As it shuts down its prepaid beta programme, UK digital challenger bank Monzo says that 94% of its active users have upgraded to full current accounts. UK digital bank Monzo has said 94 % of its active users have upgraded to full current accounts just a year after it was given a digital banking licence . The company now claims 500,000 current account customers and says it is the biggest digital challenger bank in the UK , offering bank transfers , direct debits , standing orders and £ 85,000 of Financial Services Compensation Scheme protection . It launched prepaid accounts in 2015 and 362,000 customers , including almost all active users , have now upgraded . Pre - paid cards belonging to the customers who have not upgraded have now stopped working .
UK digital bank Monzo has said 94 % of its active users have upgraded to full current accounts just a year after it was given a digital banking licence . The company now claims 500,000 current account customers and says it is the biggest digital challenger bank in the UK , offering bank transfers , direct debits , standing orders and £ 85,000 of Financial Services Compensation Scheme protection . It launched prepaid accounts in 2015 and 362,000 customers , including almost all active users , have now upgraded . Pre - paid cards belonging to the customers who have not upgraded have now stopped working .