I have been a customer of Coconut since March 2018 and they have provided a good service. This week they have decided to close my account and give no reason, and tell me that the monies in the account will be help for up to 45 days. I need the money to run my business. They have effectively shut me down in one day. I've raised complaints to the FCA and the Financial Ombudsman, and emailed PPS (their banking partner). I understand as an intermediary to PPS, Coconut have less hands on when PPS tell them to a close an account, but 45 days creates extreme hardship! I wouldn't move to Coconut - i'd stay clear if you were looking for a Fintech bank. I'd go to Starling, or Monzo - or better still - stick with the high street.
Reviewed on: 19th September 2020
