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
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Monese urges holidaymakers to shop around for their bank to save money abroad
Brits travelling abroad have been encouraged to save money by shopping around for bank accounts...
Tandem introduces healthy balance feature
Digital bank Tandem has announced the launch of a new healthy balance notification feature on its banking app...
The Access Bank UK joins Bacs
The Access Bank UK has been announced as the latest brand to join Bacs Payment Schemes Limited (Bacs)...
Nearly 75,000 SMEs supported through BBB programmes
The British Business Bank (BBB) has reported that the total stock of finance provided through its programmes in the last financial year rose by 33% to £12.25bn...
Close Brothers’ banking division reports 6.6% loan book growth
Close Brothers Group PLC has revealed that its banking division has seen a 6.6% growth in its loan book in the 11 months to 30th June 2018...
Leeds introduces two-year fixed rate BTL product
Leeds Building Society has launched a two-year fixed rate buy-to-let (BTL) mortgage product as part of a wider refresh of its 70% LTV BTL range...
Just 20% of Brits would opt for a challenger bank
Only 20% of UK residents would opt for a challenger bank if they were opening a new account today, according to research from Equifax...
Santander to form digital investment banking team
Banco Santander has announced that a new digital investment banking team will be formed within Santander Corporate & Investment Banking...
Metro Bank introduces developer portal
Metro Bank has launched a new developer portal for FCA-registered third parties wishing to build services on top of its APIs...
Wesleyan Bank appoints new head
Wesleyan Bank has appointed David Brownbill (pictured above) as its new head of indirect sales...
Arbuthnot announces profit surge
Arbuthnot Banking Group has reported a half-yearly profit before tax of £3.5m for the six months to 30th June 2018, up from the £2.5m recorded during the same period last year...