On Tuesday, UK-based challenger bank Monzo announced the launch of its new product, joint accounts. This news comes just a little over a week after the fintech revealed new accounts specifically for 16-17-year-olds.
Monzo reported that for the past month its joint accounts have been available for testing in Monzo Labs. Users were able to gain early access to product’s upcoming features so it can hear feedback and iron out any issues prior to the release. The bank explained that with the help of its community, it has been able to really refine the experience. It was also reported:
“During testing, we were able to fix bugs we found with notifications, card activation, and sign up. You also told us that we hadn’t made it easy enough to switch between your personal and joint accounts, so we added a fix a few weeks ago that you’ll also see in this release. Plus, it wasn’t clear to everyone that opening a joint account with someone else would create a financial link between the two of you. This could have an impact on your credit score, so we’ve added more information about this when you sign up.”
Here’s how to use the joint account product:
- Head to Account tab
- Tap name at the top of the screen
- Scroll down and tap ‘Create a joint account’
- Follow the other steps to get started
Monzo noted the person that the user invites to create a joint account will need to have a Monzo account also and if they don’t already have one, the user must ask them to set it up before sending out an invitation. Through the joint accounts, users will be able to see who has made each transaction. Along with the new mobile features, joint account users will also receive a new card as well, with a different design to make it easier to tell apart from the old cards.