Bank account - manual Switch

[Harry Bloomfield]

I'm trying to switch from a TSB DD bank account, to a Kroo account. Kroo suggest they cannot do the Switch system, rather they do have to use a semi-manual switch. It looks as if I simply fill in a switch request form, then up to 20 days later it will have picked up everything - hopefully. My TSB account, has one regular weekly payment going in, and one weekly transfer of funds, to another of my accounts, which I scheduled, plus occasional card purchases. I also get an irregular, usually around annual dividend payment from BT, for my shares in BT.

I'm just a bit concerned, especially about the divided payment, whether the switch will work. Anyone know?

 

[Justin Passing]

The system is advertised as being no hassle at all, and I don't remember hearing about things being screwed up by anyone, though I've never heard of Kroo either!

There's a description by Forbes, which does contain:
"Kroo is also not a participant of the Current Account Switching Service (CASS), so you can’t take advantage of seven-day switching to join."
They don't comment on that, so no alarm bells.

Good luck with it. Good to get a bit of interest.

 

[Harry Bloomfield]

though I've never heard of Kroo either!

Thanks, nor had I, until the other day, when I looked once again for an alternative current account, to replace TSB. As I said, it was the only account I could find, which was uncomplicated, no hoops to go through to get interest paid, no minimums, no maximum investment, no if's and maybe's.

There's a description by Forbes, which does contain:
"Kroo is also not a participant of the Current Account Switching Service (CASS), so you can’t take advantage of seven-day switching to join."
They don't comment on that, so no alarm bells.,

Setting the account up, the phone app, using the app, all very slick, all very impressive. The information on switching, warned they were not part of CASS, that it could take 20 days - then I came to fill in the manual form, and that was hopelessly clunky, not clear at all, and even suggested you might be better doing it all yourself, manually. Luckily for me, it's not my primary current account, just the secondary one with just a few transactions per month allocated to it.

 

[Mottie]

Did you look at Monzo? We have two accounts with them each. One is just a normal current account that we pay into to use when we buy things online or from an unknown source and the other is a variable rate interest paying account. Currently paying 4.55% which we keep a few £K each in them. When we need to pay a big bill such as a holiday or the credit card bill, a few clicks on our phone and the money is instantly transferred to the current account. We can also top up instantly from our regular Barclays account. It’s also very good for spending and taking cash out when we are abroad. I don’t think I’ve ever used the card - I do it all from the wallet on my phone. Near perfect exchange rates, no commission and as soon as you buy something abroad in the local currency, it flashes up on your phone telling you what the exchange rate was and how much you paid in Sterling. Lots of other things too - you can send money to other Monzo users and it will even split a restaurant bill and request payment from your fellow diners etc. we use ours a lot.

 

[Harry Bloomfield]

Did you look at Monzo?

No, I did what I usually do - compared what was available in the way of accounts via MSE, Kroo was the only one I could see, which was a straight-forward account, paying interest.

 

[Harry Bloomfield]

It looks as if I simply fill in a switch request form, then up to 20 days later it will have picked up everything - hopefully.

The form was linked to from the Kroo website, I completed the form, clicked 'submit' then nothing - no acknowledgement, or confirmation, so I emailed them. I finally got a reply, this morning to say they had not received my manual switch mandate form, and they don't offer a manual switch.

I did manage to track down how to change my share divi, to the new account, and swap the account my credit card is paid off from. I just have to get through to the DWP, plus change a standing order payment.. Lucky, the TSB account, is my least used account!

 

[Harry Bloomfield]

One is just a normal current account that we pay into to use when we buy things online or from an unknown source and the other is a variable rate interest paying account. Currently paying 4.55% which we keep a few £K each in them.

I've just had a closer look. The 4.55% is presently 'Earn 3.25% - 3.75% AER interest (variable), paid monthly' and if I read correctly, only paid on the instant access savings account - nothing on the current account. https://monzo.com/savings/instant-access

Kroo is paying 3.15% on my current account, then 4.05% on an instant access ISA account. So, apart from the switch problems, I made a good choice.

 

[Mottie]

I've just had a closer look. The 4.55% is presently 'Earn 3.25% - 3.75% AER interest (variable), paid monthly' and if I read correctly, only paid on the instant access savings account - nothing on the current account. https://monzo.com/savings/instant-access

Kroo is paying 3.15% on my current account, then 4.05% on an instant access ISA account. So, apart from the switch problems, I made a good choice.

Apologies. I meant our Chase accounts. Def 4.55% boosted for a certain time although I now see that it’s 5% for new customers - 2.75% variable with a 2.25% boost. The variable can go up or down but the boost is guaranteed for 12 months. An instant access ISA is no good for us as we are maxed out on them for this year.