Digital bank N26 to quit UK because of Brexit
N26 said it will be unable to operate in the UK with its European banking license now the country has left the EU.
New accounts can no longer be opened and it will close all existing UK accounts on 15 April 2020.
The digital challenger said it will focus on growing within Europe and sees huge potential in large single markets such as the US.
N26 said it was sorry to be leaving the UK and understands it will be disappointing for customers.
Existing customers can still access their money, with the app, card and automated transactions such as direct debits, continuing to work until 15 April.
What do customers need to do?
The bank urges customers to withdraw or transfer cash – including from my Spaces – into an alternative account ahead of the close date and divert automatic transactions such direct debits and subscriptions from the account.
It has asked customers in debt to the bank to top up their balance.
If customers receive payments after the deadline date, they will bounce and be returned to the sender.
Once the account is closed, customers will not be able to log in to the app or access their account information so they’re advised to download their data.
N26 confirmed its customer support team will be available to UK customers who have any questions and anyone requiring details of their account in the future can still contact the bank via the website.
N26 Metal customers will continue to benefit from insurance for journeys ahead of 15 April. For those taking a trip after this date, customers should buy cover elsewhere.
The fees for both the N26 Metal and N26 You accounts will be suspended from 14 March, meaning the last month will be fee-free. The neo bank confirms benefits such as LoungeKey membership and partner benefits will cease after the closure date.
‘Unable to serve our customers in the UK’
Thomas Grosse, chief banking officer at N26, said: “While we respect the political decision that has been taken, it means that N26 will be unable to serve our customers in the UK and will have to leave the market.”
“Although we will be leaving the UK, we will continue our mission to radically transform the global banking industry through innovation and the power of technology and design to build a bank the world loves to use. This means growing within the European Union, where we recently crossed the five million customer mark, building our presence in the US, one of the most attractive global banking markets, and expanding into new countries.”