Here's how to move from Simple to Monzo

Read the article

Mobile banking app Simple recently announced they are closing sometime this Spring.

This decision has left a lot of customers looking for a banking service that offers powerful budgeting tools and analytics. Monzo launched our Beta in the USA to build the best banking experience with our customers, and we already offer a number of budgeting tools and other features similar to those offered by Simple. If you’re one of these customers, why not sign up for our waitlist today?

Simple has posted an FAQ regarding the transition that should address any questions that you may have. They have announced that Simple accounts will transition to BBVA USA accounts, and you won't be able to use the Simple app in the future.

Help us build the bank account of the future 🚀

Monzo’s mission is to make money work for everyone. In order to build the best banking experience possible, we have launched a Beta program that allows you to get involved and give us feedback to help us improve and develop the product offering. We’re onboarding new customers every week and some of the great features we already offer include:

  • See your money at a glance with real-time available balance

  • Instant spending notifications

  • A beautiful hot coral debit card

  • Organize your money with Pots, subaccounts that help you effortlessly save and arrange your funds. Round up purchases to save your change into a Pot, and set up scheduled payments into and out of Pots for budgeting and expenses. Read more about Pots here!

  • Automatically categorize your transactions, making it easy to track your spending

How to open a US bank account with Monzo 🏦

You can get Monzo if you are over the age of 18 and a full-time US resident. That means being a citizen, green card holder, or eligible resident alien with full-time residence in the USA.

1. Sign up for our waitlist at 📝

We’re still in the early days of bringing Monzo to the US, so we want to make sure we’re slowly rolling out access to our US accounts. However, we unlock thousands of accounts from our waitlist every week, so you shouldn’t have to wait long to get an account. 

2. Once you’re unlocked, we’ll send you everything you need to know to open your account 🔓

Once you reach the top of the waitlist, we’ll send you an email to confirm. From there, you can download the Monzo app and set up an account in less than 10 minutes. We’ll then send your beautiful hot coral card out ASAP, and it should arrive within 2 weeks.

How to move your payments to your Monzo US account 

Once you’ve set up your Monzo account:  

  • Move your money to Monzo. All Monzo accounts come with an account and routing number that you can provide to your employer, who will be able to direct deposit your paycheck💰. You can download our direct deposit form using this link. Many employers allow you to split your paycheck, which we think is a great way to test out your Monzo account.

  • Update your regular payments. Set up ACH payments using your Monzo US routing and account number, and update your card details on any subscriptions or sites like PayPal. 💸

  • Create Pots and set up scheduled payments to help you effortlessly save and organize your money. 🍯

Whomever you decide to bank with after Simple closes, we want to acknowledge the huge contribution that their team made in improving the banking products available in America, as well as pushing the entire industry to innovate and improve their offerings. It’s no exaggeration to say that Simple was one of our earliest and most important inspirations when we started Monzo in the UK back in 2015. From afar we saw some of the amazing features that they launched in the US and were inspired to build a “bank we would be proud to call our own”. Now that we have launched in the USA we know we have huge shoes to fill, but we look forward to rising to the challenge.

Note: You should direct any specific questions you have to Simple or BBVA.