People are being urged to move their money before their current accounts close. Intelligent Finance is to close all its current accounts later this year in a move expected to impact thousands of people.
Affected customers will be given two months’ notice before their current account is shut down, according to Intelligent Finance's parent company Lloyds Banking Group.
The first lot of current accounts are set to be closed on August 1, the Mirror reports. Anyone with a savings account or mortgage with Intelligence Finance will not be affected by the changes.
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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 - or you can ask for it to be transferred to another bank account.
Once your account has been closed, you’ll need to update any regular payments you have with your new bank details.
A spokesperson for Intelligent Finance 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’re looking to move to a new current account, you can use the free Current Account Switch Service (CASS), which makes sure all your direct debits, standing orders and incoming payments are moved over.
People looking to switch bank accounts could take advantage of offers for new customers. For example, 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.
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