Fintech Joint Accounts

General Chat
1

What’s the definitive list?

Full Including DD’s:

Monzo
Starling
Monese

Quasi:

Revolut Group Vault
Hyperjar Group Spending Jars

Any more?

2

I think the largest criticism levelled at fintech joint accounts is the lack of an overdraft facility on said account. So a fintech JA tends to be regarded as an incomplete product compared to those offered by the established banks and building societies.

I’m not sure why fintech banks steer clear of JA overdrafts. Maybe it’s the legal complexities if things go wrong and establishing who owes what? I understand the law is clear (both are jointly liable), but maybe it’s an aspect where fintechs fear to tread…?

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3

Possibly. I currently have a joint account with no overdraft at a high st bank. I was wondering what my fintech options were. Overdraft could be useful for peace of mind on a JA but I micro manage my budgets so much that it doesn’t really matter lol!

I think some avoid it as they’re reliant on third party processing, could be because they’d rather isolate customers and duplicate their cross selling?

If Revolut offered a joint pocket rather than a Vault - I think they’d be onto something there. I’m correct in saying the Group Vault has no payment facilities right?

Do you think those are the only 3?

4

Maybe we need to update our list to include a separate table for joint accounts?

https://fintechforum.uk/pub/account-overview

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5

I was thinking of commenting on there but couldn’t find the post!

6

Perfect location.

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7

And if that is the case, who could blame them? An overdraft with any bank clearly shouldn’t be seen by any customer as a right. The problem with overdraft facilities is that instead of a customer treating an overdraft facility as an absolute last resort to cover an unforseen event such as a bounced payment through lack of funds, for many, it becomes a normal part of their financial lives and just promotes the mindset that it’s somehow ok to be constantly overdrawn. I’ve met people like that, if you tell them the bank should pull their overdraft, it incites instant fear, anger and a mouthful of ‘You don’t know what you’re talking about! I’ve had an overdraft for years and it isn’t a problem’. I’d argue anyone who’s been in debt with an overdraft for years, definitely has a problem. And to make it clear, I did over 25 years ago have an overdraft because of a relationship gone wrong. It was an absolutely horrendous situation to be in and once cleared, I’ve not had an overdraft since.

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8

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