We launched current accounts in October last year, bringing them first to existing users, and then to new customers. Since then, we’ve seen hundreds of thousands of you upgrading your accounts, or signing up to start using Monzo.
Today, we’re pleased to say that half a million of you are now using upgraded Monzo accounts, to spend and manage your money!
From Inverness to Ipswich, Cardiff to Croydon, people are using Monzo in every corner of the UK.
Monzo’s customer growth since launch. Yellow dots show prepaid customers and red dots show customers who’ve upgraded to full current accounts or joined as new current account customers.
This is Monzo’s biggest milestone since we officially became a bank back in April last year. And we want to say thank you to everyone who’s chosen to join us. It’s incredibly exciting to be allowing new signups again now the vast majority of existing customers have upgraded.
If you need a reminder, upgraded accounts come with all the Monzo features you’re familiar with, like instant notifications, built-in budgeting, the ability to freeze your card, and pay your contacts quickly. But because they are full bank accounts, they also have more power and more protection for your money than the prepaid card: you can make bank transfers, set up Direct Debits and standing orders, and get your salary paid straight in. Plus, up to £85,000 of your money is protected by the FSCS.
We’ll close the prepaid Beta on April 4th, so if you haven’t upgraded, your card will stop working and you won’t be able to use your Monzo app to make or receive payments. But there’s still plenty of time to upgrade! If you do it today, your new card will arrive in plenty of time. You can keep using Monzo straight away, and join us on the next stage of our journey.
Whether you’ve been with us from the very start and still have your Alpha card stashed away safely or you’re a brand new user who’s just started using Monzo, thank you so much for all your help and support so far. We can’t wait for what’s next! 🚀
Credit and thanks to GoCardless’ Pete Hamilton for writing the script we used to create the data visualisation shown here.