N26 announce UK accounts to be closed
N26 announced on February 11th 2020 that they would be ceasing all operations in the UK from April of this year. This will leave existing customers having to withdraw all funds and switching to another bank prior to April 15th.
The decision made by the N26 board has been made less than two weeks since the UK formerly left the European Union, with the Brexit transition still continuing for the time being. Part of the announcement indicated that Brexit has very much influenced this decision, given that the current European Banking licence that N26 hold will soon not be valid in the UK.
What will happen to N26 now?
N26 will continue to operate in the EU, along with the US where they have partnered with Axos Bank. This means that ongoing support will still be available for existing customers who have missed the deadline, though messages have already been sent out informing customers of the process they should follow.
Deborah Vickers, Channel Director at Money Guru commented:
As a valued provider on Money Guru, it’s sad to see N26 leave the UK market. We wish the entire N26 team every luck in the future and hope to see N26 back in the UK soon.
What should I do if I have an N26 account?
All funds left in N26 accounts need to be withdrawn or transferred by April 15th 2020, and customers should make arrangements for direct debits and standing orders to come from an alternative account.
What will happen to my money if I miss the deadline?
N26 have stated that customers will be unable to access their accounts after the deadline, so if you still have money in your N26 account and miss the deadline, you should get in touch with N26 support.
Which provider should I choose to replace my N26 account?
Thankfully, we have plenty of alternatives for N26 customers to choose from, meaning that switching from N26 should not be an issue. Take a look at our piece on Alternatives to N26 or head straight to our current account comparison tables using the button below.
Written by Robert Bester
Updated on 25th February 2020
Published on 31st January 2020