New to Switching, apart from buying a house soon, are there others reasons to not switch?

Nasqueron

WillPS said:

Nasqueron said:

steven141 said:

Fuel22 said:

Thanks for that, so in a way its not free money, they expect to make it back, which makes me more comfortable on the idea. I'm at a point where im not considering a house in the next few years or buying a car on finance

Plan now is to get a donor account with Monzo and take up the first direct offer. Then maybe the santander offer

I would recommend opening a donor account with Chase. There have been stories on here of Monzo not taking well to opening and closing an account so quickly. 

If you do get a Chase account, open a second one in the app which will appear straight away. They don’t send any extra cards out for additional accounts with Chase only the first account. 

It is confusing but you can select the account that you want to spend from with your Chase debit card. It can be changed as many times as you want. 

If using Chase keep one account open at all times and you won’t have any issues otherwise people have been reporting that once you close your account you can’t get one again. 

I hope that all makes sense. 

There is no issue opening and switching a Monzo account, they can't do anything to you except put you on a blacklist for new accounts. Unless you want to use them again, the blacklist is irrelevant once you switched as you logically then have another account to be able to switch again - or open a second account with the new bank. I did Monzo & Starling to start the switching 2 years back or so, Starling I re-joined end of last year with a joint account that is used still. Monzo I haven't touched since, I got another account from Nationwide for a switch and now I have more than enough to bounce around as needed

...which is all well and good if you presume Monzo's account offer will never change; but that's unlikely. It's not impossible that they too will offer some sort of CASS bonus one day, for example (they haven't yet, for clarity, and it's not something I expect - but who knows what might happen).

Chase is the much easier option, especially if you want to have a set of accounts all ready to switch when the other bonuses return.

It's been 7 years mate, I wouldn't hold my breath Monzo will start offering switch bonuses!

danny13579

Nasqueron said:

It's been 7 years mate, I wouldn't hold my breath Monzo will start offering switch bonuses!

Yep, the app based banks tend to offer referral promos instead, Monzo's is a measly £5, Kroo offer £10, Starling offer a day pass to National Trust. Switch bonuses tend to be limited to the traditional banks.

WillPS

Nasqueron said:

WillPS said:

Nasqueron said:

steven141 said:

Fuel22 said:

Thanks for that, so in a way its not free money, they expect to make it back, which makes me more comfortable on the idea. I'm at a point where im not considering a house in the next few years or buying a car on finance

Plan now is to get a donor account with Monzo and take up the first direct offer. Then maybe the santander offer

I would recommend opening a donor account with Chase. There have been stories on here of Monzo not taking well to opening and closing an account so quickly. 

If you do get a Chase account, open a second one in the app which will appear straight away. They don’t send any extra cards out for additional accounts with Chase only the first account. 

It is confusing but you can select the account that you want to spend from with your Chase debit card. It can be changed as many times as you want. 

If using Chase keep one account open at all times and you won’t have any issues otherwise people have been reporting that once you close your account you can’t get one again. 

I hope that all makes sense. 

There is no issue opening and switching a Monzo account, they can't do anything to you except put you on a blacklist for new accounts. Unless you want to use them again, the blacklist is irrelevant once you switched as you logically then have another account to be able to switch again - or open a second account with the new bank. I did Monzo & Starling to start the switching 2 years back or so, Starling I re-joined end of last year with a joint account that is used still. Monzo I haven't touched since, I got another account from Nationwide for a switch and now I have more than enough to bounce around as needed

...which is all well and good if you presume Monzo's account offer will never change; but that's unlikely. It's not impossible that they too will offer some sort of CASS bonus one day, for example (they haven't yet, for clarity, and it's not something I expect - but who knows what might happen).

Chase is the much easier option, especially if you want to have a set of accounts all ready to switch when the other bonuses return.

It's been 7 years mate, I wouldn't hold my breath Monzo will start offering switch bonuses!

Did you miss the bit where I said they haven't yet and it wouldn't be something I'd expect?

Who knows what Monzo will offer in future. Even if it's 'just' a generous cashback offer or something like that, I certainly wouldn't want to be shut out.

Nasqueron

WillPS said:

Nasqueron said:

WillPS said:

Nasqueron said:

steven141 said:

Fuel22 said:

Thanks for that, so in a way its not free money, they expect to make it back, which makes me more comfortable on the idea. I'm at a point where im not considering a house in the next few years or buying a car on finance

Plan now is to get a donor account with Monzo and take up the first direct offer. Then maybe the santander offer

I would recommend opening a donor account with Chase. There have been stories on here of Monzo not taking well to opening and closing an account so quickly. 

If you do get a Chase account, open a second one in the app which will appear straight away. They don’t send any extra cards out for additional accounts with Chase only the first account. 

It is confusing but you can select the account that you want to spend from with your Chase debit card. It can be changed as many times as you want. 

If using Chase keep one account open at all times and you won’t have any issues otherwise people have been reporting that once you close your account you can’t get one again. 

I hope that all makes sense. 

There is no issue opening and switching a Monzo account, they can't do anything to you except put you on a blacklist for new accounts. Unless you want to use them again, the blacklist is irrelevant once you switched as you logically then have another account to be able to switch again - or open a second account with the new bank. I did Monzo & Starling to start the switching 2 years back or so, Starling I re-joined end of last year with a joint account that is used still. Monzo I haven't touched since, I got another account from Nationwide for a switch and now I have more than enough to bounce around as needed

...which is all well and good if you presume Monzo's account offer will never change; but that's unlikely. It's not impossible that they too will offer some sort of CASS bonus one day, for example (they haven't yet, for clarity, and it's not something I expect - but who knows what might happen).

Chase is the much easier option, especially if you want to have a set of accounts all ready to switch when the other bonuses return.

It's been 7 years mate, I wouldn't hold my breath Monzo will start offering switch bonuses!

Did you miss the bit where I said they haven't yet and it wouldn't be something I'd expect?

Who knows what Monzo will offer in future. Even if it's 'just' a generous cashback offer or something like that, I certainly wouldn't want to be shut out.

Nah I didn't miss it, just 7 years since they launched and have never offered this option, a switch away now is unlikely to prevent you from ever having an account again at some point in a few years. At the least, under data protection rules they have to get rid of data when it's no longer needed and keeping a record forever is difficult to justify. 

Count10

I've switched a lot, banks and credit cards, and the only problem I've had is banks using old information. My last bank switch, they used a hacked email address as the main contact, despite it not being on the application, as it was my email when I had a credit card with them from 2014 to 2015. The previous switch another bank added a very old mobile number from a current account I had with them in the early 2000's that they were sending information to 

WillPS

Nasqueron said:

At the least, under data protection rules they have to get rid of data when it's no longer needed and keeping a record forever is difficult to justify. 

I wouldn't count on that to sort one out, in banking at least. We see all sorts of reports of surprisingly ancient customer profiles which are reactivated decades after they last had any open accounts, even after several changes of address. Clearly there's a decent business justification for holding records longer.