Account lifecycle updates

What’s changed?

Previously, our accounts moved from opening → open → closed.

Now, they will move from opening → open → closing → closed.

Requesting to close an account that still has money in it or has accrued interest will put it in the closing state. Once the account balance is zero, it will be closed.

Note that an account in closing can make payments but not receive them.

This is different from a restricted account, which changes what actions the account can perform.

You can learn more about our account statuses and restrictions here.

Why have we done it?

Introducing a closing state makes the account closing process more straightforward. It also allows us to pay out any pending interest accrued.

How will this affect existing integrations?

Account opening integrations will remain the same, but you will have to update your account closing integrations to include the new status. Learn how to close an account here.

Join Foundations, our early access programme.

Foundations is for UK-based companies looking to embed banking solutions into their products. If you’re looking to work with us, apply here.

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We’re always working to improve our products and enhance your experience. Stay tuned for more updates!

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