around the house, or even a rainy day fund you can separate it out. This means you’ll both be able to see how much you have saved, but you won’t be able to spend it unless it’s withdrawn from the pot.
I’m a huge fan of the pots in general as it means you hold yourself accountable for exactly what your money should be spent on. For example, if it’s your day-to-day spending account you could have pots for grocery shopping, meals out, and other areas. And withdraw money from the pot before spending. This way you’ll know how much you both have left for the month. But you can also have pots for longer-term savings to avoid spending.
Do you have a joint account with anyone?
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17 responses to “Should You Get A Joint Monzo Account”
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All About Me
Rhian Westbury
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Both myself and my partner have Monzo accounts (they are so useful when traveling abroad!) but haven’t considered setting up a joint account – maybe we should though! Thanks for this post.
If you both already have your own accounts it’s so easy to get a joint Monzo x
This sounds lke a really good idea to monitor what you are spending. I like the idea ofthe pots. We do this withour bank accounts. Having posts for different things is helpful.
This actually sounds like such a good idea! We could definitely benefit from for sure
We don’t have a joint account although it is something we have been discussing. I do have a Monzo account though so may look at changing it to a joint account.
You have to have an account with them to get a joint account, so he would need to open one then you get a joint account too. it’s good for any joint expenses x
We have a Monzo account, after friends told us about it last year, although at the time we could not get it to work for opening a joint Monzo account and ended up with an account each
I believe you have to have an account each before you can open a joint account, at least that’s what we have x
I have to admit I didn’t know you could get a joint Monzo account, they seem to be so flexible with their offerings which is good.
Sounds like a wonderful idea if you are comfortable and trust your partner. I think it would be good for saving and perhaps for mortgage funds etc? Ive heard good things about monzo.
Yeah you don’t have to pool all your money together if you don’t want to, but having something for joint spending, household stuff etc, can be pretty useful x
Sounds like a good idea. Wish we had that here. It would be easier for both me and my husband. The idea of having savings pots. That would help a lot with budgeting.
I don’t know if I’d consider getting a joint account. I think it’s definitely a well needed thought out talk but it’s a good idea if you already have joint assets.
It’s about open communication, but also keeping yourself financially safe as well x
This sounds interesting. I have never even heard of Monzo before reading this post. x
Thank you so much for this post! Me and my partner have decided it would be beneficial to open a joint account and I hadnt ever really heard of Monzo but it sounds perfect for what we are looking to do! I love that it allows you to have a savings pot together too as we are often saving for things together! x
It’s so easy to split out any joint money into different pots be it bills, kids stuff, food, holidays etc x