So right now I’m 90% onboard with the current account. I’ve moved all my Direct Debits except a couple and my salary.
What I do right now, is let my Salary come into my Natwest, that then pays off my Mortgage + Energy on the same day and then i transfer all the rest into my Monzo Current Account.
I’ve seen many others have fully moved so looking for a bit of friendly advice/info if possible please
My goal is to get the last couple of things moved over at the end of this month.
I get paid on the 23rd of each month. If it falls into a weekend, with Natwest I get access to the funds on the Friday before. Is there similar behaviour on the CA or it is more likely to fall on the actual day and not be constrained to non-payments on weekends like Natwest?
Secondly, and more importantly. I have it set so my Mortgage payment hits my current account also on the 23rd. So Salary in and Mortage directly out. I know there was a problem previously were DD’s appear on Monzo a day early or so. Is this still the case or is it a safe scenario now? Mortgage is like one of the few bills that are so critical I can’t have it get declined just because it came in minutes before the Salary but all on the same day etc.
Lastly, totally unrelated questions to the above. I receive a chunk of my income from Google (Adsense), it gets paid from Ireland. Is there any way to move that across? I remember reading somewhere that the International IBIN stuff isnt ready (yet). It doesnt use a standard Direct Debit as its not UK based.
Hi,
if it’s the weekend you should get it on the Friday. I think this is how the BACS system works rather than banks specifically. I haven’t had a payday fall on a weekend since switching my salary to Monzo though so can’t confirm (mine is the 25th, so it happens in November, but I’m sure someone else must have had it happen).
There is something with RBS/Natwest where if you get paid on a Monday they make it available to you on the Saturday, but this is not the norm and other banks, and Monzo, don’t do this.
DD payment dates were fixed so they don’t come out a day early. This also fixed a ‘bug’ where salaries were appearing a day early in accounts.
You might want to check what time outgoing payments are made - I think it’s now 2am, and DDs should be earlier than this, but I’ve always made my outgoing payments a day later than the day my salary is due, just in case. I was once stung by TSB charging me for bounced standing orders when money did come into the account, it was just later than when they tried to pay my standing orders. (I think they now allow until later in the day to cover them, but this can’t have been the case when it happened to me).
Not sure about the IBAN - the help section says payments TO countries outside of the UK aren’t supported yet, but I’m not sure about incoming payments.
I’m paid on the 23rd and had my mortgage DD set up for 23rd. With my legacy bank, if 23rd was on a weekend or bank holiday, the pay would arrive on the last working day before (usually the Friday), and the outgoing mortgage would be the first working day after. I don’t believe that was the banks doing per se but a feature of BACS and DDs.
To be safe, and because of the ‘day early’ bug I transferred by salary to Monzo, and when changing the mortgage DDs asked them to be shifted a day later. I had to pay a small additional payment to account for the one day of extra interest due, but this was a routine procedure.
As it happens the “one day early” bug was fixed on about 21st of August, so my salary came in on Wed 23rd (at 3am ish) and my direct debits went out on 24th as planned. Other DDs have fallen due on weekends since then and have come out on the following working Monday from my Monzo CA.
I’ll find out next week if the salary will come in on Friday 22nd. I’m assuming so, but have the one day safety net now too.
With my bank, if payday is on a weekend then my salary turns up via BACS on the next working day afterwards (Tuesday, if it’s a bank-holiday weekend). My colleague uses a different bank and (like you) sees his turn up on the Friday before, so I assume the banks must have some discretion in how they process the BACS payments.
Fixed-date DDs and SOs always seem to be taken on the next working day after a weekend.
There’s a comparison table on BACS timings and other info here that might be of interest.
Though i think when you receive your money into your account largely depends upon how well the employer manages their company BACS run and (particularly with smaller employers) whether or not they are consistent!
