Hundreds of thousands N26 bank accounts forced to close due to Brexit

Living in the Netherlands but banking with N26 with a UK account? Well, not for very much longer. The challenger bank has dealt a further blow to those reeling from Brexit, announcing that all UK customers accounts will be closed.

The bank blamed difficulties created by Brexit. N26 said that the ‘timing and framework’ of the withdrawal agreement made it impossible to continue providing accounts for UK citizens.

About 200,000 customers will be affected when their accounts close on April 15. The bank only operates under a European banking licence, said Thomas Grosse, chief banking officer at N26.

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“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.”

Thankfully, accounts in other markets will not be affected.

What do customers need to know?

For now, the accounts will operate as normal – phew! But, after April 15 any accounts with no money in them will be closed.

If you still have cash in your UK N26 account after this, it will be transferred to a holding account.

Affected by the sudden announcement? Let us know in the comments below!

Feature Image: AnnaCor/N26

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