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.
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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now