What you need to know as we leave the US

Is my money safe? Yes, absolutely. Your money is held by our partner bank, Lead Bank, and is FDIC-insured up to $250,000.*

Can I still access and add money? You have full access and can use your debit card until May 15, 2026. After this date, you cannot add money, get paid into Monzo, make card purchases or make ATM withdrawals. You will have until June 8, 2026 to transfer your funds before your account officially closes.

Do I need to withdraw my money now? While you have until June 8 to transfer your money, we recommend moving it to another bank account to avoid any last-minute rushes before your account is closed.

What happens next? There’s nothing you need to do right now. We’ll guide you through each step to make this as smooth as possible. Some key dates:

What should I do before May 15?

What happens if I leave money in my account after June 8? We will try to transfer the remaining balance to your last linked account. If that fails, we will email a check to the address on file (for balances over $1.00).

What happens to my Savings Jars and Interest? Jars will close alongside your main account on June 8. You will continue to earn interest until the day your money is moved or the account is closed.

Will I still get my 1099-INT tax forms? Yes. We’ll send your 1099-INT form for the current tax year to the mailing address we have on file by the usual tax deadline next year. Please make sure your mailing address is up to date. If it changes before the end of the year, please contact support.

What happens to my direct debits and subscriptions? Any payments linked to your debit card won't work starting May 15. To avoid any missed payments or late fees, please update your billing info with your service providers as soon as possible.

Can I still receive my salary or payments into my account? We recommend updating your payroll details with your employer or any other payors immediately. Any direct deposits that arrive after May 15 will be automatically returned to the sender.

Will I be charged any fees during this process? No. We aren’t charging any new or additional fees. If you have paid for a Preferred subscription, we will continue to charge until you cancel in the app; cancellation will be effective at the start of the next billing period. Standard terms still apply until closure (like third-party ATM fees).

Are there any costs to closing my account? None at all. Monzo has no charges related to closing your account, and any related transfer of funds.

Will I still be able to use the app? You’ll have full app access until May 15. After that, app functionality will be limited to transferring your funds. You will have full access to support in app until June 8, or you can call us at 415-200-4074, Monday-Friday.

How can I contact support if I need help? We’re still here! You can chat with us through the app 24/7.

Why is Monzo closing US operations? We’ve decided to focus our efforts on our UK and EU business, where we’re seeing incredible growth. We’re sad to say goodbye to our US customers. Thank you for choosing Monzo.

Will Monzo return to the US in the future? We never say never! While we’re stepping back for now to focus on the UK and Europe, we’ve learned a ton from our US community. If we decide to head back across the pond in the future, we’ll be sure to let everyone know.

*Your funds are held at Lead Bank, Member FDIC. Monzo is a financial technology company, not a bank or FDIC-insured depository institution. Monzo accounts are subject to pass-through FDIC insurance up to $250,000 per ownership category, should Lead Bank fail. Certain conditions must be satisfied for pass-through FDIC deposit insurance coverage to apply, which you can learn more about here.