Really glad to see the full bank launch moving up the schedule in the roadmap!! Can’t wait for it to be here
It does raise the question of current account switching services, the last reference I saw to this (besides it being late on the roadmap) was back in August '16. I just wondered what the process would be moving from a ‘traditional bank’ to Monzo full-time as my main bank account.
The last time I switched, I went between 2 ‘normal’ banks and with that came the 7-Day switch service we all know and love! This saved time and a lot of effort on my part, moving all of my direct debits over pretty much instantly. Leaving me to tell my employer where to send my wages
Will I (and fellow Monzonaughts ) need to manually transfer all direct debits over to the Monzo current account once it launches? Or is there a chance it’ll be handled automagically?
I think it would be a pretty terrible user experience if we didn’t move over all your direct debits! So whilst I can’t confirm any details (because a great deal of stuff is still getting worked out!) - let’s just say it’s incredibly likely we’ll be able to move over all existing direct debits.
I think that in order to get people to move over it has to be seamless. I’m sure this is something that Monzo should (I’m sure will) have at launch of the current account, I think they’re linked, you’d struggle with one without the other.
I think it’s fair to say that it’s something that Monzo want to have at the launch.
It’s also worth bearing it mind that Monzo will be staggering the launch of the current accounts, offering them to a smaller group of users at first & then to all users once the testing’s finished. So when the team says that it might not be ready for the launch, my guess is it’s the soft launch that they’re referring to right now.
I’m sure the availability will be confirmed well in advance of any sort of launch anyway
When I went from Natwest to Nationwide, only my DD’s moved across, incoming payments were automatically forwarded for 1yr after the move though. I had to recreate standing orders and redirect my salary though
Just to follow this up, as excited as we are to introduce current accounts, we don’t want to force any of our users to switch until they’re ready to. There will be plenty of information on how switching will work way ahead of time but the hope is to encourage a gradual transition, rolling out to a small group of users to test first as @alexs and scaling up from there!
A good sensible approach before all the computers crash with people trying to upgrade their accounts on the first daylight. Just hope it doesn’t take too long to get through the crowd to get to me!!!
We are currently working on joining CASS (Current Account Switching Service), so I’m hopeful it will be available at launch. If not, it will be available soon afterwards.
But we’re not going to be forcing new customers to switch on the day they sign up. I think it’s important that people get the chance to try Monzo for a few weeks to ensure it’s right for them before they move everything over.
That’s a very good sensible idea. No one should be forced into swapping over straight away. The fact that they will be given the opportunity to find out for themselves just how good Monzo will be before they themselves want to join is a great plan. I don’t think you’ll be short of people wanting to willingly sign up anyway!!
unsure if its been said or now… But will monzo keep the top up with a card feature ??
I personally really like that instant ability… No waiting on a bank Tx etc… I am fully willing to jump into the ‘full bank’ trial… But hope you keep the card funding option as I doubt I will be sending my primary fund sources there immediately.
This saved time and a lot of effort on my part, moving all of my direct debits over pretty much instantly. Leaving me to tell my employer where to send my wages 
) need to manually transfer all direct debits over to the Monzo current account once it launches? Or is there a chance it’ll be handled automagically? 
