When I go away on holiday with my bestie, the first thing we do is load up the Monzo.
We both transfer about £200 each to get the ball rolling, and we use the card like a kitty.
It means we don’t have to worry about ensuring we’ve both paid our fair share of meals or cab rides, and there’s no confusing maths at the end of the trip.
The card is in her name, but for however long we’re galivanting in foreign climes, it’s our money.
Yes, I suppose she could make a break for it and flee to the airport, pilfering all our Monzo cash, but that would be quite the dramatic exit. And besides, there’s never more than about £500 on it anyway.
But some ride or dies have taken sharing finances to the next level.
On TikTok, creator Kim Brindell posted a video where she explained that she actually shares a bank account with five of her best girl mates.
Kim, based in Australia, said: ‘My friends and I are currently on holiday and we have a shared bank account.
‘All six of us put $20 in a week and go on holiday every single year.’
If the group all put in $20 for 52 weeks of the year, they’re wracking up a sum of $6,240, the equivalent of around £3,000.
Kim explained further: ‘The first year was only $10 a week and we did flights, accomodation and then topped up before we arrived to use it for meals/ubers etc… plus we only go for two nights. HIGHLY RECOMMEND.’
While most UK banks only allow you to open a joint account with one other person, others allow more. For example, TSB say ‘two or more’ people can share, while some HSBC accounts allow up to six. Barclays say four people can hold a debit card for the same account.
For some in the comments, the joint friends account was a genius idea, with one giving it a ’10/10′ and another claiming the concept was ‘elite.’
But others had their reservations, namely that they don’t trust their friends not to take the money and run. ‘Am I the only one worried one friend would take out all the money and ghost?’ asked one concerned commenter.
Metro asked money expert Jasmine Birtles, founder of MoneyMagpie for her thoughts — and making sure you have trustworthy friends isn’t the only thing you need to be mindful of.
The expert view
‘A joint bank account would make perfect sense if you were flat-sharing,’ Jasmine tells Metro.
‘But if you’re not, there is one big downsides to consider: credit score.’
Much like an opening an account with a partner, your friends’ financial habits could end up influencing yours.
‘If you have a joint account with someone who has a very poor credit score, that can affect yours — now, and later,’ the expert says.
‘You really need to be upfront about this. If you’ve all got an equal score, then fine, even better it’s a good score. But their score It will affect your ability to borrow, including how easy it is for you to get a mortgage.’
Not sure a bestie account is right for you? There are other options. Jasmine reccomends my tried and tested method of finding a digital bank that suits your needs.
‘The likes of Monzo, Starling, Revolut have all sorts of ways you can share money. Hyperjar is a also a useful too — it allows you to top up a prepaid debit card, and set up ‘jars’ linked to different retailers.
Jasmine concludes: ‘There are some good alternatives around, rather than setting up a whole account.’
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