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Saturday, December 16, 2017

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Monzo to invite existing users to upgrade to current accounts

Martin Greenland | 16:05 Wednesday 11th October 2017

Monzo has announced plans to make its new current account service available to the public following a successful preview stage.

The mobile-only bank first launched its current account preview in July, and since then has been tested by more than 18,000 users.

It has now revealed that it is ready to take the next steps towards bringing current accounts to everyone.

Over the next eight weeks, all existing Monzo users will be invited to upgrade to a current account.

After which, Monzo will open sign-ups to brand new users.

In order for Monzo to do this, it will close new sign-ups to the prepaid Monzo MasterCard debit card at some point this week.

When existing customers upgrade, they will be able to transfer their balance, account information and any other data associated with the prepaid account to the new current account.

The new current account offers a hot coral Monzo debit card, an account number and sort code, and customers will be able to have their salary paid in, set up direct debits, standing orders and any other bill payments.

Monzo has said that it will be getting in touch with all its existing customers through the app over the coming weeks to invite them to upgrade to a current account.

The bank has also said that all crowdfunding investors who invested in its most recent round this year will get priority access to the current account.

(Pictured from left to right): Gary Dolman, Paul Rippon, Tom Blomfield and Jonas Huckestein

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