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Switching current account

5 replies

sillygoosesausagepup · 02/05/2022 08:22

Hi
This is potentially a silly question. I have just opened a Monzo current account. There is an option to switch everything to Monzo - I've never switched current account before - is there anything I need to be mindful of, or is it as simple as it sounds? Does it take across any DD payments/standing orders?
Thanks

OP posts:
userxx · 02/05/2022 08:27

When I switched from Barclays to Santander DD's and standing orders were switched over. With Barclays I had esaver accounts and didn't realise these needed to be moved over into my current account but it wasn't an issue, I just switched them manually.

Monzo has a template email to send to your employer (if you have one) requesting a change in payment details.

worriedandannoyed · 02/05/2022 08:50

There are so many horror stories about monzo. They can suddenly close/freeze your account giving you no access to your money. People have had to fight months and months to get their money from them. No way would I use monzo as my main account

Duettino · 02/05/2022 09:03

There are many banks offering good sums for transferring to them and I don't think monzo is one of them. Have a look at money supermarket before you go ahead.

Whenever I transfer, everything is taken car of by the bank with their switching service. I don't think I've even told my work place that I switched. I haven't told child benefit for sure and the money finds it's way in from several swaps.

sillygoosesausagepup · 02/05/2022 09:07

Thanks all
I'm not unhappy with my current bank but I really like the idea of the budgeting tools, pots, virtual cards etc - but perhaps I need to do a bit more research before switching everything

OP posts:
userxx · 02/05/2022 09:09

I use monzo as a secondary bank, I still have Santander as my main one. Money can be transferred over and used like normal, I have loads of saving pots. Have you looked at Chase ? Interest rate of 1.5%.

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