Monzo Joint Account Review 2023. Is It The Right Choice For You?
Monzo is a UK Digital Challenger Bank, which operates via an app that you can download on your phone. It has a full-time current account for both personal or business users, a unified savings account (offered from other institutions, but they are managed through your mobile application) as well as personal loans. All of this is backed by its signature coral card.
How can I apply to open a Monzo account?
UK residents who are 16 and over are eligible to apply for a Monzo bank account via the app, which is available to download on the Apple App Store and Google Play Store. You’ll be required to supply your personal information and prove your identity by making a video of yourself and a photograph of your ID. No documents of your address are required.
You are now able to create a joint account at Monzo for as long as you have both a regular Monzo account. Both of you will receive an additional shared account.
If you’re either 16 or 17 and wish to start an account with Monzo, you’ll be able to enjoy all the advantages that all UK current account holders enjoy. There is only one difference: some actions are not allowed like spending money on activities which are unlawful for those under 18 years old, e.g. gambling.
What will you get from your Monzo Joint account?
With Monzo’s shared Monzo accounts, customers will be able to get an entirely new card that says “joint account” on it. It’s so much simpler when I’m searching through my wallet for the correct card. Each of you will receive the brand-new joint account card along with each of your individual account cards.
The Monzo app lets you manage your joint and regular accounts, which come with lots of the same features.
What are the features you’ll receive in a joint Monzo account?
In your feed, you’ll track who’s made each transaction. This makes it simple to know exactly who’s making use of your money, and also what it’s being used for. Similar to your regular bank account you’ll be able to see a breakdown of the amount you’re spending on and in what areas. If you’re making plans for your budget, this will aid you in being able to know how much you’ve spent on what.
It is possible to set budgets for things like meals or groceries, and both of you will receive an alert when it appears like you’re spending too much. You’ll each be accountable for your spending budget and expenses.
Is the Monzo Joint Account secure?
Your Monzo account is secured with your personal username and password which you set up when signing to the application. It is also possible to secure your account by using Touch ID or Face ID If you have an iPhone. In addition, you will be provided with the 4-digit pin number you can use for transactions with your Mastercard.
For additional security, in the event that you spend more than £100 via contactless payment in a short amount of time, you’ll be required to enter a chip and pin to make sure your card hasn’t been stolen. Payments made online, however, are secured with 3D Secure, giving you additional security when you make purchases this way.
Another feature that is available on the Monzo application is the option to enable location-based security. This means that you stand a greater possibility of identifying fraud of your card when it isn’t matched to your current area of residence. In the event that you’ve been the victim of a robbery or lost your card, you are able to quickly freeze and defrost your card by pressing one button.
Is Monzo an acceptable choice to use when traveling abroad?
You can utilize the Monzo card in other countries very effortlessly. You don’t need to do anything! Simply travel around the world and there are no fees for transactions with cards in any way and there are no fees for ATM withdrawals of up to £200 each month. If you exceed that amount, there’s a fee of 3%. The monthly cash withdrawal limit within European states is slightly greater, at £250. Be aware that there is a joint limit for ATM withdrawals that are made within both the EEA as well as those in the UK (then the 3% fee is applicable).
If you’re frustrated with slow payment times and prefer not to go to an ATM at a bank, Monzo may be the bank for you. The features and tools it offers are designed to be user-friendly and can assist you in managing your money more effectively. Monzo’s biggest challenge is convincing customers to leave the traditional banks and have their wages paid instead of treating the account as an unpaid credit card that is used for the purpose of spending.
This will become increasingly challenging because traditional banks gradually enhance their apps, which will reduce the motivation to switch. However, if you’re interested to know what others’ applications and accounts will be like over the next few years, and to help develop it by participating in the forums for community members as well as feedback from customers, Monzo will be the right bank to choose.