Since launching the service in October last year, digital challenger bank Monzo has onboarded 500,000 users to its upgraded current account service.
The current account offers instant payment notifications, built-in budgeting, the ability to freeze your card, and P2P payments. After securing a banking licence in April last year, Monzo customers are also now able to make bank transfers, set up Direct Debits and standing orders, and have their salary paid straight in.
The bank has also announced that it will be closing the prepaid Beta on 4 April, meaning that customers must upgrade their accounts or their card will cease working and they will not be able to use their Monzo app to make or receive payments.
Beatrice Borbon, content and press manager at Monzo, noted: “This is Monzo’s biggest milestone since we officially became a bank back in April last year. And we want to say thank you to everyone who’s chosen to join us. It’s incredibly exciting to be allowing new signups again now the vast majority of existing customers have upgraded.”
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