Monzo Joint Account Review: Is It the Right Choice for You?
Monzo is a UK digital challenger bank that operates via an app you can download on your phone. It offers full-time current accounts for both personal and business users, a unified savings account (offered by other institutions but managed through your mobile application), and personal loans. All of this is backed by its signature coral card.
How Can I Apply to Open a Monzo Account?
UK residents aged 16 and over are eligible to apply for a Monzo bank account via the app, available on the Apple App Store and Google Play Store. You’ll need to provide personal information and verify your identity with a video of yourself and a photograph of your ID. No address documents are required.
You can now create a joint account at Monzo as long as both parties have individual Monzo personal accounts. Both of you will receive an additional shared account.
If you’re 16 or 17 and wish to start an account with Monzo, you’ll enjoy all the advantages of a UK current account holder, except for activities unlawful for those under 18, such as gambling.
What Will You Get from Your Monzo Joint Account?
With Monzo’s shared accounts, you’ll receive a pearlescent white joint account card, making it easier to identify in your wallet. Each of you will have this new card along with your individual account cards. The Monzo app lets you manage both joint and individual accounts, offering many of the same features.
WHAT ARE THE FEATURES YOU’LL RECEIVE IN A JOINT MONZO ACCOUNT?
- Transaction Tracking: In your feed, you’ll see who made each transaction, providing transparency over your shared finances. You can also track spending categories to help budget better.
- Budgeting: Set budgets for categories like meals or groceries. Both users receive alerts if spending exceeds these limits.
- Spending Notifications: Get instant notifications of spending, helping to manage finances in real-time.
- Pots: Create savings pots to set aside money for specific goals, a feature available for both individual and joint accounts.
Is the Monzo Joint Account Secure?
Monzo accounts are secured with a username and password, with additional options for Touch ID or Face ID on iPhones. You also get a 4-digit PIN for transactions.
For extra security, if you spend more than £100 via contactless payment quickly, you’ll need to enter your PIN. Online payments are protected with 3D Secure. Location-based security helps detect fraud by matching card use with your location. You can also freeze and unfreeze your card through the app.
Is Monzo a Good Choice for Traveling Abroad?
You can use the Monzo card internationally without hassle. There are no fees for card transactions abroad, and you can withdraw up to £200 per month from ATMs without fees. Withdrawals above this limit incur a 3% fee. The limit is slightly higher in European countries at £250. Note that this limit is combined for both EEA and UK withdrawals.
Conclusion
Monzo offers a user-friendly banking experience with tools designed to help manage your money more effectively. The challenge lies in persuading customers to switch from traditional banks, which are improving their apps. However, Monzo’s innovative features, active community participation, and customer feedback make it a compelling choice for those seeking a modern banking experience.