Bank closing my account with no explanation

joe134

Steve_xx wrote: »

I can't see the point or advantage in closing accounts that are benefitting you in some way. Can you explain what is the point?

You obviously haven't read my post. I was NOT going to give LBG the chance to close them, as they have others.I was benefitting, but, that's why they are closing some, because I was not using all 3 within the spirit of the account.

Vortigern

joe134 wrote: »

Did that a few weeks ago. After the last debacle on here, I closed my 3 Bos a/cs...

A few weeks ago, while some people were panicking on here, I opened 3 BoS Vantage accounts. Rather than making up a different, fictitious 'purpose' for each account, I put 'Savings' for all three. I've set up a round robin of standing orders to 'fund' the account and cream off the interest.

I've had a Halifax Reward account for a few years. Five transactions per month; one in, one out, one reward, two DDs. Similar for Club Lloyds.

How long will it last? Probably not forever.

Moral: Don't panic, just keep on raking in the interest.

Steve_xx

joe134 wrote: »

You obviously haven't read my post. I was NOT going to give LBG the chance to close them, as they have others.I was benefitting, but, that's why they are closing some, because I was not using all 3 within the spirit of the account.

What I'm trying to get to is what benefit has it been to you to close them?

joe134

Vortigern wrote: »

A few weeks ago, while some people were panicking on here, I opened 3 BoS Vantage accounts. Rather than making up a different, fictitious 'purpose' for each account, I put 'Savings' for all three. I've set up a round robin of standing orders to 'fund' the account and cream off the interest.

I've had a Halifax Reward account for a few years. Five transactions per month; one in, one out, one reward, two DDs. Similar for Club Lloyds.

How long will it last? Probably not forever.

Moral: Don't panic, just keep on raking in the interest.

I did that years ago, they are the ones I just closed.You are just doing now, what I did ages ago. I still have others doing the same thing. Moral, do what suits you.

joe134

Steve_xx wrote: »

What I'm trying to get to is what benefit has it been to you to close them?

1; Peace of mind they would not close them first, as the .OP.
2; I lost nothing, I put the money elsewhere at the same rate.
3. I was at the top of the £85k rule , too much in anyway.I did not panic, I thought long and hard about it.
Having to type this one line at a time, bloody timing out.
Sorry

Steve_xx

joe134 wrote: »

1; Peace of mind they would not close them first, as the .OP.
2; I lost nothing, I put the money elsewhere at the same rate.
3. I was at the top of the £85k rule , too much in anyway.I did not panic, I thought long and hard about it.
Having to type this one line at a time, bloody timing out.
Sorry

1. I don't get it. What angst would them closing your account cause you.
2.I appreciate that you found a home for your cash that's paying 3%. But Lloyds was paying 4%. And if you had a Halifax Reward account, that would have paid you £5 per month.
3. Regarding your mention of the 85k rule. You wouldn't have kept 85k across a couple of BoS account plus a Lloyds Club would you?

joe134

Steve_xx wrote: »

1. I don't get it. What angst would them closing your account cause you.
2.I appreciate that you found a home for your cash that's paying 3%. But Lloyds was paying 4%. And if you had a Halifax Reward account, that would have paid you £5 per month.
3. Regarding your mention of the 85k rule. You wouldn't have kept 85k across a couple of BoS account plus a Lloyds Club would you?

I still have the Lloyds@ 4%, they asked me not to close it, as I stated.BOS was 3% LBG covers HBOS too, unless I'm mistaken?.I have £85k in Isas with Halifax. I had £15k in 3 BOS accounts and £5k in the LloydsClub.So I chose to closeBOS, because 65+ bonds were due to expire.I am going to take up Halifaxs £200 = £5 per month offer, switch an unused account.
I'm not advocating everyone does it, it was my choice.

Steve_xx

joe134 wrote: »

I still have the Lloyds@ 4%, they asked me not to close it, as I stated.BOS was 3% LBG covers HBOS too, unless I'm mistaken?.

I see, and did you have a Halifax Reward account?


What about the 85k you mentioned, where was that?

joe134

Steve_xx wrote: »

I see, and did you have a Halifax Reward account?


What about the 85k you mentioned, where was that?

NO, I have just this week been asked to switch to it for £200 + £5 per month. £100 more than anyone else? Never switched for money before, but, will do so now.The £85k in Isas are with Halifax, which is under the LBG ? so I had £100k under 1 group?Too much. I wasn't panicked into closing my 3 BOS a/c's I just thought it prudent, asLBG are closing some Halifax reward and BOS a/c's, without cause, other than the T/C's were not abided by.
I also have TSB Classic+ A/cs, et.al, too many A/cs really, needed a clean out, and I'm opening another:-) Halifax reward

Steve_xx

joe134 wrote: »

NO, I have just this week been asked to switch to it for £200 + £5 per month. £100 more than anyone else? Never switched for money before, but, will do so now.The £85k in Isas are with Halifax, which is under the LBG ? so I had £100k under 1 group?Too much. I wasn't panicked into closing my 3 BOS a/c's I just thought it prudent, asLBG are closing some Halifax reward and BOS a/c's, without cause, other than the T/C's were not abided by.
I also have TSB Classic+ A/cs, et.al, too many A/cs really, needed a clean out, and I'm opening another:-) Halifax reward

It seems bizarre that you have closed the three BoS accounts because you were afraid that they might be shut down for you, and yet you now want to open a Halifax Reward account with the same group. So I take you’re not unduly worried that they may close that for you?
If, as you mention, the terms and conditions of these accounts are not “abided by”, then would you not agree that there is cause for them to be closed?