The Monzo joint account is one of the most popular options in the UK for couples and housemates who want to manage shared expenses together. Known for its sleek app, real-time spending notifications, and transparency, Monzo has modernised the way people think about joint banking.
But while it promises simplicity, a Monzo joint account might not be ideal for everyone — especially those who prefer to keep their finances separate. Here’s a closer look at what you get, what to watch out for, and how new tools like Cin oare offering a modern joint account alternative.
A Monzo joint account is a shared current account designed for couples who want to handle share expenses from one central place.
Each person gets a Monzo joint debit card, and both can make payments, set up direct debits, and track expenses in real time through the Monzo app. The idea is to simplify shared spending and bring transparency to joint finances.
To open one, both account holders need to already have a Monzo personal current account, be over 18, and live in the UK.
1. Real-time tracking and budgeting
Every transaction appears instantly in both partners’ apps. You can see what’s being spent, set spending categories, and create budgets — perfect for couples managing household costs together.
2. No foreign transaction fees
You can spend abroad using your Monzo joint card without worrying about FX fees up to a certain limit. That makes it a good option for shared travel expenses.
3. FSCS protection
Money in the joint account is protected up to £85,000 per person by the Financial Services Compensation Scheme (FSCS).
4. Easy setup
If you both already have Monzo accounts, creating a joint one takes just a few taps in the app. You can start using your virtual card instantly while waiting for the physical cards to arrive.
5. Integrated bill-splitting and notifications
You’ll both get instant notifications for all transactions, and you can use Monzo’s in-app features to split bills or tag shared expenses.
✅ Transparency: Both people can see every transaction in real time, helping to prevent confusion about where money goes.
✅ Simplicity: One shared pot for bills, rent, and groceries keeps things centralised.
✅ Shared budgeting: Monzo’s built-in analytics help track where your money is going as a household.
✅ Spending abroad: No foreign transaction fees make it convenient for couples who travel together.
✅ Instant setup: Quick and paperless if you both already bank with Monzo.
⚠️ You both need to bank with Monzo.
If one partner uses another bank, they’ll need to open a personal Monzo account just to access the joint one — which can feel like a big switch just to share expenses.
⚠️ You become financially linked.
Opening a joint account creates a financial association between both people, meaning one person’s credit history could affect the other’s in the future.
⚠️ Equal legal ownership.
Legally, both account holders own everything in the account equally — even if one person contributes more money.
⚠️ No overdraft available.
Unlike Monzo’s personal accounts, joint accounts don’t offer overdrafts, so you’ll need to ensure enough funds are always available.
⚠️ Spltting bills isn't straightforward
You will need to keep tabs on who is putting in what, which can get tricky if you're not splitting everything 50/50
If you like the idea of shared spending but don’t want a fully merged account, Cino offers a more flexible alternative to the Monzo joint account.
Cino is like sharing a joint account, without sharing a bank. The expense sharing app lets split bills automatically from our own accounts — no need to switch or open a new one — but link your personal cards to a shared Cino group card.
Whenever one of you pays with Cino, the app automatically splits the cost between both accounts instantly. There’s no top-up required, no waiting for transfers, and no chasing who owes what. You can also customise the split, either by percentage or by exact amount,.
The Monzo joint account is a great option if you’re already a Monzo user and want a transparent, app-based way to manage shared expenses. It’s quick to set up, user-friendly, and safe.However, it’s not ideal if you and your partner use different banks, prefer to keep finances separate, or want more flexibility in how you split payments.In that case, Cino is the smarter, more modern joint account alternative — one that gives you fairness, freedom, and simplicity without the strings attached.
Download Cino — the effortless way to share expenses without sharing your bank account.
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