I’m going to do it… are we 100% sure this wont cause me to miss direct debits? I have credit card payments setup, car insurace, vehicle tax the lot… and missing one of those payments would be really bad. Is this 100% fool proof or do I need to tell these companies about the switch? will Monzo automatically close my current bank account as I would like to leave it open?
If you do a CASS, your old account will close when it’s completed. Monzo will automatically bring over all your Direct Debits though.
If you want the other account to remain open, you’ll need to switch everything over yourself, manually.
The Switch Guarantee means that your new bank or building society will:
Switch your current account for free
Switch your account on a day you choose
Move all of the payments, coming in and going out, from your old to your new account
Transfer your balance from your old account on the switch date you choose
Redirect any payments accidentally made to your old account and get the sender to correct your details
Refund you for any interest or charges incurred as a result of your switch
Your account will be automatically closed after the switch is complete.
Monzo in the past did offer a partial switch which allowed you to transfer Direct Debits and keep your old account open but it didn’t come with a guarantee and the redirect and some merchants were pretty terrible at acting in a timely manner so payments would fail.
The full switch has the guarantee and redirect fallback.
I’ve gone the manual approach, on the phone right now changing the details with companies, I’m on my last 1… surprinsingly I dont have as many as I thought. Just need to move my money to my monzo now really
Nice. Yeah it’s not too much hassle to do it manually. Especially when you can do it online/over the phone.
You’ll get notifications within the next few days from the Monzo app to say the DDs have been set up.
Never had any issues with Direct Debits when I Cass’d to Monzo
Manual can be done easily, but takes time. If ever there’s an automated way with a guarantee you should always do that. Worth it for the redirect also, in case any refund/payment hits your old account in the next year or so and gets redirected to your new one.