UK ethical money app Zero ceases trading and will close all accounts

Zero, a UK ethical money app, ceased trading on 18 March 2026 and is closing all customer accounts after it was unable to raise additional funding for the business, according to MoneySavingExpert, which reported the closure on 20 March.

Zero launched its app in January 2025, offering a personal account with a debit Mastercard and a savings product, the Planet Safe Saver, which paid 3.66% AER variable at launch in December 2025. It had about 21,500 registered users, around 7,500 of whom were actively using the app. The company said it had contacted all customers setting out the steps they needed to take.

FUNDING RUNS OUT

Zero was not a bank. Its personal accounts were e-money accounts provided by Transact Payments Limited, with customer funds held in segregated accounts with an authorised credit institution. As e-money, these balances are not covered by the Financial Services Compensation Scheme (FSCS).

The Planet Safe Saver, operated with Bondsmith and holding deposits in ring-fenced accounts with Griffin Bank, was covered by the FSCS. However, any savings not moved out by around 26 March were due to be transferred automatically into customers' Zero personal accounts, where they would no longer have that protection.

CLOSURE TIMETABLE

Zero planned to keep its app open until 31 March but said it could not guarantee this. Customers are expected to be able to withdraw funds after that date: Transact Payments Limited said balances remaining after the app closes will be held for six years, during which time customers can reclaim them by contacting the firm. MoneySavingExpert advised customers that it was best not to wait before moving their money.