A bank has warned customers that they need to be aware of a major incoming change which is expected to impact thousands of people.
Intelligent Finance is set to close all its current accounts this year, starting from August 1. Those who have a savings account or mortgage with Intelligence Finance will not be affected by these changes, while if you have a non-ISA savings account with Intelligent Finance and your current account is closing, any money you have will be automatically moved over.
If you only have a current account, or an ISA account, you will be sent your funds in the form of a cheque in the post, or you can contact Intelligent Finance and ask for your money to be transferred to another account. The bank has already begun notifying its customers of the closures, and parent company Lloyds Banking Group confirmed that all customers affected will be given two months’ notice before their current account is shut down, The Mirror reports.
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An Intelligent Finance spokesperson said: “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.”
If you are looking to move to a new current account, you can use the free Current Account Switch Service (CASS) to do so. This will ensure that all of your direct debits, standing orders and incoming payments are moved over when you switch to save you the hassle of doing it manually yourself.
Now could also be a good time to take advantage of bank switch offers, with up to £200 available to new customers from the major banks. NatWest is paying new customers £200 when they switch their bank account – and you could also earn £36 a year in cashback.
New 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.
If you are considering the switch, remember that you will need to meet certain eligibility criteria to get these cash offers – usually, this involves not having 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.
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