If you’re searching for what happened with the Zero banking app closing, here’s the summary: the UK fintech firm Zero ceased trading on 18 March 2026 and completed its wind-down shortly after, closing its Zero Personal Account, Zero Debit Mastercard, and Planet Safe Saver savings product. The closure affected around 21,500 registered users, according to MoneySavingExpert, after the Cardiff-based company failed to secure further investment.
If you still have money sitting in a Zero account or you’re trying to work out what happens to it now, this guide covers exactly what went wrong, whether your funds were protected, and how to claim any money still owed to you.
What was the Zero banking app?
Zero was a UK “climate fintech” that launched its app in January 2025, offering a current account and debit card alongside a sustainability feature called GreenScore, which measured the carbon footprint of each purchase using technology from Swedish firm Doconomy. It was based in Cardiff, held B Corp certification, and had built up around 15,000 users by the time it launched, according to FinTech Futures.
In December 2025, Zero added a savings product called Planet Safe Saver, which paid 3.66% AER (variable) at launch and was, at the time, one of the better-paying ethical savings accounts on the market, according to MoneySavingExpert’s coverage of the launch.
Why did the Zero banking app close?
Zero ceased trading on 18 March 2026 after failing to raise the additional funding it needed to keep operating. Founder and chief executive Richard Theo told FinTech Futures the closure came down to a lack of venture capital funding currently available for direct-to-consumer fintech and banking specifically.
The company had support from established infrastructure providers, ClearBank for fund custody and Marqeta for transaction processing, but that wasn’t enough to keep the business funded once further investment failed to materialise. Zero’s app remained technically live for a short period after the closure announcement to let customers withdraw funds, though the company was clear from the outset it couldn’t guarantee exactly how long that access would last.
Timeline: what happened and when
- January 2025: Zero launches its app in the UK, offering a current account, debit card, and carbon tracking features.
- December 2025: Zero adds the Planet Safe Saver savings account, paying 3.66% AER (variable) at launch.
- 18 March 2026: Zero ceases trading after failing to secure further investment.
- Around 26 March 2026: Deadline for moving Planet Safe Saver funds back into the Zero Personal Account before automatic transfer.
- 31 March 2026: Target date for the app to close completely, though Zero warned this couldn’t be guaranteed.
Was your money protected?
This is the part that caught a lot of customers out, since protection differed depending on which Zero product you held.
The Zero Personal Account was an e-money account, not a traditional bank account, with funds held in segregated accounts by an authorised credit institution rather than covered by the Financial Services Compensation Scheme (FSCS). That meant Personal Account balances weren’t covered by the usual £85,000 FSCS protection that applies to standard UK savings and current accounts.
The Planet Safe Saver account was different and was fully FSCS protected, since it was provided by Bondsmith Ltd, which held customer deposits in ring-fenced accounts with Griffin Bank. However, that protection only lasted while funds sat in Planet Safe Saver specifically. Once Zero automatically transferred any un-withdrawn Planet Safe Saver balances into the (unprotected) Personal Account around 26 March 2026, that FSCS cover no longer applied.
What to do if you still have money with Zero
If you had a Zero account and haven’t yet withdrawn your funds, here’s what the company has said applies:
You can still request a withdrawal even now, since Zero’s payment provider, Transact Payments Limited, is holding any remaining customer deposits for up to six years after the app’s closure. To access funds still outstanding, contact zero@transactpay.com directly with your account details, rather than trying to log into the app itself, since it’s no longer expected to be operational.
It’s worth acting sooner rather than later even within that six-year window. Financial commentators, including coverage in the Yorkshire Post, have pointed out that the longer money sits unclaimed, the more complicated the access process can become, and funds left entirely unclaimed for the full period may eventually be treated under standard UK dormant account rules.
One further point worth knowing: because Zero accounts were e-money rather than full bank accounts, you couldn’t use the normal Current Account Switch Service to move your account elsewhere. Any transfer had to be a straightforward withdrawal back to your existing bank account instead.
Alternatives if you’re looking for a new ethical savings account
If you held Planet Safe Saver specifically for its ethical or sustainability angle, a few UK providers still offer a similar approach, though rates and terms change regularly, so it’s worth checking current figures before committing. Ecology Building Society and Triodos Bank are two established names in this space, both stating that customer deposits won’t fund fossil fuels, arms, or deforestation. Standard, non-ethical easy access savings accounts have generally paid noticeably higher rates than ethical options through 2026, so it’s worth weighing up how much the ethical angle matters to you against the rate difference before choosing where to move your money.
FAQs
Has the Zero banking app closed?
Yes, Zero ceased trading on 18 March 2026 and completed its wind-down shortly afterwards, closing its Personal Account, debit card, and Planet Safe Saver savings product. The app was targeted to stop working entirely by 31 March 2026, though the company said it couldn’t guarantee that exact date.
Why did the Zero banking app close?
Zero closed after failing to secure further investment, with founder Richard Theo citing a lack of venture capital funding currently available for direct-to-consumer fintech and banking. The company had operated for around 14 months before ceasing trading.
Was my money safe with the Zero banking app?
It depends which product you held. Zero Personal Account balances weren’t covered by the FSCS, since they were e-money rather than a traditional bank account, while Planet Safe Saver deposits were fully FSCS protected while they remained in that specific account.
How do I get my money back from Zero?
Contact Transact Payments Limited directly at zero@transactpay.com with your account details, since the app itself is no longer expected to be operational. The company says it will hold any remaining customer funds for up to six years after closure.
What happens if I don’t claim my Zero account funds?
Transact Payments Limited will hold remaining deposits for up to six years, after which unclaimed funds may be treated in accordance with standard UK rules on dormant or unclaimed money. It’s best to claim well before that point rather than waiting.
Can I switch my Zero account to a new bank?
No, since Zero accounts were e-money rather than full current accounts, they weren’t eligible for the Current Account Switch Service. You’ll need to withdraw your funds manually and open a new account elsewhere.
What was Zero’s Planet Safe Saver account?
Planet Safe Saver was Zero’s savings account, launched in December 2025, paying 3.66% AER (variable) and provided through Bondsmith Ltd with deposits held at Griffin Bank. It closed alongside the rest of Zero’s products in March 2026.
How many people were affected by the Zero app closure?
Around 21,500 registered users had a Zero account at the time of closure, according to MoneySavingExpert, though only around 7,500 were regularly using the app or making transactions by that point.
