A bank is closing all of its current accounts this in, with thousands of customers set to be affected. People who use Intelligent Finance will need to take action before their accounts are shut.
The bank, which is owned by Lloyds Banking Group, said all those affected would be given two months’ notice. It has already started notifying people, with the first accounts closing on August 1.
The move doesn’t affect anyone with a mortgage or savings account with Intelligent Finance. If you have a non-ISA savings account and your current account is closing, any money you have will be automatically moved over, reports the Mirror.
If you only have a current account or an ISA account, you’ll be sent your funds in the form of a cheque in the post. Alternatively, customers can contact Intelligent Finance and ask it to transfer their balance to another bank account.
An Intelligent Finance spokesperson: “Our Intelligent Finance current account hasn’t been available since 2009 and we’ve let existing customers know we won’t be offering it anymore. There’s been lots of innovation in the current account market over the past decade, with more choice than ever for day-to-day bank accounts, and we’re contacting customers to let them know their options and next steps.”
When your account is closed, you’ll need to update any regular payments you have with your new bank details. If you’re looking to move to a new current account, you can use the free Current Account Switch Service (CASS).
This will make sure all your direct debits, standing orders and incoming payments are moved over. Now could also be a good time to take advantage of bank switch offers, with up to £200 available to new customers.
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NatWest is paying new customers £200 when they switch their bank account – and you could also earn £36 a year in cashback. HSBC customers can also get £200 for switching.
The next highest offers are from First Direct, where you could earn £175, and Lloyds, which is offering £150. Keep in mind you’ll need to meet certain eligibility criteria to get the switching cash – you’ll normally need to have not held a current account with your chosen bank for a certain period of time. You may also be required to pay in a certain amount each month, or transfer over a number of direct debits.
