Millions of Monzo customers warned they'll lose access to bank accounts if they don't act NOW
DON'T BANK ON THAT Millions of Monzo customers warned they'll lose access to bank accounts if they don't act NOW
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MILLIONS of Monzo customers are being warned that they'll lose access to bank accounts if they don't act.
The popular online challenger bank is urging users to upgrade their phone's operating system or risk losing access to its services.
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If customers fail to upgrade their OS - or switch to a newer device if their current one doesn't support the update - the Monzo app will eventually stop working altogether
Credit: PA:Press Association
The bank has announced that from October 31 2025, it will no longer support app updates on devices running operating systems older than iOS 16 and Android 9.
If customers fail to upgrade their OS - or switch to a newer device if their current one doesn't support the update - the Monzo app will eventually stop working altogether.
In an email to affected customers, Monzo said: "We've noticed you've recently used Monzo from a version of iOS or Android that we'll stop supporting on October 31, 2025.
"This is because it's running on an older operating system (OS) that isn't getting the latest security updates and Monzo features.
"So both your device and Monzo account aren't as secure as they could be.
"We regularly stop Monzo from working with older operating systems.
"If your device doesn't support a more recent OS, you'll need to use a newer device to keep using your Monzo account."
For those with older phones that cannot support newer OS versions, the bank recommends upgrading to a newer device.
iPhones that will be impacted and lose support are those that cannot update to iOS 16.
This includes the iPhone 7 and 7 Plus, the iPhone 6s and 6s Plus, and the first-generation iPhone SE.
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For users of these older models, the Monzo app will eventually stop working, and access to their accounts through the app will be cut off.
iPhones that will be supported include the iPhone 8 and 8 Plus, the iPhone X, and all later models, as well as the second-generation iPhone SE and newer.
Meanwhile, some notable Samsung devices, such as the flagship Galaxy S7 and S7 Edge from 2016, will not be able to run the Monzo app.
The original Google Pixel and Pixel XL phones will also be impacted.
If you own one of these devices, you will need to ensure your software is updated to continue using the Monzo app after October 31, 2025.
A spokesperson for Monzo said: "This is an incredibly common practice among reliable and trusted app providers.
"We always recommend that customers run the latest version of their phone's operating system for the best and most secure app experience."
How do I check my phone's operating system?
On iOS:
Go to Settings > General > About
On Android:
Go to Settings > About phone > Android version
Note: it may vary slightly depending on your current version and device manufacturer.
What else is happening at Monzo?
Monzo is a UK-based digital, app-only bank that was founded in 2015.
It is known as a "challenger bank" because it aims to compete with and disrupt traditional high-street banks by offering a more modern, user-friendly experience.
Operating entirely through a mobile app without any physical branches, Monzo has more than 12million personal and business banking customers in the UK.
In March, Monzo said it will no longer put parents on a waitlist to sign their children up for an under-16 bank account.
The free account is for children aged 6 to 15 and is linked to a parent or guardian's Monzo account.
Like standard Monzo accounts, the youngsters receive a debit card and also have access to pots for saving.
But parents can set limits on spending and turn cash withdrawals or online spending off.
In April, Monzo scrapped interest charges for customers whose account balances dip below £0, offering a fairer deal for those without an arranged overdraft.
Previously, customers entering an unarranged overdraft faced steep interest rates of 19%, 29%, or 39%, depending on their credit score -those with lower scores often bore the brunt of the highest charges.
To soften the blow, the bank capped monthly interest charges at £15.50.
However, Monzo has taken a more customer-friendly approach, removing interest charges entirely for unarranged overdrafts.
In May, Monzo slashed the interest rate on one of its savings accounts.
The interest rate on its Personal Instant Access Savings Pots fell from 3.50% AER to 3.25% AER.
AER, or Annual Equivalent Rate, is used to show you what you could earn from a savings account over a year.
A lower AER means you will have less money in your savings account over a year because it indicates a lower rate of interest being paid on your savings.
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