Monzo sees 94% of active users upgrade to current accounts

Monzo sees 94% of active users upgrade to current accounts

As it shuts down its prepaid beta programme, UK digital challenger bank Monzo says that 94% of its active users have upgraded to full current accounts.

Monzo launched its prepaid account in 2015 but last April it received a full UK banking licence, paving the way for current accounts.

In October the challenger began migrating users who agreed to new terms and conditions to the current account. Since then, more than 362,000 customers - including 94% of active users - have upgraded.

Another 98,000 have not, meaning that their prepaid cards have stopped working. These users can still upgrade from within the Monzo app for the next few weeks, otherwise, their balance will be returned to them.

In total, Monzo now has more than 500,000 current account customers, making it the biggest digital challenger bank in the UK. Users get all the perks of its prepaid offering in addition to bank transfers, direct debits and standing orders, and protection for up to £85,000 under the Financial Services Compensation Scheme.

Tom Blomfield, CEO, Monzo, says: "We believe that the best way to build a great product is by launching it early and improving it based on feedback from real people.

"I feel very lucky that we have a community of users that care enough to share their enthusiasm, ideas and frank feedback with us. They’ve helped us make Monzo what it is today, and I’m glad that so many people have chosen to join us for what’s next."

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