Challenger bank N26 to shut all UK accounts

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Challenger bank N26 is closing represent UK clients on 15 April, blaming problems produced by the Brexit procedure.

The bank, which had a substantial marketing push after launch, just began using bank accounts in the UK after the EU referendum.

However, it stated that the “timing and structure” of the Withdrawal Agreement made it difficult to continue.

With about 200,000 clients, it was among the smaller sized operators in the UK.

Thomas Grosse, primary banking officer at N26, which has a European banking licence, stated: “While we appreciate the political choice that has actually been taken, it indicates that N26 will be not able to serve our consumers in the UK and will need to leave the marketplace.”

What must consumers do?

Accounts will run as typical up until 15 April, by which time funds need to be moved.

Will Sorby, basic supervisor for N26 in the UK, stated that accounts would be closed instantly on that date after cash has actually been eliminated.

Anyone who has cash in an account and stops working to move it in time will see the money moved into a holding account.

Following the closure of the business’s UK operations, most of its UK personnel would move into brand-new functions within business, the bank stated. It is larger in Germany, where it has its Berlin head office, and has actually just recently introduced in the United States.

The relocation begins the day that shadow chancellor John McDonnell has actually stated he fears there’s a “threat” of an exodus from the City if the federal government does not get a quick handle the EU on monetary services.

However, there are no indications yet of any other opposition or larger banks following N26 in stopping the UK. Monzo and Starling have a UK banking licence, unlike N26.

It stays hard for opposition banks in the UK bank account sector, mainly since a great deal of clients do not utilize their items as their primary transactional account.

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