Hey guys, so I’ve been with Monzo since the start (pretty much), and I’ve been waiting for the Switch service to come available, and now it’s finally here, I’m tempted to move to Monzo fully from Lloyds Bank, who I’m currently with.
Now, I’m just looking for some advice/help, as I’m only 21 and just want to be pointed in the right direction. So, as mentioned, I’m currently with Lloyds Bank and have a savings account and Help-to-Buy ISA, so if I used the switch Service what would I do with those accounts? Should I keep them both with Lloyds? (The ISA is a must I guess). Any advice would be helpful.
In terms of the Switch, all direct debits, standing orders and even my salary is converted automatically, is that correct? or do I need to contact payroll at my workplace?
Any people that have switched, I would like to hear your feedback and maybe give some reasons why I should change & some DO/DO NOT’s would be cool too
I can’t comment on exactly what Llyods’ policy is for having several accounts, I know that with Natwest I don’t need a current account to continue using my ISA & the app. But I have a friend who isn’t allowed internet banking (with HSBC or Halifax) without also having a current account with them.
Assuming Lloyds are semi-decent, you will be fine to CASS to Monzo and leave your other accounts setup exactly as they are
You are correct! I would inform payroll just to be on the safe side It would work without that step but it’s best that they know.
I switched But manually, before Monzo had CASS I have been a happy #fullmonzo’er for 15 months now, I’d highly recommend it. I can’t think of any CASS specific holdbacks so go for it and share how easy the process is
Depends what you mean? You will be able to purchase anything up to your daily limit, e.g. £10,000 (if you contact support they can up this limit temporarily for large purchases)
But Monzo don’t offer mortgages, etc. if that’s what you were asking
Okay, so for example, may salary usually goes in the 25th of the month, so guessing it may be too late too change now? If I went for CASS, what would happen if my Lloyds is closed down, but the wages still try to go into that account?
And in terms of Mortgages etc - Does that mean I need to keep a Legacy Bank like Lloyds? In addition, am I able to keep a Lloyds account open, even if no transactions etc are going through there?
Barclays - not sure
Zebra - not sure
3 - yes
JD - not sure
What you’ll want to do is head to your account page for each of those services and look in the payment section (if available)
This is why CASS is quite beneficial there’s no need to worry about the order hehe
This is what I did when I was manually moving my DDs. You can do the opposite and it’ll work out the same.
I left my salary where it was for the first month and began switching DDs to monzo, I moved most of my money into monzo anyway but left what was needed for DDs which hadn’t yet moved in my legacy account.
If you want to move your salary now, you’ll need to ask payroll I was able to move mine over a couple of days before payday but your company might have a different policy - I don’t know
It’s a couple of weeks before your payday so I don’t see why they wouldn’t be able to
Once your salary is moved, you can continue to move your DDs and SOs manually. But if any of them don’t move prior to them being taken out of your Lloyds account, be sure to send an appropriate amount back to your Lloyds account! Don’t want any late payment fees
You can pay any mortgage through any bank account, it’s just a direct debit. However, Monzo aren’t listed on all credit reference agencies so my advise is keep a legacy account open so when they are doing their checks an active bank account will be found.
There are a few ways to do this, whilst you have your Lloyds account open, open another one. This will be a new one and stay active. Then CASS out of your main one.
That leaves your new Lloyds account open and will mean nothing changes with your ISA.