We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

What happens when the Bank withdraws you C/A ?

TzarJay
TzarJay Posts: 88 Forumite
in Budgeting & bank accounts
What happens to your account when the Bank withdraws the type of current account you have ? I have a Barclays Premier Life account, which has been withdrawn for new customers, will this mean they will downgrade my current account in the future of will they let me keep it ?

Thanks.

Comments

  • opinions4u
    opinions4u Posts: 19,411 Forumite
    Either outcome is possible.

    They could automatically change it to one of the new range.

    They could leave it unchanged.

    They could leave it unchanged but gradually erode its value over time.

    They could give notice of closure and force you to reapply for another account or go elsewhere.

    My money is on gradually eroding value over time.
  • pmduk
    pmduk Posts: 10,711 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    the odds are they will do whichever is more profitable for them.
  • guesswho2000
    guesswho2000 Posts: 1,703 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Uniform Washer
    If they won't make any extra money by changing you over, they'll probably leave it.

    I have two NatWest Current Plus accounts which were never changed to "Select" accounts when they changed their range, however from what I've read on here, people with Step accounts were moved over to stop their cards being used in non NatWest ATMs, creating a saving for the RBS group.
  • pinkdalek
    pinkdalek Posts: 1,355 Forumite
    Part of the Furniture 1,000 Posts
    TzarJay wrote: »
    What happens to your account when the Bank withdraws the type of current account you have ? I have a Barclays Premier Life account, which has been withdrawn for new customers, will this mean they will downgrade my current account in the future of will they let me keep it ?

    Thanks.

    If they are to downgrade or alter your account they have to give you sufficient notice, generally 60 days. Normally you keep the account however you may find that their alternatives are better which you may be able to switch to.

    If they do change your account and no other one is suitable then you may need to look elsewhere and see if another bank can offer you something similar. Some banks will even offer your a cash switching incentive also, maybe this prompt is a good time for you to just have a review of your bank account. You never know there could be something else out there better or similar.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.5K Banking & Borrowing
  • 254.4K Reduce Debt & Boost Income
  • 455.4K Spending & Discounts
  • 247.4K Work, Benefits & Business
  • 604.2K Mortgages, Homes & Bills
  • 178.5K Life & Family
  • 261.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture