Letter from Intelligent Finance

uk_moneyspinner

Customers of Intelligent Finance received a most interesting letter this week. In a nutshell, they are basically saying that you can get better products elsewhere!!

Surely a sign that they are speeding up the process of closing the bank down altogether; it can only be a matter of time now.

I am hoping that it stays for as long as possible though as my mortgage rate with them is 1.24% and I'll be hard pressed to match that!!

typistretired

I got that letter too but binned it as already drew all money out of account. It was good for people who liked little pots for their savings!!!

System

IF is simply a brand of Halifax;
Which itself is a brand of Bank of Scotland plc.

The brand can pretty much be shut down when LBG choose.

uk_moneyspinner

Further to my initial post, I received another letter this morning, telling me that interest rates on their savings accounts are going to be reduced and then actively encouraging me to move to the TSB!!

It appears that momentum is gathering to wind down Intelligent Finance.

I would be happy to move to another bank, except I am getting such a great deal with IF (mortgage rate of 1.24% and my savings offsetting the mortgage). Last month I was charged £15 interest on my mortgage (and that was high compared with previous months!) Where else am I going to get a rate like this??

Sorry Intelligent Finance, you are going to have to try a bit harder to get rid of me!!

SurfKing

uk_moneyspinner wrote: »

Further to my initial post, I received another letter this morning, telling me that interest rates on their savings accounts are going to be reduced and then actively encouraging me to move to the TSB!!

That's very interesting that a Lloyds brand is encouraging people to move to TSB. What did it say exactly?

uk_moneyspinner

SurfKing wrote: »

That's very interesting that a Lloyds brand is encouraging people to move to TSB. What did it say exactly?

Letter said "we recommend that you review your current arrangements with Intelligent Finance as there may be accounts available from other financial providers that are more suitable, for example from TSB, a new high street bank created as a result of the EC ruling". It goes on to give TSB's website address, their phone number etc.

Herbalus

uk_moneyspinner wrote: »

Letter said "we recommend that you review your current arrangements with Intelligent Finance as there may be accounts available from other financial providers that are more suitable, for example from TSB, a new high street bank created as a result of the EC ruling". It goes on to give TSB's website address, their phone number etc.

Maybe TSB is sending you the letters in disguise.

prixon

@uk_moneyspinner

What are the rates going to be this time?

Thanks
P

101problems

I actually thing you may be jumping the gun a lot of banks have started doing this recently, I recently received a letter from my bank letting me know what interest rates they had available and interestingly what the current market lead rate was, funny feeling it's a new thing they have been asked/forced/compelled to do

prixon

I've had the letter now so just to answer my own question (as no-one else did!) the new rates are 0.7% AER for ISaver and 0.71% AER for Cash ISA, from October 13th.


Nothing about recommending a switch to TSB though so don't know why the OP seems to have got a different letter!


P

Rufty1

Hi guys.
I got the same 'we encourage you to leave' letter, and like others really don't want to as I am offsetting my mortgage nicely. I seem to remember a similar letter a year or so ago about the mortgage, but had the feeling they had to honour their committment to let me have the mortgage until the end of its term - about 25 years. Anyone else have views, as I really don't want to have to move!! Infact I am trying to transfer an ISA into them - perhaps not surprising they wont send me the paperwork to be able to do so (even though they say they will).