Zing closing

HHUK

Shame. They offered competitive exchange rates and fees, and the friend I referred found it useful in Australia recently. We both received £30 for that referral, in addition to my own introductory £30.

wmb194

Blackbriar_040 said:

Just received an email from Zing stating the App and my Zing account are closing from the 22 May!

Email reads,

“We are writing to inform you that we will unfortunately be closing the Zing app in the coming months due to changes in strategic business priorities. Unfortunately this means that your account will be closing.

 We understand that this is disappointing but we aim to ensure this process is as smooth as possible for you.”

Didn’t last long, wonder what the “Strategic business priorities”are?

Not overly fussed, only really opened the account for the bonus cashback!

Since its new CEO arrived HSBC's been on a cost cutting drive and this is probably a long way from profitability.

Also being discussed here: https://forums.moneysavingexpert.com/discussion/6582632/zing-closing

gravel_2

"In comments sent to FinTech Futures, an HSBC spokesperson says: “Following a strategic review of Zing within the HSBC Group and after careful consideration, we have made the decision to close Zing and integrate its underlying technology platform into HSBC. Zing customers will be informed of an alternative option to become bank customers of HSBC UK and use the Global Money proposition (subject to KYC checks)."

Probably not enough standalone customers to justify keeping it going.

elsien

Me too. Now I need to work out how to get my money back out again into my bank account. 

grandadgolfer

God knows how many people on MSE signed up purely for the £30...I know I did 

HillStreetBlues

grandadgolfer said:

God knows how many people on MSE signed up purely for the £30...I know I did 

I would have done but until today I've never heard of it.

sausage_time

elsien said:

Me too. Now I need to work out how to get my money back out again into my bank account. 

I managed to extract my £2.40 - it was easy enough.  As a bonus, 40p more than I'd remembered. 

jbrassy

I never used Zing, but it seemed odd that HSBC started this in the first place. If they want to compete with Monzo, Starling, Revolut, or Wise, I would have thought giving First Direct a bit of a revamp would be the best move. It's an established brand with no branches, just tack the Zing business onto that surely?

wmb194

jbrassy said:

I never used Zing, but it seemed odd that HSBC started this in the first place. If they want to compete with Monzo, Starling, Revolut, or Wise, I would have thought giving First Direct a bit of a revamp would be the best move. It's an established brand with no branches, just tack the Zing business onto that surely?

Yes. There's a hint from HSBC that it might be thinking along these lines. From the OP's linked Reuters article: '"...we have made the decision to close Zing and integrate its underlying technology platform into HSBC..."'

boingy

"Strategic business priorities" means "We gave it a good go but we're not prepared to continue losing shedloads of money"