Norwich & Peterborough BS

patientperson

This well used current account will go when the N&P brand comes to an end.

http://www.bbc.co.uk/news/business-38746450

JuicyJesus

Already a thread on this. Probably not surprising; YBS themselves don't offer a current account bar the quasi-current Cash Transactor and most likely the costs of providing one (especially one widely rinsed for free travel abroad) don't stack up against the benefits.

[Deleted User]

Not really going to affect anyone as no one uses it as an everyday current account, apart from using it for freebies as JuicyJesus mentions above.

JuicyJesus

Deleted_User wrote: »

Not really going to affect anyone as no one uses it as an everyday current account, apart from using it for freebies as JuicyJesus mentions above.

There's a fair few people in the Norwich and Peterborough areas who'd disagree with you! However they're completely outnumbered by MSErs blagging free spend in Europe while meeting the bare minimum to qualify for the same. This is why we can't have nice things.


This does effectively leave Nationwide and Cumberland as the only building societies providing current accounts. In fact it leaves the number of mutual current account providers very low indeed - with the Co-op effectively demutualising and N&P no longer in the market, you've either got those two or a credit union if you want to bank with a mutual.

Anthorn

JuicyJesus wrote: »

Already a thread on this. Probably not surprising; YBS themselves don't offer a current account bar the quasi-current Cash Transactor and most likely the costs of providing one (especially one widely rinsed for free travel abroad) don't stack up against the benefits.

YBS Cash Transactor was withdrawn months ago. The equivalent is Coventry Building Society MoneyManager which is the only account of its type still open that I know of:
https://www.coventrybuildingsociety.co.uk/consumer/product/savings/everyday_money/moneymanager.html

According to BBC News the Norwich and Peterborough Building Society brand is to disappear.
http://www.bbc.co.uk/news/business-38746450

EarthBoy

Info on the N & P website:

http://www.nandp.co.uk/current-account/changes-to-your-current-account/

[Deleted User]

JuicyJesus wrote: »

This does effectively leave Nationwide and Cumberland as the only building societies providing current accounts. In fact it leaves the number of mutual current account providers very low indeed - with the Co-op effectively demutualising and N&P no longer in the market, you've either got those two or a credit union if you want to bank with a mutual.

You can only open a Cumberland current account if you live in one of their operating area postcodes. Which excludes most folk on here.

patientperson

EarthBoy wrote: »

Info on the N & P website:

http://www.nandp.co.uk/current-account/changes-to-your-current-account/

Extract: This could lead us to take the difficult decision to close all Norwich & Peterborough current accounts, which we would seek to do by 31 August 2017.

If this proposal goes ahead and you hold a current account with us we will write to you to explain what you need to do next.


Note the word 'could' and the date 31-08-2017.

PeacefulWaters

patientperson wrote: »

Extract: This could lead us to take the difficult decision to close all Norwich & Peterborough current accounts, which we would seek to do by 31 August 2017.

If this proposal goes ahead and you hold a current account with us we will write to you to explain what you need to do next.


Note the word 'could' and the date 31-08-2017.

They may seek to sell the book to a competitor.

[Deleted User]

PeacefulWaters wrote: »

They may seek to sell the book to a competitor.

The book might be bought by Virgin Money. Did they not buy the savings business of Northern Rock? Plus they want a share of the current account market.

Ashen

To top this off for N&P customers (especially those using as main bank account), they will shortly discover N&P do not support the Current Account Switch Service...