We closed all Coconut current accounts on 30th June 2022, but the good news is that you can still use Coconut! You can find out more about why we closed current accounts here: Why Coconut's Current Accounts Are Closing
You'll be able to use the app for categorising transactions for connected accounts, sending invoices and much more. More importantly we're working on MTD 2024, so we'll be ready for when you need to submit digitally!
How to continue to use the app without a current account
✅ Update your Coconut subscription payment method
Post 30th June 2022, you’ll need to have a valid payment method in place that isn’t a Coconut direct debit or your Coconut debit card to continue to use Coconut after that date.
You can view and update your payment method by heading to the 'More' tab > tapping 'Your Plan' > 'Manage my plan' > then selecting 'Payment Methods'.
✅ Add your new account(s) to Coconut
You will get a complete view of your business across every account by connecting your other current accounts and credit cards to Coconut.
Simply head over to your 'More' tab > Bank Connections > Add accounts.
A few other things to think about
✅ Ensure your clients are informed of your new bank account details
As well as ensuring you have the correct details on your invoices (please see steps below), it’s also a great idea to email your clients to let them know that they’ll need to update any records they have for you.
Here’s a handy email template:
"Hi Client Name,
I am emailing to inform you that I am no longer using the bank details which were shared with you on earlier invoices, of account number [Coconut account number] sort code [Coconut sort code].
The above-mentioned account details will not be valid from [DATE].
My new account details are as follows:
Account Holder’s Name: [Your Name]
Bank Name: [Name of your new provider]
Account Number: [Your new account number]
Sort Code: [Your new sort code]
I realise this is a big change, thank you in advance for updating the details you have for me. Please message me directly on WhatsApp or text to confirm that I’ve requested this if you have any concerns."
✅ Make sure all future Coconut invoices you send have your new bank details
To do this, you'll need to ensure you're selecting the correct account to be paid. You'll find this under 'Payment options' as one of the final steps to creating an invoice.
✅ Ensure you have moved all of your direct debits and standing orders across to your new account
Post 30th June 2022, these payments will fail so it's important that you have these set up with your new banking provider. If you need help with getting together a list of your Direct Debits and standing orders, you can email [email protected] or contact us via chat in the app.
✅ Change your payment details on any software and other subscriptions
Post 30th June 2022, any subscription payment attempts will fail so it's important that you update your card details with merchants you have subscriptions with.
A good tip is: look for regular payments in your Coconut current account transaction history over the past 2-3 months, and note down where you’re using a Coconut debit card or direct debit to make recurring payments.