Life can be unpredictable, and sometimes you or your loved ones might need a hand managing finances. Whether it's because of health changes, shifts in decision-making abilities, or just planning ahead, having a reliable person to help with your Monzo account can really lighten the load. That’s where trusted access comes in. It’s also called third party authority or third party access.
What is trusted access?
Trusted access is a simple way to allow someone else to manage your bank account. You get to decide who this trusted person is and specify what they can do – like paying bills or checking your balance. It’s essentially giving control to someone you trust, ensuring your finances are in safe hands if you need an extra bit of help.
The key thing to remember?
The money is still yours alone. This isn't like having a joint account; it’s just about sharing some of the responsibility. This makes it easier to keep your finances running smoothly if you need a helping hand.
Exploring your options for trusted access
There are several options you can to choose from, and it's important to find the one that best suits your situation. Here’s a comparison of some common types of access and what a third-party can do, but know there are other options available too.
General power of attorney | Lasting power of attorney | Enduring power of attorney | Deputyship court order | Informal third-party authority | |
|---|---|---|---|---|---|
I need short-term support | ✅ | ❌ | ❌ | ❌ | ❌ |
I need a hand with my spending | ✅ | ✅ | ✅ | ❌ | ❌ |
I want someone to check my account balance and transactions | ✅ | ✅ | ✅ | ❌ | ✅ |
I'm getting ready for when someone I trust might need to manage my money | ❌ | ✅ | ✅ | ❌ | ❌ |
I need to manage finances for someone with limited capacity | ❌ | ✅ | ✅ | ✅ | ❌ |
Remember, this isn’t a full list of the formal and informal access types, but should give you an idea of the types of things you can consider.
Formal access and legal documents
Formal access is usually based on a legal document, and the names and requirements for those documents vary based on where you live.
For example, lasting power of attorney and deputyship court order both need to be registered with the Office of the Public Guardian (OPG) if you’re in England, Scotland or Wales.
If you’re in Northern Ireland, an enduring power of attorney must be registered with the Office of Care and Protection (OCP) before we can activate it.
For more advice, visit the Citizens Advice website. You can also reach out to our dedicated Life Events team with any questions.
Your responsibilities if you’re managing someone else’s account
We’ve written this blog to explain what options you have as a Monzo customer giving someone else access to your account, but of course this is also useful information if you’re the one trying to help!
Your main responsibility is to make decisions for the person who appointed you.
Here’s what you should keep in mind:
Always prioritise the donor’s best interests, making choices that reflect their wishes and instructions as closely as possible. Stick to the limits of your authority and avoid taking any actions that could create a conflict of interest.
Support the donor in making their own decisions whenever possible by offering clear information and a comfortable setting for discussions.
Consider their beliefs and past behaviour when deciding what’s best for them. It’s also wise to consult with their family, friends and carers when it makes sense.
Remember, you were chosen for this important role, so act with care and integrity.
If you’re ready to give or get access, you can start by filling out our online form.
If you have any questions, you can email us at lifeevents@monzo.com and a team member will get back to you as soon as possible.