Cahoot & Intelligent Finance closing current accounts?

ed123_2

I,ve just had a letter from Intelligent Finance advising me to look at comparison tables re new current/savings accounts. My question is what would happen if a bank closed a current account? Would they offer to switch all existing dd's/so's/receipt of interest etc etc to another account?Thanks ed.

colsten

The banks already offer a 7-day switch http://www.simplerworld.co.uk/Pages/home.aspx

There are many better current accounts than Cahoot and IF. E.g. TSB Plus, Tesco, Nationwide, Lloyds, Santander 123, even Halifax.. There's really no reason to hold out with end-of-life accounts until they push you - move now. Some even pay you for moving (Halifax, M&S, Coop, FD).

jimjames

Cahoot pays 1%. There are much better current accounts and far worse savings accounts. Figure that one out!

Totton

I was with Zurich when they ran a current account. When they closed the current account business they sent a case of wine and I think a £100 credit to the account, something like that anyway. Nice touch I thought!

Archi_Bald

Totton wrote: »

I was with Zurich when they ran a current account. When they closed the current account business they sent a case of wine and I think a £100 credit to the account, something like that anyway. Nice touch I thought!

Now you are showing your age as this must have been a very long time ago :cool:

I am also quite old now, and I do remember their "pigs do fly" motto....several of their senior managers had their offices stuffed with any and all toy and collectors' pigs they could lay their hands on. Not sure any of them (pigs or managers) ever did fly.

ffacoffipawb

Archi_Bald wrote: »

Now you are showing your age as this must have been a very long time ago :cool:

I am also quite old now, and I do remember their "pigs do fly" motto....several of their senior managers had their offices stuffed with any and all toy and collectors' pigs they could lay their hands on. Not sure any of them (pigs or managers) ever did fly.

Not that long ago, certainly less than 10 years. The payment was the greater of £100 and 10% of your balance on an earlier (obviously) cut off date. I only had a tenner in my account at that date so got the minimum £100.

The account was guaranteed to pay BOE base rate less 0.5% for life and they deemed it too expensive to continue. It would be free funding for them post 2009!!!

EDIT: The wine was a free gift on opening the account, not on forced closure. Very nice it was too.