Monzo upgrades 94% of customers to current accounts

Latest News

Monzo upgrades 94% of customers to current accounts

By Peter Walker

05/04/18

Digital-only challenger bank Monzo has reported that 94 per cent - or 362,000 - of its beta customers have upgraded to current accounts.

After launching in beta in March 2016, Monzo received its banking licence last year and started asking its prepaid users to make the free upgrade.

However, 98,000 customers have not yet made the move, which will mean their prepaid card has stopped working and their app can no longer send or receive payments. For those choosing not to upgrade, Monzo promised to transfer balances to another account, with these refunds starting on 12 April.

The bank explained that upgraded accounts have the benefit of a sort code and account number, so customers can make bank transfers, get a salary paid straight in, and set up Direct Debits and standing orders.

Creating value together: Strategic partnerships in the age of GCCs

As Global Capability Centres reshape the financial services landscape, one question stands out: how do leading banks balance in-house innovation with strategic partnerships to drive real transformation?

Data trust in the AI era: Building customer confidence through responsible banking

In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.

Banking's GenAI evolution: Beyond the hype, building the future

In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.

Beyond compliance: Building unshakeable operational resilience in financial services

In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.