Challenger bank, N26, has announced it will be closing accounts for its UK customers on 15 April 2020, citing difficulties from the UK’s departure from the European Union.

N26 suggested the timings and framework outlined in the Brexit Withdrawal Agreement signified the company would be unable to operate in the UK with its European banking licence.

N26 chief banking officer, Thomas Grosse, said: “While we fully respect the decision that has been taken, it means that N26 will in due course be unable to serve our customers in the UK and will have to leave the market.

“Although we will be leaving the UK, we will continue our mission to radically transform the global banking industry through innovation and the power of technology and design to build a bank the world loves to use.”

The announcement stated that while all N26 accounts in the UK will be closed on 15 April, accounts would still work as normal until then, including all card payments and direct debits. Customers with money in their N26 accounts were asked to transfer their deposits to an alternative bank account.

N26 UK general manager, Will Sorby, added: “We would like to thank all N26 customers for their support. We’ve planned the next steps carefully to ensure this process is as smooth as possible for every customer in the UK.”

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