Switching to Monzo with an overdraft?

Hey guys, I have a high street bank account with an interest free overdraft I’m currently paying off. I want to switch to Monzo to keep better track of my finances, but the only information I could find is that Monzo has a 50p a day overdraft fee. Can I open a Monzo account and deposit money in to it and continue paying off my previous account or can I switch everything to Monzo? Sorry if this post is confusing, I hope you can get the idea of what I’m saying and any help is appreciated.


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Hi there :wave:

You can open a Monzo account while paying off your interest-free overdraft (you would have to keep your old account open until it is paid off though).

You can perform a partial switch from within the Monzo app after you have opened your account, which will only transfer any standing orders and direct debits that you choose to switch to Monzo.

It might also be worth keeping the old account open after paying off your overdraft, so you can still benefit from the interest-free overdraft while using Monzo as your main account.


I have a feeling, and I could be wrong, that the pastoral switch option has gone now because of its unreliability. You’d need to move salary/direct debits over manually.

(Edit) I’ve just checked and there’s still a ‘Transfer just some payments’, not sure if this is still the old ‘Partial switch’?


Looks like it’s the partial switch option, they probably just renamed it to make it less confusing for some.


Thank you for the quick response. I don’t really have any standing orders apart from Spotify/Netflix, that kind of thing, so would the best thing for me to do after opening an account be to transfer my money over to Monzo do you think? I’d like to use it as a primary account so I can keep on top of my spending


Yes - you will need to update your card details via Netflix and Spotify though.
Also make sure that any utility companies you are dealing with know of your new bank account details - they usually charge you via direct debit. I originally did this via a partial switch, which worked flawlessly for me. However, others have reported that some companies don’t respond properly to partial switches (so they end up trying to charge your old account), so you may want to contact your suppliers directly to inform them of your new bank account details instead, just to be on the safe side.

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I would say so, yeah!

You’re good to open another bank account and keep your existing one (with the OD etc). I have about 5 bank accounts, with Monzo as my primary.

You can just move things as and when you like to Monzo, like spending money, subscriptions etc. And when you’re comfortable get your wages/other money paid directly there and have your original account just holding your OD.


I’m going through this at the moment and spoke to my original bank, N@w*st, to explain what I wanted to do and why.

They are transferring my overdraft to a separate account so I can continue to pay that off and that’s leaving me with a “clean” account that I’m starting the switch process on ( incidentally the best bit of service I’ve ever had from them)
Verified this should be OK with Monzo via the in app chat on Friday so perhaps it’s an option for you too?


Hi Harry,

I also have a similar account with an interest free overdraft.

One thing to check on before you decide to make a switch (as is the case with mine) I need to have this account as my primary account, e.g certain amount of DD and over a certain threshold of in goings and outgoings to make sure I keep the interest free rate.

So this means I continue to get my salary paid into this account and then transfer over the bulk into monzo after payday :slight_smile:


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