Just tested the Switching Service. Initially I was going to do the Full switch until I read it closes the old account so opted for the partial switch.
Feedback: on the full switch there is lots of next accept next (perhaps regulatory so justified) but apart from that the process for full and partial was painless.
Looking forward to the next stage of the partial switch to see how to select the payments.
My switch has begun. Two things I’d like to point out.
What reason would someone have to not switch on the “first available date”?
I will be switching while overdrawn on the source bank account. CASS is compatible with that, but has anyone else tried that with Monzo yet? (EDIT: I have enough Monzo overdraft to cover it)
Probably to align with financial cycles - salary, bills that you know are coming up etc. If I knew that my salary and bills mostly went in/out at the end of the month, I might want to switch at the beginning when it’s quieter. Always nice to have the option, though?
I would recommend you contact in-app support and ask them to cancel the partial switch and then start a new full switch the next (working) day. Alternatively you could complete the partial switch and then start another full switch.
As @Peter_G mentioned this could be used if you wanted to ensure that your account is switched after all your monthly bills have gone out, that being said in practice just choosing the first available date should be perfectly safe.
As you mention this is compatible with CASS however we do not currently support transferring a negative balance to Monzo so you will likely be contacted by your old bank to repay whatever you owe.
Just had the option to switch. i want to do a full switch but have two savings accounts with Barclays. Anyone had any experience with this? Do Barclays allow you to keep the savings accounts if you don’t have a current account?
If you don’t support transferring a negative balance to Monzo, can I do a transfer using BACS/Faster Payments/debit card from Monzo to the source account for this when the time comes, or should I (can I?) change the date to after I get paid?
EDIT: also, is this explained in the terms? I did read them, but I might have missed that…
It depends on how your old bank works, the fact that you have a negative balance with the old bank should not prevent the switch from completing. They will likely reach out to you after the switch has completed with instructions for how you should pay them.
Although it isn’t an issue for me, it should probably be made clear that overdrafts/negative balances cannot be transferred. There are probably quite a few people this may have an impact on.
Just started my switch. Seemed seemless and a lot less stressful than the last time I swapped banks. I understand that you can swap more than one account but I think it would be useful if you click on switch account that it tells you one is already in progress - do you want to transfer another.
@theshillito - I choose to swap after my salary was paid in this month - just felt better for me!
With the screenshot Jack just shared, my main feeling when I saw this was ‘ah, oh no, did I somehow select the full switch instead of the partial!’.
It would be good if the copy could reflect the switch option that you choose here
Similarly, after being given 8 payments that I could switch across and choosing just one for now, it would be good to have the confirmation indicate if I would be able to switch the others over at a later date in the same way? I assume so, but it is an assumption.