Thousands of people are expected to be impacted when Intelligent Finance closes all of its current accounts this year. Lloyds Banking Group, the parent company of Intelligent Finance, has confirmed that those customers affected will be given two months' notice before their account is closed.
The first group of current account holders should have already been notified, with their current accounts being closed on August 1. However, some account types will not be affected by the change - including those people with savings accounts or a mortgage with Intelligent Finance.
The Mirror reports that those people with a non-ISA savings account whose current account is closing, will see their money automatically transferred over. While those with just a current account, or an ISA account, will be sent funds in the form of a cheque in the post - though you can contact Intelligent Finance directly and ask for the money to be transferred to another pre-existing bank account.
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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.”
Once your account has been closed, you will need to update any regular payments you have with your new bank details. What's more, if you're looking to switch to a new current account, you will be able to use the free Current Account Switch Service (CASS), which will ensure all direct debits, standing orders and incoming payments are moved across.
It could also be a good time to take advantage of bank switch offers currently in place - there's up to £200 available to 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, while HSBC customers can also get £200 for switching and First Direct and Lloyds are offering £175 and £150 respectively.
In order to receive the offers, though, you will need to meet certain eligibility criteria, which can include things like not holding a current account with your chosen bank for a certain period of time. Or you may be required to pay in a certain amount each month, or transfer over a number of direct debits.
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