These terms are in addition to our current account terms and you agree to them by using our joint account. You are each separately responsible for following the terms. If either one of you doesn’t, we can take action against either or both of you.
Making payments
Either one of you can make payments, including taking out cash from a ATM.
Just like the current account, if the balance in the joint account is below zero, we won’t charge anything up to -£20. But after that, we charge 50p a day at the end of each day. But 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 money you owe us. We’ll usually ask you to repay first, but we have the right to take money from your current account.
Using your card abroad
Your £200 allowance for foreign ATM fees is calculated per person (not per account) over all your Monzo accounts. So if you take out £100 from you current account, you will have £100 left to take out, either from your current or joint account.
If something goes wrong
If you fall out please let us know. We may freeze the account until both of you agree to unfreeze it. Payments won’t work while the account is frozen.
Closing your account
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 would like to close your current account, you must close your joint account too.
Financial Services Compensation Scheme (FSCS)
Just like the current account, our joint accounts are protected by the Financial Services Compensation Scheme (FSCS).
Bear in mind 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.
Credit score and data sharing
Opening a joint account may impact your credit rating as you both will be ‘co-scored’. 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.
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