Switching current accounts if you’ve only ever had one current account

MargeryKempe

Ah i see better to move the payments manually.. thanks , I’ll see when I get round to doing that!!

Katiehound

or hang on to the HSBC (But run down the balance) then when a new switch offer comes along you have a spare account ready to go (subject to the t&cs of course)

 If you have switched the Lloyds it won't be open- the switch scheme automatically closes the 'old' account

Carlakoala

I want to keep my current account live as I receive payments from multiple sources and informing them of the new account does not appeal. So, is this the correct process: set up another account with the same bank, which has funds in it. Does this account have to have direct debits, standing orders attached to it - looks like the criteria for switching accounts is a) DDs or STOs and income over a certain amount. Will switching accounts for the bonus have to have these tied into the account? thank you

mr_stripey

OK, apologies if this has been asked before (I'm sure it has)

I would like to take advantage of Nat West £200 switching offer.

My main bank account is with HSBC (all the way back to Midland Bank Griffin Savers). I don't really want to close it. I have a Monzo account which I don't tend to use much (and certainly has no salary in/direct debits out set up).

Could I "switch" the Monzo one "as is"? Will this still attract the switch bonus?

Bridlington1

mr_stripey said:

OK, apologies if this has been asked before (I'm sure it has)

I would like to take advantage of Nat West £200 switching offer.

My main bank account is with HSBC (all the way back to Midland Bank Griffin Savers). I don't really want to close it. I have a Monzo account which I don't tend to use much (and certainly has no salary in/direct debits out set up).

Could I "switch" the Monzo one "as is"? Will this still attract the switch bonus?

Monzo is part of the CASS so yes you can switch Monzo to get £200

mr_stripey

Bridlington1 said:

mr_stripey said:

OK, apologies if this has been asked before (I'm sure it has)

I would like to take advantage of Nat West £200 switching offer.

My main bank account is with HSBC (all the way back to Midland Bank Griffin Savers). I don't really want to close it. I have a Monzo account which I don't tend to use much (and certainly has no salary in/direct debits out set up).

Could I "switch" the Monzo one "as is"? Will this still attract the switch bonus?

Monzo is part of the CASS so yes you can switch Monzo to get £200

Thanks for this. I went ahead with the "switch" from Monzo.

The new NatWest account is set up, app downloaded, new card received etc

The Monzo account is still active, so maybe the switch hasn't fully been completed yet.

As I understand it, the £200 incentive is conditional on completed switch (and thus closure of Monzo account in this case) and depositing £ 1250 into the new account? 

Should I wait until the Switch is completed to make the deposit? Or does it not matter?

Bridlington1

mr_stripey said:

Bridlington1 said:

mr_stripey said:

OK, apologies if this has been asked before (I'm sure it has)

I would like to take advantage of Nat West £200 switching offer.

My main bank account is with HSBC (all the way back to Midland Bank Griffin Savers). I don't really want to close it. I have a Monzo account which I don't tend to use much (and certainly has no salary in/direct debits out set up).

Could I "switch" the Monzo one "as is"? Will this still attract the switch bonus?

Monzo is part of the CASS so yes you can switch Monzo to get £200

Thanks for this. I went ahead with the "switch" from Monzo.

The new NatWest account is set up, app downloaded, new card received etc

The Monzo account is still active, so maybe the switch hasn't fully been completed yet.

As I understand it, the £200 incentive is conditional on completed switch (and thus closure of Monzo account in this case) and depositing £ 1250 into the new account? 

Should I wait until the Switch is completed to make the deposit? Or does it not matter?

You are correct. You also need to log into the app/online banking at least once.

The switching service takes 7 working days to complete, your Monzo account will be closed on the final day of the switch, so if the switch began today your Monzo account will close on 9/6/23. When did you start the switch? You should receive a text/email telling you when they've started the switch (usually within a day or 2 of you applying to switch your account) and another once they've closed your old account.

It doesn't matter if you deposit the money before or after the switch completes so long as it is deposited within 60 days.

mr_stripey

Bridlington1 said:

mr_stripey said:

Bridlington1 said:

mr_stripey said:

OK, apologies if this has been asked before (I'm sure it has)

I would like to take advantage of Nat West £200 switching offer.

My main bank account is with HSBC (all the way back to Midland Bank Griffin Savers). I don't really want to close it. I have a Monzo account which I don't tend to use much (and certainly has no salary in/direct debits out set up).

Could I "switch" the Monzo one "as is"? Will this still attract the switch bonus?

Monzo is part of the CASS so yes you can switch Monzo to get £200

Thanks for this. I went ahead with the "switch" from Monzo.

The new NatWest account is set up, app downloaded, new card received etc

The Monzo account is still active, so maybe the switch hasn't fully been completed yet.

As I understand it, the £200 incentive is conditional on completed switch (and thus closure of Monzo account in this case) and depositing £ 1250 into the new account? 

Should I wait until the Switch is completed to make the deposit? Or does it not matter?

You are correct. You also need to log into the app/online banking at least once.

The switching service takes 7 working days to complete, your Monzo account will be closed on the final day of the switch, so if the switch began today your Monzo account will close on 9/6/23. When did you start the switch? You should receive a text/email telling you when they've started the switch (usually within a day or 2 of you applying to switch your account) and another once they've closed your old account.

It doesn't matter if you deposit the money before or after the switch completes so long as it is deposited within 60 days.

Switch was initiated last Friday (26th May). Email says everything should be completed by 6th June - so I assume that will be the Monzo closure date.

Thanks for your help, I will transfer the money in later and wait for the next step!

Bridlington1

mr_stripey said:

Bridlington1 said:

mr_stripey said:

Bridlington1 said:

mr_stripey said:

OK, apologies if this has been asked before (I'm sure it has)

I would like to take advantage of Nat West £200 switching offer.

My main bank account is with HSBC (all the way back to Midland Bank Griffin Savers). I don't really want to close it. I have a Monzo account which I don't tend to use much (and certainly has no salary in/direct debits out set up).

Could I "switch" the Monzo one "as is"? Will this still attract the switch bonus?

Monzo is part of the CASS so yes you can switch Monzo to get £200

Thanks for this. I went ahead with the "switch" from Monzo.

The new NatWest account is set up, app downloaded, new card received etc

The Monzo account is still active, so maybe the switch hasn't fully been completed yet.

As I understand it, the £200 incentive is conditional on completed switch (and thus closure of Monzo account in this case) and depositing £ 1250 into the new account? 

Should I wait until the Switch is completed to make the deposit? Or does it not matter?

You are correct. You also need to log into the app/online banking at least once.

The switching service takes 7 working days to complete, your Monzo account will be closed on the final day of the switch, so if the switch began today your Monzo account will close on 9/6/23. When did you start the switch? You should receive a text/email telling you when they've started the switch (usually within a day or 2 of you applying to switch your account) and another once they've closed your old account.

It doesn't matter if you deposit the money before or after the switch completes so long as it is deposited within 60 days.

Switch was initiated last Friday (26th May). Email says everything should be completed by 6th June - so I assume that will be the Monzo closure date.

Thanks for your help, I will transfer the money in later and wait for the next step!

That is correct. Once you've transferred the money in (remember it doesn't have to stay there so you can transfer it straight back out again if you want) you can sit back and relax and wait for that wonderful text message to arrive telling you that £200 is now in your bank account.

mr_stripey

Bridlington1 said:

That is correct. Once you've transferred the money in (remember it doesn't have to stay there so you can transfer it straight back out again if you want) you can sit back and relax and wait for that wonderful text message to arrive telling you that £200 is now in your bank account.

Splendid! Can't fault that at all!