Challenger bank Monzo has launched joint accounts that can be opened by personal account holders, and is looking to add saving pots to the new offering. The company said it will offer a range of savings products including savings, money market accounts, certificates of deposit, insurance products, credit cards and other financial products. Monzo has added more information to the sign-up process about the potential for a financial link between two users to affect credit scores after joint account testers stressed lack of clarity. Meanwhile, rival fintech Starling launched its joint accounts in June, using Google Nearby technology to facilitate applications.
Challenger bank Monzo has launched joint accounts that can be opened by personal account holders, and is looking to add saving pots to the new offering. Customers can switch between personal and joint accounts in-app, and will receive separate cards of a different design for their joint account. Monzo has added more information to the sign-up process about the potential for a financial link between two users to affect credit scores after joint account testers stressed lack of clarity. Meanwhile, rival fintech Starling launched its joint accounts in June, using Google Nearby technology to facilitate applications.