Can you go back to Monzo after leaving?

Uriziel

I am considering leaving Monzo to go to Chase especially as they are offering the 5% interest rate for 12 months.
I usually close my current accounts but do Monzo block you from opening a new account with them if you leave them? Is there a cooldown before you can go back to them or do they block you from their system permanently?
I cannot find any proper information as this. I don't understand why they don't make this clear in their T&Cs but there are people who seem to struggle with reopening a Monzo account.

wmb194

Uriziel said:

I am considering leaving Monzo to go to Chase especially as they are offering the 5% interest rate for 12 months.
I usually close my current accounts but do Monzo block you from opening a new account with them if you leave them? Is there a cooldown before you can go back to them or do they block you from their system permanently?
I cannot find any proper information as this. I don't understand why they don't make this clear in their T&Cs but there are people who seem to struggle with reopening a Monzo account.

Why don't you just leave it open?

dr_adidas01

Uriziel said:

I am considering leaving Monzo to go to Chase especially as they are offering the 5% interest rate for 12 months.
I usually close my current accounts but do Monzo block you from opening a new account with them if you leave them? Is there a cooldown before you can go back to them or do they block you from their system permanently?
I cannot find any proper information as this. I don't understand why they don't make this clear in their T&Cs but there are people who seem to struggle with reopening a Monzo account.

It says this on monzo’s own website. 

Reopening your account

If you previously closed your Monzo account and want to open a new one, you may be able to do so after 30 days by emailing help@monzo.com.

Your account must have been closed for 30 days before we can start the process to open a new account for you, and we need to be able to prove your identity before proceeding.

There is no guarantee that we will be able to open a new account when you request it. You will need to sign-up to Monzo again and pass our security checks.

Uriziel

wmb194 said:

Uriziel said:

I am considering leaving Monzo to go to Chase especially as they are offering the 5% interest rate for 12 months.
I usually close my current accounts but do Monzo block you from opening a new account with them if you leave them? Is there a cooldown before you can go back to them or do they block you from their system permanently?
I cannot find any proper information as this. I don't understand why they don't make this clear in their T&Cs but there are people who seem to struggle with reopening a Monzo account.

Why don't you just leave it open?

Generally closing accounts is a good thing for customers because it allows you to make use of new customer perks that the bank may offer in future. For example currently Monzo is offering a cash incentive and when they were brand new they would offer £5. It's quite disappointing that they seem to be blocking people from coming back instead of simply putting a cooldown on them.
The above poster may be right but it sounds like you would probably not be getting any new customer incentive if you actually have to email them. It looks like they would simply reopen your account manually and you would not actually be a new customer but just have your old account reinstated. It's disgusting that banks treat us like customers but if we want to make use of competition and switch to the highest bidder they start holding grudges. This seems to be only done by those new internet banks as I have several times closed my Nationwide account and others in the past without any issues when opening a new one or even getting new customer perks. I read that there are customers who still cannot go back to Monzo after 3 years.

Emmia

Uriziel said:

wmb194 said:

Uriziel said:

I am considering leaving Monzo to go to Chase especially as they are offering the 5% interest rate for 12 months.
I usually close my current accounts but do Monzo block you from opening a new account with them if you leave them? Is there a cooldown before you can go back to them or do they block you from their system permanently?
I cannot find any proper information as this. I don't understand why they don't make this clear in their T&Cs but there are people who seem to struggle with reopening a Monzo account.

Why don't you just leave it open?

Generally closing accounts is a good thing for customers because it allows you to make use of new customer perks that the bank may offer in future. For example currently Monzo is offering a cash incentive and when they were brand new they would offer £5. It's quite disappointing that they seem to be blocking people from coming back instead of simply putting a cooldown on them.
The above poster may be right but it sounds like you would probably not be getting any new customer incentive if you actually have to email them. It looks like they would simply reopen your account manually and you would not actually be a new customer but just have your old account reinstated. It's disgusting that banks treat us like customers but if we want to make use of competition and switch to the highest bidder they start holding grudges. This seems to be only done by those new internet banks as I have several times closed my Nationwide account and others in the past without any issues when opening a new one or even getting new customer perks. I read that there are customers who still cannot go back to Monzo after 3 years.

Banks are fundamentally businesses, they want loyal customers who don't drop them when the next flashy thing comes along. Their "disgusting behaviour" is a two way street.

boingy

Monzo would not let me open a new account after I left. I had a lengthy message conversation with their customer service that initially looked promising but ultimately ended in a "no".

wmb194

Uriziel said:

wmb194 said:

Uriziel said:

I am considering leaving Monzo to go to Chase especially as they are offering the 5% interest rate for 12 months.
I usually close my current accounts but do Monzo block you from opening a new account with them if you leave them? Is there a cooldown before you can go back to them or do they block you from their system permanently?
I cannot find any proper information as this. I don't understand why they don't make this clear in their T&Cs but there are people who seem to struggle with reopening a Monzo account.

Why don't you just leave it open?

Generally closing accounts is a good thing for customers because it allows you to make use of new customer perks that the bank may offer in future. For example currently Monzo is offering a cash incentive and when they were brand new they would offer £5. 

It's quite disappointing that they seem to be blocking people from coming back instead of simply putting a cooldown on them.

The above poster may be right but it sounds like you would probably not be getting any new customer incentive if you actually have to email them. 

It looks like they would simply reopen your account manually and you would not actually be a new customer but just have your old account reinstated. 

It's disgusting that banks treat us like customers but if we want to make use of competition and switch to the highest bidder they start holding grudges. 

This seems to be only done by those new internet banks as I have several times closed my Nationwide account and others in the past without any issues when opening a new one or even getting new customer perks. 

I read that there are customers who still cannot go back to Monzo after 3 years.

Just leave it open. I have a Monzo account that I don’t use and it’s just sitting there. It doesn’t appear to hold a grudge against me because I’m not using it.

Nasqueron

Uriziel said:

wmb194 said:

Uriziel said:

I am considering leaving Monzo to go to Chase especially as they are offering the 5% interest rate for 12 months.
I usually close my current accounts but do Monzo block you from opening a new account with them if you leave them? Is there a cooldown before you can go back to them or do they block you from their system permanently?
I cannot find any proper information as this. I don't understand why they don't make this clear in their T&Cs but there are people who seem to struggle with reopening a Monzo account.

Why don't you just leave it open?

Generally closing accounts is a good thing for customers because it allows you to make use of new customer perks that the bank may offer in future. For example currently Monzo is offering a cash incentive and when they were brand new they would offer £5. It's quite disappointing that they seem to be blocking people from coming back instead of simply putting a cooldown on them.
The above poster may be right but it sounds like you would probably not be getting any new customer incentive if you actually have to email them. It looks like they would simply reopen your account manually and you would not actually be a new customer but just have your old account reinstated. It's disgusting that banks treat us like customers but if we want to make use of competition and switch to the highest bidder they start holding grudges. This seems to be only done by those new internet banks as I have several times closed my Nationwide account and others in the past without any issues when opening a new one or even getting new customer perks. I read that there are customers who still cannot go back to Monzo after 3 years.

The whole point of the first line is why some banks won't let you back - they can see you are using them for free stuff and don't want to keep funding someone who'll drop them for another offer after costing them money 

friolento

Nasqueron said:

Uriziel said:

wmb194 said:

Uriziel said:

I am considering leaving Monzo to go to Chase especially as they are offering the 5% interest rate for 12 months.
I usually close my current accounts but do Monzo block you from opening a new account with them if you leave them? Is there a cooldown before you can go back to them or do they block you from their system permanently?
I cannot find any proper information as this. I don't understand why they don't make this clear in their T&Cs but there are people who seem to struggle with reopening a Monzo account.

Why don't you just leave it open?

Generally closing accounts is a good thing for customers because it allows you to make use of new customer perks that the bank may offer in future. For example currently Monzo is offering a cash incentive and when they were brand new they would offer £5. It's quite disappointing that they seem to be blocking people from coming back instead of simply putting a cooldown on them.
The above poster may be right but it sounds like you would probably not be getting any new customer incentive if you actually have to email them. It looks like they would simply reopen your account manually and you would not actually be a new customer but just have your old account reinstated. It's disgusting that banks treat us like customers but if we want to make use of competition and switch to the highest bidder they start holding grudges. This seems to be only done by those new internet banks as I have several times closed my Nationwide account and others in the past without any issues when opening a new one or even getting new customer perks. I read that there are customers who still cannot go back to Monzo after 3 years.

The whole point of the first line is why some banks won't let you back - they can see you are using them for free stuff and don't want to keep funding someone who'll drop them for another offer after costing them money 

If that were the main driver for their policy, they could easily do what FD have been doing for many years, even decades, and which several other banks have now also started doing - namely exclude everyone who ever had an account, or a bonus, from receiving another bonus, and still let them open another current account.

Nasqueron

friolento said:

Nasqueron said:

Uriziel said:

wmb194 said:

Uriziel said:

I am considering leaving Monzo to go to Chase especially as they are offering the 5% interest rate for 12 months.
I usually close my current accounts but do Monzo block you from opening a new account with them if you leave them? Is there a cooldown before you can go back to them or do they block you from their system permanently?
I cannot find any proper information as this. I don't understand why they don't make this clear in their T&Cs but there are people who seem to struggle with reopening a Monzo account.

Why don't you just leave it open?

Generally closing accounts is a good thing for customers because it allows you to make use of new customer perks that the bank may offer in future. For example currently Monzo is offering a cash incentive and when they were brand new they would offer £5. It's quite disappointing that they seem to be blocking people from coming back instead of simply putting a cooldown on them.
The above poster may be right but it sounds like you would probably not be getting any new customer incentive if you actually have to email them. It looks like they would simply reopen your account manually and you would not actually be a new customer but just have your old account reinstated. It's disgusting that banks treat us like customers but if we want to make use of competition and switch to the highest bidder they start holding grudges. This seems to be only done by those new internet banks as I have several times closed my Nationwide account and others in the past without any issues when opening a new one or even getting new customer perks. I read that there are customers who still cannot go back to Monzo after 3 years.

The whole point of the first line is why some banks won't let you back - they can see you are using them for free stuff and don't want to keep funding someone who'll drop them for another offer after costing them money 

If that were the main driver for their policy, they could easily do what FD have been doing for many years, even decades, and which several other banks have now also started doing - namely exclude everyone who ever had an account, or a bonus, from receiving another bonus, and still let them open another current account.

That costs them money though, card, registration, processing, admin stuff and no guarantee they won't switch away again. They don't want people who join and then leave, that is their business decision.

DullGreyGuy

Uriziel said:
This seems to be only done by those new internet banks as I have several times closed my Nationwide account and others in the past without any issues when opening a new one or even getting new customer perks. I read that there are customers who still cannot go back to Monzo after 3 years.

It's not just internet banks, First Direct's offer is a once in a lifetime one. Had an ISA with them when they first started offering them with no cash incentive to select them and it has prohibited me from benefiting from any "new customer offer" ever since. 

AmEx has similarly been extending the period that you are blocked from new customer offers over the years, used to be no cooling off, then it was 6 months, think it then went to a year and then two years. 

Offers are designed to achieve some form of strategic goal, sometimes you may want volume no matter the quality so offer it unrestricted. Other times you want to grown loyal customer base so people that have been and gone arent your target and so are excluded from the offer. 

Such things exist well beyond banking but many companies dont have good systems to identify returning customers and so people slip through and gain a second discount.