What will the process be for a full account?

[alexs (Alex Sherwood)]

Customers will be able to keep their prepaid accounts for a while (at least), here’s Tom’s comments on the plan -

Competitor update

Hi James, good question. We’ll perhaps publish a blog post setting out timelines in more detail, but the answer is broadly “the first half of 2017”. We’re testing out the very first Monzo bank accounts internally right now; we’ve successfully made live Faster Payments, Bacs Direct Credits and Direct Debits, and foreign transfers, all with Monzo account numbers and sort-code. We’re also working to finalise our full MasterCard implementation. We can’t hold more than £50k of customer deposits un…