Hi
I wanted to find out i am about to switch everything over to Monzo and I have a few questions
I am with HSBC and have the following
A savings account with funds
Credit Card Up to date and not owed
personal loan through them
When I switch how will this all work ?
You can only switch your current account to Monzo. They do not offer credit cards. I am not sure if you can switch a personal loan to Monzo, I would be surprised if this was something they can do at the minute.
Should be fine. The switch only affects your Current Account with them, the other accounts will be untouched, but they’ll arrange for your direct debits to move over to pay your loan and credit card.
When you say savings account, you mean a cash savings account I presume? If you use their investment platform you may run into some issues there, unless you have a suitable cash saver in place to use as a settlement account.
That sound good , can i just continue to use my normal bank card or will it all of a sudden just stop working sometime during the switch ?
You can use it up until the day your remaining balance on the old account is moved over, I believe.
When I switched I put enough to live on in the new account and just used that for the week of the switch.
One thing to watch out for with switching --sometimes the company you have a Direct Debit with will ignore the switch notification and expect you to set up the direct debit manually. I had that with O2 and some of my savings/investment providers.
Even though it may show up in your internet banking as moved over, it may be a zombie that’ll just sit there doing nothing. Best set your switch date to after your last bill has gone out, so you have time to setup anything that didn’t switch automatically.
Check that your HSBC savings account doesn’t require you to have a current account with HSBC too. Some do.
If it does, open a second HSBC current account so you can switch the main one.
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