Joint Account Terms & Conditions
These terms are in addition to our current account terms and conditions and you agree to them by using your joint account. We can make changes to the terms of this agreement in line with our current account terms and conditions.
You share your joint account with someone else and you’re each separately responsible for following the terms. If 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 an ATM.
Joint overdrafts
If eligible, either of you can apply for a joint overdraft, but you will both be responsible for repaying any overdrawn balance.
Either of you can set up a repayment plan or discuss any support needs for your joint overdraft. For more information see our Joint Overdraft Information page.
If you go into an unarranged overdraft
If you go over your arranged joint overdraft limit, or we haven’t agreed an overdraft limit with you and your joint account balance goes below zero, we call this an ‘unarranged’ overdraft. It’s best not to spend a long time in an unarranged overdraft as it could harm your credit score and make it harder to borrow money.
We can refuse any payment that would take your account into unarranged overdraft, but there are times when we may allow the payment. For example, when the unarranged overdraft results from a disruption to a payment system; recovery of certain payments like chargebacks and refunds; and offline payments.
With a joint account you’re individually and 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 either of your Monzo accounts directly.
Any money you owe as a result of an unarranged overdraft on your joint account is due immediately. If you have any questions about how to make a repayment, please contact us.
We can take money you owe us from your available credit balance
You might miss Monzo Flex, loan or overdraft repayments, break your credit agreement or not repay when we ask you to. If this happens, we have the right to reduce or pay off debt you owe us using any available credit balance in your joint account and your personal current account. This means we can use any available credit balance in your joint account against any debt you owe us on either of your personal current accounts, and we can use any available credit balance in either one of your personal current accounts against any debt you owe us on your joint account.
Using ATMs abroad ✈️
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 something goes wrong ☔️
If we become aware of a disagreement between you as account holders we may freeze the account until you both agree to unfreeze it. You won’t be able to make payments while the account is frozen unless you both agree on it beforehand.
If someone passes away
The money in your account is owned by both of you jointly, so if one of you dies the remaining account holder can transfer the remaining balance (including money in any joint Savings Pots) out of the joint account, unless there’s a legal or regulatory reason not to.
Once the account is empty we’ll close your joint account.
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 also can’t close your account if you’re overdrawn.
We can close your joint account for the reasons set out in your current account terms and conditions. If we do, we may send any remaining funds to an account held by only one of you.
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.
Your money’s protected by the FSCS 💰
Your eligible deposits in Monzo are protected by The Financial Services Compensation Scheme (FSCS). The FSCS apply this limit to each person and to the total amount of any money you have with the provider. This means the deposits held in your Monzo Personal Current Account, Joint Current Account, Business Current Account if you’re a sole trader, and Regular Pots and Instant Access Savings Pot across all your Monzo accounts, will all count towards your limit. For more information see our FSCS information sheet.
Credit scores and data sharing 🤝
When you open a joint account with someone, you keep your own credit scores. They don’t merge, and one person’s score doesn’t directly change the other’s. But, you do create what is called a ‘financial association’ between you and the other joint account holder. This means that things that happen on your joint account, for example missing a payment, or going overdrawn, can affect your individual credit scores. And, if you apply for a personal loan, lenders may look at the credit file of the other joint account holder to help them decide if they can lend to you.
You’ll both have access to transaction data on the joint account and agree to us sharing information that impacts your joint account with the other joint account holder or their personal representatives. For example, we might confirm if either we or you have closed your current account or given notice to close it, but we’ll never tell the other joint account holder why.
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.
