These terms are in addition to our general Terms and Conditions and you agree to them by using our joint account. You’re each separately responsible for following the terms. If either one of you doesn’t, we can take action against either or both of you.
Either one of you can make payments, including taking out cash from an ATM.
If you go overdrawn on your joint account, we’ll charge you and deal with this in the same way as an unarranged overdraft under our general Terms and Conditions. Bear in mind that with a joint account you’re individually as well as jointly liable. This means we can ask both or either one of you to pay back any money you owe us. We’ll usually ask you to repay first, but we have the right to take money from your current account.
You can take out £200 from ATMs outside the European Economic Area (EEA) per person in a rolling 30-day period over all your Monzo accounts without any fees. After that, we charge 3% of the total amount you withdraw above £200.
So if each of you take out £100 from your personal current account, you’ll each have £100 left to take from either your personal or joint account in that 30-day period without any fees.
If you want to stop having a joint account please let us know. We may freeze the account until you both agree to unfreeze it. Payments won’t work while the account is frozen.
Either one of you can tell us to close the account, but we can only close it when it’s empty. You both must have a current account to have a joint account. If you’d like to close your current account, you must close your joint account too.
Just like a personal account, our joint accounts are protected by the Financial Services Compensation Scheme (FSCS).
Bear in mind that you’re only covered by the FSCS for a total of £85,000 across all the accounts you have with us, and the money in your joint account is considered 50% yours and 50% the other person’s.
Opening a joint account may impact your credit rating as you both will be ‘co-scored’. That means both your scores will be affected by the other person’s credit history. You will both have access to the transaction data on the joint account.
Monzo Bank Limited, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. 730427). Registered in England. Registered No. 9446231. Registered Office: Broadwalk House, 5 Appold St, London, EC2A 2AG.