Monzo launched its prepaid account in 2015 but in 2017 it received a full UK banking licence, paving the way for current accounts.
In October 2017, 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 GBP 85,000 under the Financial Services Compensation Scheme.
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