Fintech app Zero has officially ceased trading as of March 18, following its inability to secure additional funding, as reported by Money Saving Expert (MSE). Although the app has remained operational since the announcement, it is now set to close its doors today.
All Zero accounts closing with the app
According to MSE, there are currently over 21,500 registered users of the Zero app. All customers have been notified about the impending closure and the necessary steps to follow.
The closure of the Zero Sustainable Money App will also affect:
- Zero Personal Accounts
- Zero Debit Mastercards
- Planet Safe Savers
What to do if you have a Zero app account
For those holding a Zero Personal Account or a Planet Safe Saver, MSE recommends withdrawing funds as soon as possible, ideally before the app’s closure on March 31.
Zero Personal Account
MSE has indicated that holders of Zero Personal Accounts should have received an email detailing further instructions. The finance experts advise that these accounts were linked to existing UK current accounts, allowing users to withdraw funds back to the same account.
While it is possible to withdraw funds after March 31, MSE suggests not delaying the process. For any difficulties accessing funds, users can reach out via email at zero@transactpay.com.
MSE further clarified, “These are e-money accounts, so you can’t complete a current account switch to a new provider. Funds deposited in e-money accounts are NOT safeguarded by the Financial Services Compensation Scheme (FSCS).”
Zero Planet Safe Saver
For those with funds in Zero Planet Safe Saver accounts, it is necessary to transfer these funds via the app to the user’s personal account before withdrawal can occur.
MSE has noted, “Transfers from Planet Safe Saver may take until 1pm the following day to arrive in your Zero personal account. Any deposits not moved by around March 26 will be transferred automatically into your Zero Personal Account. Cash held in the Planet Safe Saver is fully FSCS protected.”
Do you have a Zero bank account affected by the app closure? Let us know in the poll above or in the comments below.
Zero ceases trading with banking app to shut down today
Fintech app Zero has officially ceased trading as of March 18, following its inability to secure additional funding, as reported by Money Saving Expert (MSE). Although the app has remained operational since the announcement, it is now set to close its doors today.
All Zero accounts closing with the app
According to MSE, there are currently over 21,500 registered users of the Zero app. All customers have been notified about the impending closure and the necessary steps to follow.
The closure of the Zero Sustainable Money App will also affect:
What to do if you have a Zero app account
For those holding a Zero Personal Account or a Planet Safe Saver, MSE recommends withdrawing funds as soon as possible, ideally before the app’s closure on March 31.
Zero Personal Account
MSE has indicated that holders of Zero Personal Accounts should have received an email detailing further instructions. The finance experts advise that these accounts were linked to existing UK current accounts, allowing users to withdraw funds back to the same account.
While it is possible to withdraw funds after March 31, MSE suggests not delaying the process. For any difficulties accessing funds, users can reach out via email at zero@transactpay.com.
MSE further clarified, “These are e-money accounts, so you can’t complete a current account switch to a new provider. Funds deposited in e-money accounts are NOT safeguarded by the Financial Services Compensation Scheme (FSCS).”
Zero Planet Safe Saver
For those with funds in Zero Planet Safe Saver accounts, it is necessary to transfer these funds via the app to the user’s personal account before withdrawal can occur.
MSE has noted, “Transfers from Planet Safe Saver may take until 1pm the following day to arrive in your Zero personal account. Any deposits not moved by around March 26 will be transferred automatically into your Zero Personal Account. Cash held in the Planet Safe Saver is fully FSCS protected.”
Do you have a Zero bank account affected by the app closure? Let us know in the poll above or in the comments below.