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Monzo has announced it is removing The Summary feature on the app and will replace it with a new service.

On December 21, the popular feature, which allows customers to quickly view their current financial position, will be removed.

It consolidates user's income, scheduled payments, bills, ongoing expenditure, and funds held in pots or savings accounts, then displaying an overview of their available spending money.

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In a notification sent to customers, Monzo wrote: "On December 21, we're retiring Summary. You'll find simpler, smarter spending insights in Trends."

They added: "For now, unfortunately, you won't be able to set weekly or 4-weekly spend periods, or exclude transactions th

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