Challenger bank N26 is closing accounts for UK customers on 15 April, blaming difficulties created by the Brexit process. The bank, which had a significant marketing push after launch, only started offering current accounts in the UK after the EU referendum. However, it said that the "timing and framework" of the Withdrawal Agreement made it impossible to continue. With about 200,000 customers, it was one of the smaller operators in the UK. Thomas Grosse, chief banking officer at N26, which has a European banking licence, 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." What must customers do?

Accounts will operate as normal until 15 April, by which time funds should be transferred. Will Sorby, general manager for N26 in the UK, said that accounts would be closed automatically on that date after money has been removed. Anyone who has money in an account and fails to move it in time will see the cash shifted into a holding account. Following the closure of the company's UK operations, the majority of its UK staff would move into new roles within the business, the bank said. It is bigger in Germany, where it has its Berlin headquarters, and has recently launched in the US.

Source: BBC News Business