Nationwide £200 switch

Hi all,

Looking to do my first switch offer from monzo to nationwide. I have set up direct debit with Plum and Moneybox and had confirmation email and this shows up on monzo payments.

Do I need to wait until a payment has been taken before starting the switch? 

Anyone who's used Plum/Moneybox - does it automatically take the minimum payment or do I have to spend on the account to trigger the direct debit? 

How soon can I then cancel the direct debits after I start the switch? 

Any help appreciated :) 

Comments

  • YEs you will have to wait it will take a weelking direct debit
  • PRAISETHESUN
    PRAISETHESUN Posts: 3,637
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    Moneybox + Plum always take DDs on a certain day of the week, so depending on where in the weekly cycle you fall it could be a week or two from setting up to the money actually being taken. Money will be taken in accordance with your instruction - you can set up a recurring DD (I have mine pull a few quid weekly), or I believe you can also do one-off transactions as well.

    Ideally you wait until the first payments are taken before switching, but as long as the mandates appear on your Monzo online banking then you should be okay. Keep things set up as they are after the switch until you have the incentive money in your account, and then you are free to do as you want.


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