Bank closing my account with no explanation

Steve_xx

MABLE wrote: »

Hopefully a lot more than you.

Would you care to make a start then?

jennifernil

joe134 wrote: »

Did that a few weeks ago. After the last debacle on here, I closed my 3 Bos a/cs, probably too cautious,I wasn't going to give them that pleasure. They did so, no reply, no letter, just did it within days.?? Were they going too anyway,who knows.? I took out 2x 65+ bonds @ 3% with the money, so, nothing lost..However, I also asked LLoyds to close my Club A/c,they asked why?, please rethink, which I did, and refunded it and set up DD's again.Now, Halifax want me too switch to their reward A/c , £200 free, think I will, switch an unused one,LBG are playing silly beggars still, always keep a spare.a/c, can you afford to risk them closing them? I could, but, wouldn't give them the pleasure.
Hard to type this with timing out still occurring;

Surely you are getting 4% on your 65+ bonds? Or at least 4% on one and 2.8% on the other?

jennifernil

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 exactly the same when I opened mine, 3 fully funded, though that was a few years back, when they were first introduced. OH has one, now sadly empty.

I also had 3 LLoyds TSB Vantages, which became TSB Enhances when they spit off TSB. This enabled me to open 3 new Lloyds Vantages.

The Enhances now pay only 1.5% so I have moved my money to Classic Plus, 2 sole and 2 joint, and 2 for OH.

We also now have 3 Club Lloyds between us, 2 were originally my Vantages, + 2 monthly savers.

All opened giving the purpose as "Savings".

Our main joint account has been with Halifax since 2003,originally a High Interest Current Account, now a joint Reward, plus we have a total of 3 sole Halifax Rewards and 1 sole BOS Reward, so are presumably prime candidates for "the chop"!

With Halifax/BOS and TSB we also hold children's accounts and 3 credit cards.

We recently moved £10k to 2 of the 4% 65+ bonds as a small precaution, but did not want to tie up too much at the moment. That came from my 3% Santander 123 which is used when the other accounts are full.

As a non-taxpayer, there is no longer any point in me having ISAs, the rates are too miserable, but with the increased allowances we could easily get all the cash back into ISAs within a maximum of just over 12 months.

We also have current accounts with FD, M&S and Nationwide, and monthly savers with FD and M&S, so plenty of options if we do get the chop.

SevenOfNine

I'm pretty much similar to jennifernil & share vortigern's view of "don't panic just keep raking in the interest".

Why would anyone shut a/c's just in case the bank decide they're not being used in the correct spirit?

I've got 12, all containing the max relevant to each a/c. On opening I was too lazy to pick vary the reasons for opening them & I'm even too lazy to 'round robin' the appropriate monthly pay-in amounts.

Wherever possible I've just paired up a Lloyds with a Lloyds, Tesco with Tesco & so on, initially I was cutting up the D/C's, though I've kept some I can't be asked to use them for daft transactions once a month in order to look like I use any of these a/c's for any reason other than to "rake in interest".

This thread has got a bit weird, so someone had their a/c's closed, and...........................!

Steve_xx

SevenOfNine wrote: »

I'm pretty much similar to jennifernil & share vortigern's view of "don't panic just keep raking in the interest".

Why would anyone shut a/c's just in case the bank decide they're not being used in the correct spirit?

I've got 12, all containing the max relevant to each a/c. On opening I was too lazy to pick vary the reasons for opening them & I'm even too lazy to 'round robin' the appropriate monthly pay-in amounts.

Wherever possible I've just paired up a Lloyds with a Lloyds, Tesco with Tesco & so on, initially I was cutting up the D/C's, though I've kept some I can't be asked to use them for daft transactions once a month in order to look like I use any of these a/c's for any reason other than to "rake in interest".

This thread has got a bit weird, so someone had their a/c's closed, and...........................!

I'm inclined to agree with you. However, post #138 here might be https://forums.moneysavingexpert.com/discussion/comment/68530852#Comment_68530852 a glance:

Ed-1

Steve_xx wrote: »

I'm inclined to agree with you. However, post #138 here might be https://forums.moneysavingexpert.com/discussion/comment/68530852#Comment_68530852 a glance:

The gist of that is sources have it that a change of LBG terms and conditions is on its way... :eek:

Steve_xx

Ed-1 wrote: »

The gist of that is sources have it that a change of LBG terms and conditions is on its way... :eek:

Well I guess things do change given time. Let's hope that if there is any change that it's reasonably manageable!

joe134

]Hi eskbanker, I didn't know that, thanks.However, as I stated, and cannot understand why it seems to be confusing Steve, et.al, is that, I had, £85k with Halifax, all in fixed rate Isas, mid term.Also, had 3 BOS x £5k ,a long time,, which meant I had £100k just with Hbos. I then had £5k with Lloyds, which, as I said, I thought was under the same licence.Even so, I needed to lower Hbos to £85k, and as I wanted another 2x 65+ bonds @ 4% to add to my 2x 2.8%, it seemed logical to me, to close the BOS, as these seem targeted, and add £5k to take the two 65+ bonds out, before they closed.I now have £85k in Isas with Halifax, and £5k with Lloyds Club.. I didn't need to close the A/cs, I could have left them open, but, wanted to reduce the number of A/cs, I have umpteen, 3x 123 A/cs 2x Tsb classics, et.al. Why people think I was scared, BOS would close all my Isas etc, I don't know, I thought it prudent to close them to re-use the money, if Hbos had done the same as OP,to me, then that would not have been a problem as I have umpteen other a/cs, BUT, why would I take that chance, when I needed to reduce my exposure to Hbos? My choice not theirs.If that's not plain or logic,I don't know what is.Perhaps, because I had so much with them they didn't target me, who knows? it just prompted me.Why have they chosen me for £200 to switch to Halifax ? I don't know.I cannot be the only one surely? but, I'm tempted to switch an old A/c
I must admit, I did not expect, lloyds to ask me to keep my Club open, if they are indeed targeting people, as I know they are, I just refunded it, and found the £5k, from elsewhere.it's still open. BOS just shut them, as I requested, they just shut them down, if they had said, re-think, I would have still closed them, too much in Hbos.I hope this clears my choice up.I replied to a poster who was thinking of doing the same, different circumstances.
This took some typing, had to copy/paste, this timing out needs sorting MSE.

joe134

jennifernil wrote: »

Surely you are getting 4% on your 65+ bonds? Or at least 4% on one and 2.8% on the other?

Hi, Yes and 2.8% as well x 2, for OH.,logical:beer:

Carnival789

SevenOfNine wrote: »

Why would anyone shut a/c's just in case the bank decide they're not being used in the correct spirit?

Because there is a perception that LBG may go on to close down ALL of that person's accounts within the LBG and, even worse, bar them as a customer indefinitely (see other recent threads on this forum on the very same subject).

For some, that is not a risk worth taking just to gain a few extra quid in interest each month. Fair enough in my eyes. It's one of those situations where the individual just has to do what they feel is right for them. Each to their own and all that.