It’s not clear whether I have to do anything to access overdrafts. I wanted to switch from Lloyd’s to monzo as I really want to tackle my overdraft and start being in the black at the end of each month. That’s said, it’s not obvious that I have an overdraft facility. In addition, could monzo even help me switch account if I was in overdraft with my current provider?
You’d need to have the same/higher overdraft rate with us before switching using the Current Account Switching Service (CASS) (which we don’t support just yet, but will soon!)
In the “Account” section of the app, you can see an Overdraft section if you’re eligible for one on your account. That said, we haven’t rolled them out to all customers yet, so not seeing one right now doesn’t necessarily mean you are ineligible.
We’ve just put this page up explaining how our overdrafts will work