Joint & Connected Accounts


#1

Hello, everyone. I have had a look around and I cannot find a thread dedicated to helping Starling to make an amazing joint account replacement. If there is one, please point me there.

For me, this is the one blocker in dumping the bricks and mortar bank. Let’s share use cases to help steer development.

For me, we have a joint account for bills etc… like most people. We have personal accounts for other spending. For me these are the key points.

  • Must have joint tenancy. Both users should have access to this account.
  • Must be directly referenced for bills. Unless there is another clever way of ensuring the money is ring-fenced.
  • Transactions from the ‘joint’ account must be visible and have alerts for both users.
  • Ideally, we would be able to see spending trends across all accounts… this is the tricky bit. I want to see how we spend all of our money irrespective of the account. If I can only see how many ££s are spent on petrol from one account, that is not the whole story.

Feel free to chip in - let’s get a good conversation going.

Are we any closer to advances on this?


More than 1 account per person + shared accounts
Joint Account
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Monzo vs Starling
#2

Thanks for the suggestion Jamie - it’s certainly something we’re looking into. Although, the plan is to take a different route from the traditional joint account to make something more suitable for a wider range of use cases.

Yesterday, we launched Starling Goals, and we’re intending to add the ability to share these between multiple people in the future, as well as being able to pay bills directly from a Goal. This will probably he useful for couples, families, flatmates, friends etc. :slight_smile:


Aim for what you love with Starling Goals 💰
#3

@Jamie_Dunbar has captured all the key elements I’m looking for too. Surely the business accounts being launched must require some of the infrastructure/logic that would underpin this type of use pattern, unless they’re only for sole traders?


#4

Not having a joint account is something that puts me off transferring all my banking to Starling. All my direct debits are set up to come from an existing joint account so I believe I can’t use the current account switching service (you can’t migrate DD’s from a joint account to a single signature account). I can’t be bothered to contact all my DD mandate holders to move the payments manually…


Moving Direct Debits from Joint Account to Starling
#5

I am the same


#6

Ditto - joint accounts will be perfect for me


#7

How would a connected goal or pot for bills work when it comes to credit reporting etc.

Would it work exactly like a joint account or would it need.some thought? Currently my partner looks like she has barely any outgoing because everything leaves my account.


#8

That’s a really interesting question, Loz! Connected accounts are still in progress at the moment, but hopefully we should have answers on this soon. :slight_smile:


#9

I am all for doing things in a more progressive way but I am with @Zack_Carter and @Bob_Findlay and many others in that I cannot move full time to Starling, and therefore be a useful and profitable customer, unless the basics of banking are addressed. Joint accounts are also far from ideal as they stop us (or make it difficult) to have a unified view of our finances. For my Wife and I, we view all of the money we earn as a collective pot that funds our lives, however, we still like to have our own accounts for spending money. One solution is to share an account - but this would just be a joint account again. What we need to have is a collective pot but demarcated access to it - perhaps one account, with two users and transactions recorded against the user. This way we could see what WE had spent plus a unified view of OUR money. Does that make sense?


#10

This sounds promising. Do you have an outline of how you see them working? Is there a requirement set that you are using? I am sure I speak for everyone in saying that we would love to help you to make it amazing.


#11

I have to say I like what I see in Starling after only 24hrs with an account! But agree with many of the comments about the need of some sort of joint account type functionality.

I am particularly interested with what @Peter_Watson stated about moving DDs from a joint account to a single account as I also have a large number of DDs and it would be more than tiresome to do them manually :wink:


#12

I think the shared Goals could work well, provided that both users have full access to view them, add/withdraw funds, receive notifications, etc. Our financial arrangements sound very similar to @Jamie_Dunbar, in that we have a joint account for DD’s and personal accounts for day to day spending. My salary currently gets paid into the bills account (Nationwide) and I move the amount that’s not needed for paying DD’s into Starling.

In theory at least, a shared Goal with the ability to have DD’s and SO’s would work. Salary into Starling, move the amount required each month into the Bills Goal and both users can see the Goal and all of the transactions in their own app.

If this was implemented then it would be important to consider how the spending reports would work, and the degree of filtering the app would allow. For instance, users might want to see just their total spend categorised, regardless of whether it has come from the Goal or their main account, or they may want to be able to see the Goal spend and main account spend individually.

A consideration related to this is the extent to which Starling, or a third party integrated app, could help with budgeting and forecasting. For most people, bills take a large chunk of their income, and being able to assess changes and trends over time could help to save money. I’ve been playing around with Yolt, and it’s great that it now integrates with Starling, but it would be better if Starling were able to offer this type of functionality directly in the app.

An obvious option for me would to have some basic forecasting/early warning functionality built into a Bills Goal. You tell the goal how much is due to go out each month and the date on which it is topped up. It would then warn you in advance if there will not be enough money in the goal to cover what is predicted to go out before the next top up. If you are ace at budgeting and managing your money then you may not need this, but some bills are variable and you may decide to ‘borrow’ from the Bills Goal for a one off spend and then ‘forget’ to replace the money (I may have been guilty of this from time to time :blush:).

Finally, rounding up transactions and saving the change has been mentioned in other threads, and this feature could work well for a Bills Goal. Most people would probably not budget to the penny, particularly as some bills vary month to month, so the ability to automatically move any money that is left in the Bills Goal before it’s next topped up into a savings goal would be useful.


#13

Hi, we really like Starling, but can’t switch until there is a joint/connected account available.

Derek


#14

I certainly wouldn’t have a problem with accounts staying separate, but instead having the ability to split a DD over two Starling accounts where you can define a specific amount or proportion from each… i.e Rent from ‘a’ account at 60% and 40% from ‘b’ account.


#15

I think all this talk of “different approach” is a bit worrying. It’s fine to do that as long as you also give the option for people to literally share an account as they do now. Why try to solve something that isn’t, to some, a problem?

For me, as others here, the account has to take the “what’s mine is yours” approach. We manage our finances together. We always have, and always will. I’m simply not willing to separate out accounts or try a magic solution with pots or goals.

To quote the oft used internet phrase of the week…

Starling, we need to talk about joint accounts.


#16

Any plans to have more than 1 account per person and a way to have shared accounts?
I have pretty elaborate family budgeting process with separating money for bills, home expenses and fun money to different accounts.

Currently I need to use several banks, like:

  • Santander as my main account for all the bills
  • Revolut for home expenses, groceries, petrol, etc - because in Revolut I can have Starling’s account transparency, instant notifications, but also 2 cards for the account - for me and my wife.
  • Starling account for fun money.

I’d be happy to switch to Starling entirely if it could fit my use-case.


#17

+1 - second accounts are required, cant be that hard to implement either.


#18

Starling have mentioned previously at some point connected / virtual accounts are coming :smile:

https://www.starlingbank.com/blog/the-starling-bank-roadmap/


#19

Indeed @tim7!

We’ll be looking to launch our ‘connected accounts’ towards the end of the year, so please get in touch if you would like to give us some feedback about how you effectively manage your shared finances.

@sarah.guha - any news on that, “end of the year” is kinda now.
Thanks!


#20

I’m hoping the lack of an app update for approaching 3 weeks now is due to them working on a big update, which includes joint accounts.