The rule, plainly
Xapo Bank membership is annual: you pay for a year of access in one payment. If you decide to stop along the way, the year already paid is not sliced by the month: nothing is returned for the time you had left.
In other words, walking away after two months does not get you ten months back. That is a meaningful difference from a monthly subscription, which you can cut having paid only the current month.
What actually happens when you close
You are not cut off overnight. When you close your account mid-year, you keep access until the end of the paid period. It is simply the next renewal that does not take place.
So the practical consequence is small in one case and expensive in the other. Stop near the end of a cycle and you lose almost nothing. Stop just after renewing and you have paid for a year you will not fully use.
Since no clause will return your money if you get it wrong, the only protection is to check before paying that the product suits you. An annual subscription with no pro rata is judged at the entrance, not at the exit.
So how should you think about the subscription
Membership costs about 1,000 dollars per year, down to roughly 500 dollars for the first year with a referral. That is the whole annual figure to weigh against what the account returns, since you will not recover a fraction if you leave early.
The math then becomes simple and honest: at 500 dollars for the first year, a little interest-bearing dollar savings and a few trips with no FX fees are enough for the subscription to pay for itself. If on the other hand you are unsure you will use the account, decide before paying the year, not after.
The check to run before paying
Three points alone decide whether the year is worth its price. Running through them before you sign up spares you looking for a refund that does not exist.
- Eligibility: Xapo accepts neither US nor UK residents. Check this first, it is disqualifying. Details in our guide on US and UK residents.
- Currency: there is no euro account, you hold dollars. If your life is entirely in euros, the product forces a conversion on every move. See Xapo and euros.
- Yield: the headline 2% to 4% requires 2 bitcoin. Below that threshold your math should rest on USD savings at 3.35%, not on the fund. See the 2% to 4% yield.
If those three suit you, the absence of a pro rata becomes a non-issue: you will have no reason to close mid-year.
In short
- No pro-rated refund if you close mid-year.
- Access kept until the end of the period already paid.
- Annual subscription (about 1,000 USD per year, roughly 500 USD for the first year with a referral), to be judged at the entrance.
- The real protection is the upfront check: eligibility, currency, yield.