Following the announcement that N26 was departing the UK after the country left the European Union, digital challenger bank Monzo shared with UK N26 customers the reasons to switch to its banking service.
As previously reported, N26 reported that with the UK now having left the European Union, it will in due course be unable to operate in the UK with its European banking license. The banking startup revealed in a blog post:
“We want to take this opportunity to thank all our UK customers for believing in our vision to build the bank the world loves to use. Our determination to transform the global banking industry for the better remains stronger than ever. We started our journey with the goal to redefine standards in an industry that was consistently failing customers. For many, banking still continues to be slow, tedious, and full of paperwork. Our promise is simple. A 100% digital banking experience that’s fair, transparent and centered around you.”
N26 will notably be closing all UK customer accounts on April 15th. The banking group noted that customers will still be able to access their money, and it’ll stay protected up to €100,000 under the German deposit guarantee scheme.
“We will close all accounts on 15 April 2020, in line with our terms and conditions. Customers will shortly receive a formal termination notice. In the meantime, all account and app functionality will continue to work as normal, so customers can still spend or withdraw the money in their account.”
Monzo shared that 3.8 million people already use Monzo to spend, save and manage their money. The bank also noted other reasons why N26 customers should open a Monzo account:
- Monzo has a banking licence in the UK, which means it may keep operating in the UK as normal after Brexit
- Customers may get their salary paid in, and pay their bills from their Monzo account
- Monzo claims it takes less than 10 minutes to sign up and customers can do it all from their phone
Consumers may get Monzo if they live in the UK and they are at least 16 years old.