Keep savings accounts if I switch to another current account?

I currently hold a Cash ISA and several fixed-term savings accounts opened via Monzo and managed entirely from within the app.
I am also actively using Monzo as a current account, e.g. I have my salary paid into it, a few outgoing Direct Debits, and so on.

My question is, if I were to switch my current account to another bank via Switch Guarantee (which includes closing your previous current account), what would happen to my Monzo savings accounts? Will they still be valid and will I be able to access them via the app as I do currently?

Thank you.

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You won’t have access to the app, so you wouldn’t be able to view them still.

Not sure what would happen to the actual savings accounts. At a guess they’d go into your account balance and moved over.

I suppose unless you are thinking of switching for one of the bonuses on offer, you could always do a manual switch and keep both accounts open.
That way it wouldn’t impact any savings products you have.

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The savings accounts are actually provided by third parties (Paragon, OakNorth, …), and being fixed-term means I would normally be unable to close them before their term ends.

Therefore I’m hesitant to believe they would be closed and their balance would be transferred back to me just because I close my Monzo account… To clarify, I would be happy to keep them open as long as I can still access them.

Unfortunately, that’s exactly the reason for my enquiry… I would like to take advantage of a switching offer but those require you to close your previous current account. I guess having a new customer is not so much of an advantage for the new bank if at the same time a competitor bank don’t lose the same customer :slight_smile:

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Double check with in app chat

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