The German mobile bank N26 recently announced they'd be leaving the UK and closing all UK customer's accounts on 15th April 2020.
If you're an N26 customer, they'll close your account in April. They've recommended you move any money in your N26 account to a different bank account before that.
And if you're looking for a new UK bank account, why not open a Monzo account today?
If you're an N26 customer, here's what N26's announcement means for you, and how you can open a new UK bank account with Monzo.
Why is N26 closing UK accounts?
The bank's said they're leaving the UK because their European licence won't let them operate in the UK after Brexit.
With the UK having left the EU at the end of January, we will in due course no longer be able to operate in the UK with our European banking licence. Therefore we will be leaving the UK and closing all accounts in the coming months.
What will happen to my UK N26 account?
N26 will close all UK customer's accounts on 15th April 2020, but everything will keep working as normal until then.
You'll still be able to access your money, and it'll stay protected up to €100,000 under the German deposit guarantee scheme.
The bank has published this information for customers on its website:
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. The money will continue to be protected up to equivalent of €100,000.
After April 15th 2020, N26's customer support team will still be on hand to answer any questions through a page on the bank's website.
But you won't be able to log into the N26 app or access any of your old account information from the app.
N26 is closing my account, do I need to do anything?
If you're an N26 customer, the bank's suggested a few things you might want to do before 15th of April:
Take out or transfer any money in your account to a different bank account before 15th April 2020
Top up your account if your balance is negative
Move any automatic payments to a different bank – if you have Direct Debits for bills or get your salary paid into N26, you should move these to a different bank before N26 close your account. If you make other regular payments with your N26 card (like a Netflix subscription), you'll need to pay these with a different card.
It's especially important you move your regular payments to a different bank, to make sure you can get your salary and you don't miss any bills.
If you want a record of your N26 account information, you can ask N26 to download it for you.
How to open a UK bank account with Monzo
Monzo is a UK bank that makes banking easy. And 3.8 million people already use Monzo to spend, save and manage their money 😃
We have a banking licence in the UK, which means we can keep operating here as normal after Brexit.
You can get your salary paid in, and pay your bills from your Monzo account.
It takes less than 10 minutes to sign up and you can do it all from your phone.
So if you're looking for a new UK bank account, you can open one with Monzo!
You can get Monzo if you live in the UK and you're at least 16 years old.
1. Get your phone, a valid ID, and an address in the UK where we can send your card.
The IDs we accept are your: passport, driving licence (a provisional is fine), national ID card, biometric residency permit, firearm or shotgun certificate, or your Electoral Identity Card issued by the Electoral Office for Northern Ireland.
2. Download the Monzo app
Tap this button on your phone, or search the App Store or Play Store for Monzo.
Then just follow the instructions to sign up. It takes less than 10 minutes.
We'll walk you through everything, and put your new debit card in the post!
How to move your payments to your Monzo account
Now you've opened your Monzo account, it might be useful to do a few things before N26 closes your account on 15th April 2020:
Move your money to Monzo. If you've got any money left in your N26 account, you could move it to your Monzo account by making a bank transfer.
Give your employer your new bank details. If you want to get your salary paid into Monzo, give your employer your bank details. You can find them in the Monzo app, just tap on the "Account" button under your card.
Update your regular payments. You can set up new Direct Debits to make sure you don't miss any bills. And update your card details on any subscriptions or sites like PayPal.