Zero banking app closing: UK savers warned as bank to shut thousands of accounts within days

• Yorkshire savers urged to act quickly as Zero banking app prepares to close
• Over 21,000 accounts, including Personal Accounts and Planet Safe Saver, are affected
• Debit cards have already stopped working; users must withdraw funds via the app
• Zero accounts are e-money, so most funds aren’t FSCS protected
• Customers advised to move money before March 31 to avoid delays or complications

Thousands of Yorkshire savers are being urged to act quickly as a digital banking app prepares to close all accounts within days, potentially cutting off access to funds if action isn’t taken in time.

Fintech firm Zero, which only launched earlier this year, ceased trading on Wednesday, March 18 after failing to secure further investment.

While the app has remained operational temporarily, it is now expected to shut down completely by Tuesday, March 31, although users have been warned this deadline is not guaranteed.

What’s happening and who is affected?

More than 21,000 registered users have been contacted by the company, with all Zero Personal Accounts, debit cards and Planet Safe Saver accounts impacted.

Debit cards linked to the app have already stopped working, leaving withdrawals via the app as the main way to access money. Customers are being told to move funds out “as soon as possible” to avoid disruption.

The urgency stems from uncertainty over how long access will remain available, with the company itself unable to promise the app will stay live until the end of the month.

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How can you get your money out?

Unlike a traditional bank, Zero accounts were linked to an existing UK current account. This means most users should be able to transfer their money back to that original account.

But those with savings in a Planet Safe Saver account face an extra step. Funds must first be moved into a Zero Personal Account before being withdrawn, a process that can take until the following day to complete.

Experts warn against leaving this too late, particularly as delays could push transfers beyond the app’s closure.

Is your money protected?

One key concern is the type of account Zero offered. As an e-money provider rather than a fully licensed bank, Zero did not offer Financial Services Compensation Scheme (FSCS) protection on its standard accounts.

That means funds held in these accounts do not benefit from the same safety net as traditional banks.

But money held in Planet Safe Saver accounts is protected under the FSCS, offering some reassurance for those balances.

What happens if you miss the deadline?

Zero says customers will still be able to request withdrawals after the app closes, and remaining funds will be held for up to six years.

But financial experts stress that waiting carries unnecessary risk. Access processes may become more complicated, and unclaimed funds could eventually be treated under dormant account rules.