Transferring Transaction Data & Savings Rates - Current Accounts

I was looking for some clarity that i cant seem to get for a couple of issues, I have dug through the forum to find it but cant seem to get an answer to my question.

  1. will my transaction history and targets all carry forward when i go from a pre paid card to a current account.

  2. will Monzo be offering instant access savings at the same time as current accounts or will the current accounts offer interest on credit balances?


Monzo are working on developing virtual savings pots. But it sounds like these will be a feature that enables us to silo a certain portion of your balance, rather than a dedicated account with a special interest rate.

I have my doubts that Monzo will pay a significant interest rate on your balance when it’s in credit, whether it’s in your account or a saving pot because there’s no obvious way for them to fund that interest payment. Monzo are planning to invest some of the deposits in government bonds but given how low bond yields are at the moment, it looks like that won’t earn a meaningful return.

The good news is they will offer easy access to third party providers like Moneybox or P2P lenders like Zopa through their marketplace so that we can earn more interest on our savings though.

That will enable us to choose between a much wider range of providers & products, than we have access to through the legacy bank’s products.

I expect so. I’m sure Monzo will explain how this will work nearer the time. I’d be interested to know too but frankly, I’m in no rush to find out, as we can’t do anything about it even if we know the answer to this question at the moment anyway.

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The short answer is yes :raised_hands: I don’t know exactly how it will work however it will all be carried over. I have seen posts somewhere from Monzo staff to confirm this but cannot remember where.


From the blog post ‘Launching The Bank’

When we’re ready to launch the full current account, we’ll send out new debit cards and ask you to opt-in to updated Terms and Conditions. Your balances will be transferred over immediately, and your historic account data should be unaffected.


Thanks for that Bob, knew I had seen it somewhere.

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Following on from my comments yesterday, here’s what Tom had to say about Monzo paying interest & 3rd party providers, in the below interview which was published today -

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‘Should be unaffected’ I’d like to shout about this. I myself have put a lot of effort into getting most of my monthly spend run through monzo so that I can build up a history and therefore reap the benefit of instant budgeting. If this history was lost it would be a big blow to my interest in monzo.

I’m assuming others may be in my position.

Please do whatever you can monzo to keep this history.

Surely that is what should be unaffected means? I think they will be doing everything possible to make it happen and don’t see why it wouldn’t. I imagine it will be just like receiving a replacement pre-paid card.

@Bruce We currently can’t see any reason why this wouldn’t be the case :slightly_smiling_face:


Thanks @Naji ,

And yes realise that is what it means, but you never know when putting a new product out how much headroom small tasks can take. And to meet a deadline those things can be dropped out.

So simply putting my opinion of its importance out there.


Could this be asked as a preference to customer at time of migration? I’m still not sure what I prefer but I’m tending towards clean slate on the current account. :thinking:

My reasoning is that my usage of prepaid and full account will be extremely different and, to me, it doesn’t make sense to maintain a transaction flow between these two. A print out of transaction history from API is sufficient in my case.

As currently used, Monzo is my hedonistic card :tada:, the one I would used when I am wondering “Can I afford? Should I treat myself?”. It’s easier to budget this way (specially in Android with no targets). If my Monzo card has the funds, I can probably treat myself. All other essential spending mostly comes out of Direct Debits from my main account. So my Monzo transaction feed is mostly filled with an extensive list of bar & restaurant payments (Instant notifications are a godsend in a busy place were contactless is used and you are unsure of what you have actually been charged) and holiday overseas spending, it doesn’t feel like a current account transaction list.


I agree fully with your thoughts on this

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Just intrigued; when an existing, pre-paid cardholder upgrades to a Monzo current account, what will happen with the existing data held in our accounts? Will our timelines be emptied and start afresh on the date of upgrade, or will the pre-current account data be retained and remain visible on timelines?

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The plan is existing data will move over :raised_hands:

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Is that compulsory or optional? What if we don’t want past expenditure carried accross?

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Interesting. Would be quite keen to start afresh personally. That way, you have an accurate, non-confusing picture of the current account from day one.


I think I’d also prefer to start afresh.


As far as I’m aware it will be compulsory. However I could be wrong. I would imagine you could just ask to have it wiped/start a new account.

I want all my data moved over as I use Monzo as my main spend and my Metro for direct debits only

You see I’ve had very limited use of Monzo as well, mostly used it when I go on holiday. I would prefer my feed to be wiped clean otherwise there are transactions that aren’t actually part of my current account in my feed.

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