This week I closed a GIA on Monzo and opened an ISA, and transferred the money in. The GIA had been open a year and gradually increased in value over tha time.
Now my NW graph is showing all that money to be added at once, this week, after I opened the ISA. I had assumed it wouldn’t lose the data from the closed GIA account, so closing that and moving money to a new account wouldn’t show up as a change in NW, but it seems like that’s what happening.
Is there a way to get around this? It seems like a bug as just because an account is closed doesn’t mean the data showing the value of those accounts and how they contribute to your NW should be lost.
Managed to bodge it by adding a manual account, importing the old transactions to it, and adding a transaction withdrawing all the cash from it the same day I opened a new account. Still not an elegant fix though!
My savings total graph took a similar inaccurate dip after they changed providers for some of their products. It panicked me initially as I was like “where’s my c. £5k gone?”.
The current total NW value is correct, yes, but it shows that a lump-sum was added on the 25th February (the date we closed the old account and moved the money to a new account).
The graph/timeline is therefore treating the closed account as if that money never existed, when in fact it was built up over the course of a year in monthly transfers.
Perhaps a small thing but for me it’s incorrect that a closed account should essentially have it’s it’s transactional data deleted, rather than kept as historical.
I suppose it was that way. I transferred them from one Monzo provided account (they were closing) to replacement Monzo provided ones which took about 3-5 days.
