Just got Monzo, really liking the first impressions. I’m interested in making it my main account. Just have a few questions:
- How can I move my subscriptions over to Monzo without cancelling my current Lloyds account?
- Is there any way to disable overdraft? I really don’t like the idea of it.
- If I create a pot, how can I get money out of it? I’m thinking of creating one for maintaining my bike, but not sure how I would actually use it in an event I would need the money.
Thanks in advance!
How can I move my subscriptions over to Monzo without cancelling my current Lloyds account?
You have to move your direct debits manually by contacting each provider. Some of them allow you to do it online.
Is there any way to disable overdraft? I really don’t like the idea of it.
You have no overdraft by default; you have to explicitly enable it in the app if you want one.
If I create a pot, how can I get money out of it? I’m thinking of creating one for maintaining my bike, but not sure how I would actually use it in an event I would need the money.
You can add/withdraw money from pots in the app at any time, it’s instant (only the 1000£+ “savings pot” needs a working day to withdraw money, but normal pots don’t have this limitation).
You can use the current account switch service to move direct debits and standing orders to Monzo. This will move and incoming payments such as salary. But if you want to keep your account open youd need to move each one manually.
You don’t need to take the overdraft if you don’t want to.
There are 2 types of pots. The first is an instant pot where you can access your money at anytime. A really useful feature is rounding up your transactions and saving the change into a pot. Monzo also offer an interest bearing pot where you can earn interest of 1% but you must save and maintain a minimum of £1000 however withdrawals credit back into your account the next working day.
Hope that is clear. If not ask away.
If you only need a Lloyds account, rather than that particular Lloyds account, you could open a new one, and then use CASS to close the old one and transfer your Direct Debits etc.
Is there a way that I can save my Lloyd’s bank in the Monzo app so I can quickly transfer money to it?
Yep you can make a payment (can be a token sum if you want like 1£) and from that point it’ll be saved into your payees list.
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