I know that you need an individual account to have a joint Monzo account. But I was looking at switching my individual account (partly to get a switching bonus…) but want to keep the joint account open.
So am I able to go through an account switch which will move DDs etc but then leave my Monzo individual account open so that I can keep the joint account open.
Some banks let you do a partial switch, some don’t.
If the receiving bank with the bonus let you do a partial, then you can move the direct debits and the Monzo account will remain open. If they don’t and you have to do a full switch, then you’ll lose your joint account. How exactly the latter would work I’m not sure.
And make sure they allow you to claim the bonus for a partial switch.
There would be a more certain outcome if you were to set up a sacrificial account somewhere with a few charity DDs (if those are necessary for the bonus), and switch that.
I wonder if Monzo would simply refuse the switch because allowing it would breach their terms in those circumstances?
I would like to think it would just refuse. Someone was getting their account closed and they tired to beat it by doing a switch and that got refused, so there is obviously some logic built in.
Having a “spare” account purely for this seems like the best plan. Don’t put accounts that you need (whether its for their actual use or to keep the joint) in jeopardy. Lots of banks let you open accounts online now.
I would mention Starling but I think they have some sort of clause to try and stop people using them just for this. Chase don’t allow DD which might be a requirement.
Thanks @Revels and @Anarchist . Really helpful. The receiving bank would be Nationwide but I can now see it’s only for a full switch. I like the idea of an additional account for this - thank you!
Open an account with Barclays (no switch options at present). Move 2 DDs to it, switch to NW, a week later switch that to Lloyds or Halifax, then to HSBC, then Natwesr, then Santander. That’ll generate 5 switching bonuses (£455) in about 2 months.
I tried to do this recently, switch my current account to Starling but keep my joint account with Monzo. My switch request was cancelled due to the joint account, so you can’t have a joint account without the current account - ended up switching both.
I don’t know of any bank which has ever offered a bonus for a partial switch.
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