Online banking app provider Monese is now offering joint accounts to clients in the UK and the European Economic Area. Customers that need a shared account to manage their finances will have the option to open new accounts with friends, their partners, and roommates and access them via their smartphones. Users can pay for shared bills and expenses via the joint account.
As explained on the company’s website:
“Monese joint accounts [aim to] make shared spending much easier. With advanced features such as shared spending notifications and transaction feeds, you and a friend, spouse, parent, or housemate, can stay on top of your expenses and set up monthly budgets to reach your savings goals together.”
Monese joint account holders will be sharing an account number so both users can receive payments directly, set up direct debits and take care of other p\ayments together. Joint accounts will have the same balance and allowances.
Users can make “up to €/£ 200 per month” worth of ATM withdrawals from almost anywhere in the world at no extra cost. Customers can also withdraw “up to €/£ 2,000 per month” in foreign currency card spending from their joint account. They can also make “instant” transfers to other Monese accounts at no cost.
The Monese joint account may only be opened between two Monese customers. To open such an account with the company, both users need not be in the same physical location, however, both users must have an existing Monese account.
To open a joint account with another user, you can send an invitation to the individual to open a joint account together. You can also invite people to join Monese so that they can open a joint account with you.
Monese joint account holders get a shiny, rose gold contactless Mastercard to make payments. The card can be linked to Apple Pay or Google Pay to perform transactions from smartphones.
As mentioned, a joint account is free to open. Users only need to pay €/£4.95 for card delivery. Allowances are the same as those that come with the Simple plan. The allowances are “per joint account and not per person or card.”
The Monese team says they’ll be adding more new features to their joint accounts in the next few months.