Major UK Fintech Banking App Zero to Cease Operations, Urging Immediate Customer Action
In a significant development for the UK financial technology sector, the Zero banking application has announced it will permanently shut down all customer accounts next week. Over 20,000 account holders have received urgent notifications to withdraw their funds as soon as possible, with a firm deadline set for Tuesday, March 31, 2026.
Imminent Account Closure and Critical Deadlines
The fintech platform officially ceased trading earlier this month on March 18, but maintained limited functionality to allow customers to access their money. The company has now confirmed that the mobile application, which launched in January 2025, will remain operational only until Tuesday, March 31.
Customers face several critical deadlines:
- Debit cards associated with Zero accounts stopped working on March 23, 2026
- Personal accounts will close on or around March 31, 2026
- The Zero mobile application will shut down completely on the same date
- Savings accounts no longer accept deposits, with immediate withdrawal recommended
Expert Advice from Money Saving Expert
Money Saving Expert (MSE), founded by prominent financial journalist Martin Lewis, has issued specific guidance for affected customers. The organization strongly advises those with Zero Personal Accounts or Planet Safe Saver accounts to "withdraw your funds as soon as possible," ideally before the March 31 deadline.
MSE clarified that "these accounts were linked to and funded by an existing UK current account, so you should be able to withdraw your funds to that same account." While withdrawals may technically remain possible after March 31, the organization emphasizes that "it's best not to wait" given the impending closure.
Important Financial Protection Considerations
The situation highlights crucial distinctions in financial protection schemes. According to MSE, "funds deposited in e-money accounts are NOT safeguarded by the Financial Services Compensation Scheme (FSCS)." This means customers do not have the same protection they would with traditional bank accounts.
However, there is an important exception: "Cash held in the Planet Safe Saver is fully FSCS protected," providing some security for savings account holders. Customers should note that transfers from Planet Safe Saver "may take until 1pm the following day to arrive in your Zero personal account" before they can be withdrawn to external accounts.
Post-Closure Procedures and Contact Information
Once the Zero application closes on or around March 31, 2026, the platform will no longer accept incoming payments. Any payments attempted after the closure will be automatically returned to the sender.
For customers unable to withdraw funds before the deadline, specific contact procedures have been established:
- For personal account inquiries: Contact zero@transactpay.com. Funds will be securely held for up to six years, during which customers can request their return.
- For savings account inquiries: Contact support@bondsmith.com. Customers will be able to request direct withdrawals to another bank account.
The closure of Zero represents a notable event in the evolving UK fintech landscape, serving as a reminder for consumers to regularly monitor their financial service providers and understand the specific protections applicable to different account types.
