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Tuesday 24 April 2018

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Monzo begins rolling out current account service

Written by Anthony Strzalek
11/10/2017

UK digital challenger bank Monzo has announced that, following successful testing, it is ready to fully launch its current account service to customers.

Back in July, Monzo launched its Current Account Preview and has since successfully piloted it with more than 18,000 users.

Over the next eight weeks the bank will invite all existing Monzo users to upgrade to a current account, after which it will open signups to totally new users.

The firm will be closing new signups to the prepaid Monzo Mastercard Debit card this week and will then start inviting existing Monzo users to upgrade from prepaid cards to full current accounts.

When users upgrade, they will be able to transfer their balance, account information, and any other data associated with their prepaid account to their new current account. Customers will receive a hot coral Monzo debit card, an account number and sort code, and will be able to have their salary paid in, set up direct debits, standing orders and any other bill payments.

In a blog posting on its website, Monzo said: “We’re really pleased with how the preview’s gone, and we’ve learnt a lot about what it takes to run a current account day-to-day. Now, we’re excited to say that we’re ready to make the next steps towards bringing current accounts to everyone.”



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