I think if you want to keep the old account open, you have to do it manually. CASS seems to force closure.
I knew about that one, and Iâm not at all fussed about closing my account. Just wondering if I needed to psych myself up to do something manuallyâŚ
I think if youâre happy to close, itâs pretty slick
Think you can do a partial switch that doesnât force closure
Using this service only closes the current account you specify, right? IE it doesnât affect any loans / ISA you have with the old bank?
Think so, yes. It would be very unpopular otherwise!
I thought so, but wanted to confirm before I did it as itâs gonna be a nightmare if HSBC decide to close all 3 for some reason!
See Partial Switch
http://www.bacs.co.uk/Services/accountswitchingservice/pages/accountswitchingservice.aspx
No need to close existing account
With some banks those products are tied to the account.
For example with first direct, they refused to accept closure of the account until I paid off the loan I had with them (they also refused to allow me to pay the loan from another bank), and when I did close the account it automatically closed the credit card.
You can, but it doesnât redirect payments / come with the switching guarantee etc
Would it be sufficient for the purposes of getting switching rewards ;)?
Often not! They often want a full switch
I suspect not. Iâm fairly sure that a lot of these rewards require you to close another account to get the rewards - theyâre not that daft
It is generally assumed if you wish to leave your existing account open you wouldnât need payments redirected. You can elect which DD and standing orders you want moved though.
I have noticed that the roll out of current accounts seems to be going very slowly.
Yet when my wife chose to upgrade she got her card within 48 hours with that kind of speed surely Monzo should have issued over 100,000 cards by now OR are users simply not bothering to switch and could this be because there is no switching service.
When my wife found out there was no switching she put the card in the draw and said she did not have time to switch manually and would not have bothered if she had known.
This could be a problem
I think the lack of a Seven Day Switching Service is the main reason that I havenât switched fully yet. I just donât trust myself with being able to switch everything over, and close my account, without making a mistake and being penalised for it. I canât be the only one.
I only had half a dozen things to worry about, (SOâs / DDâs) as well as anywhere my card was linked to, Amazon etc.
But if you go through one by one on the DD list of your âoldâ bank youâll be done super quickly
And as long as you donât close your old account before youâre 100% sure everythingâs moved over you wonât be bitten by penalties
Iâve been using Monzo as my main account for months now and itâs been flawless. (I had to move everything manually) hope this helps!
Cards have gone out to all existing prepaid customers who have asked to be upgraded I think. Certainly all of the upgrade offers have been made, since @JordanFish stated yesterday that theyâve now started inviting new customers onto the Current Account.
How does a lack of CASS prevent her from at least activating the card and using it in the same manner as she used the prepaid?
Itâs interesting that you think that. Iâm quite a worrier but everything went off for me without any issues - I already had anything possible going out through the prepaid
Weâve sent out 101,896 cards for upgrades so far, and 1,160 cards for new Current Account signups (people that never had a prepaid)