Bank closed my account in IOM

coogeeboy

I have a basic account in the UK & for many years I had an account in the IOM, the bank in the IOM has now closed my account with giving any reason other than something about terms etc.

Can I now simply transfer the balance to my uk mainland account without any problems? it is a large amount in excess of £50 K, and before you all ask! am I money laundering! no, I worked overseas for many years and never squandered my money, I just kept separate accounts for wages in and general living expenses for my mainland account,

Both accounts were/are in my name

xylophone

Can I now simply transfer the balance to my uk mainland account without any problems? it is a large amount in excess of £50 K,

Go into your branch and ask to see the customer service adviser - explain that you are no longer eligible for the IoM account and that you wish to transfer the cash to your mainland account?

agrinnall

I suspect they may want you to open something other than a basic account if you'll be funding it with in excess of £50K.

coogeeboy

My IOM account was with Barclays & my mainland account is with TSB, but I assume that shouldnt matter?

Perhaps I would qualify for a better account? interest rates are low, , I'm not a big spender, but have recently qualified for my state pension and plan on travelling sometime in the winter for a few months,

Given the fact that my balance will be a considerable figure, that should not affect my state pension given that I have contributed throughout my working life or would it?

mgdavid

coogeeboy wrote: »

.......

Given the fact that my balance will be a considerable figure, that should not affect my state pension given that I have contributed throughout my working life or would it?

SP is not means-tested, although it probably will be if Corbyn ever gets near #10

antrobus

coogeeboy wrote: »

My IOM account was with Barclays & my mainland account is with TSB, but I assume that shouldnt matter?

.....

Offshore banking has changed. In the 1990s there was a mad rush of banks and building societies setting up offshore operations in the IoM or CIs.

These days the likes of Barclays IoM are only interested in personal customers who are IoM residents. If you are a UK resident, that would be the reason why they have closed your account.

xylophone

Given the fact that my balance will be a considerable figure, that should not affect my state pension given that I have contributed throughout my working life or would it?

The state pension is not means tested.

https://www.thisismoney.co.uk/money/saving/article-6159671/Barclays-launch-new-fixed-rate-savings-account-aimed-retirees.html

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

coogeeboy

Many thanks for all the advice, I'll see what TSB can offer me! perhaps an ISA and maybe some premium bonds in case I hit the big time!

So best to just tell TSB there's a big deposit on its way & what can you do for me!

londoninvestor

coogeeboy wrote: »

Many thanks for all the advice, I'll see what TSB can offer me! perhaps an ISA and maybe some premium bonds in case I hit the big time!

It's not likely that TSB will steer you towards Premium Bonds...or any other non-TSB product.

Your current account won't be the right home for most of your £50k - so it would be worth starting your own research on what to do best with it. The MSE Banking & Savings page is a good starting point.

I'm assuming you've decided want to keep it in cash products, since it was in your IOM account for some years, but if you have a horizon beyond ten years, then you might want to consider equity-based investments too.

coogeeboy

yes I want to keep it as accessible as possible well its actually the best part of 95K as its 86 from the IOM & I had 9K in TSB because I had another small pension payment in september when I turned 65! had forgotten about it

I do intend to travel for 3 months next year, and enjoy what maybe left of my life, I'm lucky that I have no debts, good health (touch wood)

I'll take your advice though and look at the relevant pages, thank you