The Current Account Switch Service 🔀

Happy Friday, everyone! :wave:

We’ve just finished our testing with the Current Account Switch Service :tada:

If you’re one of the first 100 businesses with an account, just head to the Account tab, and you’ll now see the ability to switch :blush:

When we start to roll out more accounts (keep an eye out for more news on this soon :wink: ), this’ll be available straight away!

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I signed up to Coconut this morning :joy:

Interesting, been looking at Coconut too!

I’m with Cater Allen and a day rate contractor so swithering if its worth the hassle…

DM me if you want a referal link :wink:

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Cater Allen don’t support current account switching. I just tried to switch from them to Monzo and got a message that they don’t support the service :frowning_face:

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Good to know.

I also looked at Coconut but unfortunately it didn’t work for me as they have not integration with FreeAgent who I use for all my finances and is linked to my accountant, so for me was a non starter

I’m curious about how/if the current account switch service works for customers paying invoices? Is it a bit like Royal Mail forwarding, so money sent to the previous account number and sort code magically finds its way to the new account for a period of time, or does it basically just move direct debits, and everything else is up to us to communicate to customers?

In particular, as a day rate contractor, my client has a long-winded process for the account that they pay invoices to, so if I can avoid having to go through that process again, it would be great.

Yes that’s correct. When a payment is routed for an old account closed via CASS then it’s rerouted to the new account and the originator is informed of the new details

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As an addendum to this, I noticed that CASS appears to require a bank card (or at least the last five digits). Will it be possible to switch if you don’t have a card with a business account. I don’t and there may be others in similar situations.

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Hey @twigusa!

So you don’t actually need to have a card - you can switch without :blush:

Sorry we haven’t made this clear in the app, we’re going to be updating this soon so it’s a little clearer.

Any problems, drop me a message on Monzo Chat and we can take a closer look together :+1:

Hi. Thanks. I wasn’t sure but unfortunately it’s a moot point as my old bank - Cater Allen - don’t support the service. Appreciate the reply though and good to hear a card isn’t necessary.