Intelligent Finance is to close all its current accounts this year in a move expected to impact thousands of people.
Parent company Lloyds Banking Group has confirmed all affected customers will be given two months’ notice before their current account is shut down.
Customers are already being notified about the huge change and the first lot of current accounts will be closed on August 1.
If you have a savings account or mortgage with Intelligence Finance, you won’t be affected by these changes.
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’ll be sent your funds in the form of a cheque in the post.
Alternatively, they can contact Intelligent Finance and ask it to transfer your balance to another bank account you already have set up.
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.
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.
