For anyone who has tried to transition to the digital-first style of banking, also known as neobanking, it’s been a rough road. There was Simple, based here in Portland, OR, which shut down. Many Simple customers transferred to the London-based service called Monzo. It’s been a fine service, with lots of good features introduced over the years, but the bank announced today that it is shutting down US accounts.
Customers don’t yet have a timeline, but Monzo says that nothing changes as of today. In an email sent to US customers, the bank says, “We know this isn’t the news you were hoping for, and we’re really sorry. We’re incredibly grateful you chose us for digital banking.”
In the coming days, here is the information Monzo intends to share.
- The timeline for closing your account
- How to transfer your money
- Changing any scheduled payments or direct deposits
- How to access your statements after your account closes.
If you bank with Monzo, now would be a good time to start researching your next move.
