- Zero, a sustainable banking app, has ceased trading, affecting up to 21,500 customers.
- Customers must withdraw their funds by March 31, as the app closes permanently on this date.
- Funds in Zero accounts are not covered by FSCS but are ringfenced with a credit institution.
After ‘sustainable banking’ firm Zero ceased trading this week, thousands of Brits are set to have their accounts closed within a matter of days.
The ethical fintech app, which launched in January 2025, said it was closing as it was unable to raise more capital or find a buyer.
Up to 21,500 customers could be affected, although many beyond the 7,500 registered users who regularly made transactions may be unaware they have cash sitting in their Zero balance.
On its website, the company said all account holders had been sent emails with more information regarding next steps.
While the app is still available to download on both Google Play and Apple Store, new sign-ups have been suspended.
According to Martin Lewis-founded finance site Money Saving Expert (MSE) Zero is scheduled to officially close on March 31 — but since ‘it can’t guarantee’ access until this date, customers are urged to take action ‘immediately’.
What to do if you have a Zero account
If you have a Zero Personal account, MSE recommends withdrawing deposits in full, ‘ideally no later than March 31 when the app is due to close.’
The deadline for Planet Safe Saver users is March 26, after which all remaining funds (including interest earned up until that date) will be moved to your main balance.
This can then be automatically transferred to a linked UK current account.
Zero account types
The Zero Sustainable Money App offered two main account types, both of which will be closing:
- Zero Personal
- Planet Safe Saver
As the Zero Personal product is an e-money account, you’re unable to complete a current account switch to a new provider.
For the same reason, cash deposited into this account isn’t safeguarded by the Financial Services Compensation Scheme (FSCS) and is instead ringfenced with an authorised credit institution, separate from the company’s own funds.
What happens if you don’t withdraw your money?
Transact Payments Limited, the company behind Zero’s virtual account service, says any deposits remaining after the app closes will be held for six years.
Don't miss our Money tips! Add us as a Preferred Source
At Metro Money, we’re here to bring you all the latest news and advice on personal finance, cost of living, saving and investing. As part of our vibrant community of highly engaged readers, we want to make sure you never miss our articles when searching for stories.
Click the button below and tick Metro.co.uk to ensure you see stories from us first in Google Search.
Customers can access their money until then by contacting zero@transactpay.com, but any remaining sums left after this period will be ‘treated in accordance with applicable laws on dormant or unclaimed funds.’
Zero was founded in Cardiff in 2023 before officially launching to the public last year.
Touted as a ‘sustainable alternative to banking with free money app, personal account, debit Mastercard, GreenScore and more,’ it showed users how their spending may be contributing to climate change.
Another feature allowed customers to contribute to Zero Carbon Projects, offsetting their environmental footprint and improving their ‘GreenScore’ rating.
Marcel Van Oost of Connecting the Dots in FinTech wrote of the firm’s closure: ‘The takeaway is simple. A strong mission doesn’t replace fundamentals. Without scale, funding, and a path to profitability, even well-positioned propositions struggle to survive.’
Do you have a story to share?
Get in touch by emailing MetroLifestyleTeam@Metro.co.uk.
