Transferring accounts from HSBC question

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Hello
I currently bank with hsbc. I want to keep my help to buy isa but want to close my current account and use a monzo one

If I use the monzo transfer tool, will it close all my accounts at hsbc? Or just the current? How does it work?

I don’t want to manually move things over as it’s a hassle. I will have to update everything for my automatic payments that pay me e.g update my payments with work (I have 3 jobs so that’s a lot of different income!) I also have family members and housemates pay me monthly and I’m a student so there’s student finance.

I’ve never transferred bank accounts before and feeling overwhelmed and unsure whether it’s worth it as it seems like a big process.

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Welcome on board!

CASS just closes your current account, but HSBC may have something in their terms requiring you to keep your current account open if you want to keep your savings account. I would call them and ask if this is the case.

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From HSBC’s website:

Eligibility:

  • Aged 16 years or over
  • Be resident in the UK for tax purposes, or if not so resident, be a Crown employee serving overseas, or be married to, or in a civil partnership with, such a person
  • Never have owned a residential property
  • Not have already subscribed to a cash ISA during the current tax year
  • Have a valid National Insurance Number

And they then explain how to sign up when not an existing customer. I’d say you’re safe to transfer your current account to Monzo using CASS, but always worth double checking with HSBC.

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And if it is, open a new account with them and CASS the other one.

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