Has anyone been able to pay into a legacy bank cash ISA from their Monzo current account?
I recently used the CASS to go ‘full Monzo’ and closed my legacy bank current account. I still have an ISA (Help to Buy) with Halifax, and initially the switching service took care of my monthly standing order payment.
I wasn’t able to change the date or amount of this monthly payment after the switch, so I cancelled with the intention of setting up a new standing order - which, on the Monzo app it suggested I could do. However, my payment kept being declined (regardless of date or amount).
Monzo have traced the issue to the fact that their ‘standing order’ is not, in fact, technically a standing order payment (SOP). It’s a single instantaneous payment (SIP). As per my ISA Ts&Cs, only a SOP can be accepted in the account. Neither bank has offered me a solution.
Does anyone have any experience of this with another bank? If so, how did you get around it? Suggestions greatly welcomed!
The interest rate of my ISA is very good (for the times) and I will be supported by Gov when I use savings to buy my first home. I’m therefore not willing to switch my savings over to Monzo.
The options I can see so far are
- Open a current account with another bank, pay into it monthly from Monzo only to transfer to ISA
- Pay into my partner’s account monthly and have them set up a standing order to my ISA