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Customers have received emails this week from the bank, informing them of how they may be affected. The changes to the general terms and conditions will come into force from Sunday, May 23.

"If you agree to pay for products like Monzo Plus or Monzo Premium, you must have enough money in your account to make the monthly payments," the updated terms and conditions will

state. "If you don’t, those fees may still go through and take you into an arranged or unarranged overdraft as explained in the product’s separate terms and conditions." Another

change refers to situations in the event things go wrong. From Sunday, May 23, the terms and conditions will include a time period to be aware of. Part of the section currently states:

"If you lose your card or see transactions in the app that look wrong, freeze your card and tell us as soon as possible." This will continue to apply in the updated terms and

conditions. However it will also say: "If you don't let us know within 13 months from the date the money leaves your account you might not be able to get the money back."

Monzo offers three different current accounts, with the original Monzo account being a free option. Elsewhere, following a year of lockdown, savers have added an estimated £110billion to

their personal bank accounts during the last year of lockdown, new research by Salisbury House Wealth has shown. Tim Holmes, Managing Director at Salisbury House Wealth, commented: “A whole

year of lockdown has allowed individuals to build up a healthy amount in deposit and savings accounts. "However, with bank accounts offering negative real returns, savers should review

whether they can move some of that cash out of bank accounts into better performing long term investments.” “People often cut back on discretionary spending during times of economic

uncertainty. "This time around, the closure of a large part of the leisure and retail sector has meant people have made considerable savings from not being able to eat out or go to pubs

and bars. “Once savers have built up a comfortable emergency fund, they could find they are better off over the long-term by moving surplus cash into their pension or stocks and shares ISA.

"The alternative is to see that cash gradually get eroded by inflation.”