lloyds closing accounts

guesswho2000

London7766551 said:

If you are no longer living in the UK, it seems pointless to hold an account here. I am pretty sure you require a UK address to hold a current account by law.

Wrong on both counts. There's many reasons why it's a good idea to retain a UK based account, and there's no legal reason why you can't.

It's entirely up to the bank as to whether they'll allow you to keep it, however. First Direct, NatWest and Nationwide are happy for me to keep mine, and they all have my overseas address on the account (if they got twitchy about it I'd change them back to a UK address, but appreciate that might not be an option for OP). I have credit cards with Lloyds but the addresses are still UK, so no experience of how they specifically treat it. I'm outside the EU though, FWIW.

brianposter

Lots of reasons why someone may want a uk account. Many people have financial dealings in the uk although they do not currently live here. Suppose you are entitled to a uk pension and wish to invest or spend the money here. It is far easier to have a uk account. There are many people in such a situation.

jonesMUFCforever

You may have to open accounts offshore to continue banking in UK  if you reside abroad.

London7766551

guesswho2000 said:

London7766551 said:

If you are no longer living in the UK, it seems pointless to hold an account here. I am pretty sure you require a UK address to hold a current account by law.

Wrong on both counts. There's many reasons why it's a good idea to retain a UK based account, and there's no legal reason why you can't.

It's entirely up to the bank as to whether they'll allow you to keep it, however. First Direct, NatWest and Nationwide are happy for me to keep mine, and they all have my overseas address on the account (if they got twitchy about it I'd change them back to a UK address, but appreciate that might not be an option for OP). I have credit cards with Lloyds but the addresses are still UK, so no experience of how they specifically treat it. I'm outside the EU though, FWIW.

You replied to my old post, I posted after with a link detailing the rules.

And i'm not sure what you mean by "both counts", I only stated you needed a UK address, and later corrected this before your post. Therefore you a wrong on both counts, firstly that my post was wrong, the post was void as I had reposted the correct details on the link, secondly that I had made two wrongs, this was not the case. It is best to read the entire thread before stating people are wrong.

If people want to hold accounts abroad, that is up to them (and the bank), just seems pointless to me.

guesswho2000

London7766551 said:

guesswho2000 said:

London7766551 said:

If you are no longer living in the UK, it seems pointless to hold an account here. I am pretty sure you require a UK address to hold a current account by law.

Wrong on both counts. There's many reasons why it's a good idea to retain a UK based account, and there's no legal reason why you can't.

It's entirely up to the bank as to whether they'll allow you to keep it, however. First Direct, NatWest and Nationwide are happy for me to keep mine, and they all have my overseas address on the account (if they got twitchy about it I'd change them back to a UK address, but appreciate that might not be an option for OP). I have credit cards with Lloyds but the addresses are still UK, so no experience of how they specifically treat it. I'm outside the EU though, FWIW.

You replied to my old post, I posted after with a link detailing the rules.

And i'm not sure what you mean by "both counts", I only stated you needed a UK address, and later corrected this before your post. Therefore you a wrong on both counts, firstly that my post was wrong, the post was void as I had reposted the correct details on the link, secondly that I had made two wrongs, this was not the case. It is best to read the entire thread before stating people are wrong.

If people want to hold accounts abroad, that is up to them (and the bank), just seems pointless to me.

Apologies, I hadn't seen that. Perhaps wrong is the wrong choice of word, but I meant it being wrong 1) to assume that it's pointless to hold the account, and 2) that there's a law stipulating a UK address is required.

Anyway yes fair point, should have read the whole thing first!

goldieandblackie

Someone could live and work aboard and  have a couple of houses or flats that they rent out in the UK and hence need a UK bank account.

Smashingitnow

You could tell them you have moved. To an address of a trusted friend / relative who would receive post and inform you. Banks don't ask for proof of address when you move. 

upsidedownpancake

dunstonh said:

upsidedownpancake said:

dunstonh said:

brianposter said:

It is, of course, a rather peculiar reaction to the idea that the UK is going to become more internationally connected.

If there is no deal on financial services, which is now looking likely, then UK financial firms cannot offer services within the EEA.

Banks have a choice to either set up a unit within the EEA to cater for residents within the EEA or cease to offer services.     

Of course, they can, they might not be able to advertise directly to them in the country but the EU certainly can't stop someone in France opening an account in the UK if the UK banks allow it.

I suggest you read up on passporting permissions.  You dont appear to understand the requirements to offer financial services to residents within the EU.

I don't need to.  Passporting is an EU system, something we'd have no obligation to follow in the case of a no-deal Brexit.  That was my point.

DCFC79

savoysister said:

We use it for when we come back so we don't have to change funds and have a savings account with them. I assume from another reply that lots of other expats might be in the same boat. Nothing on Lloyd's website I could see about it happening to accounts after Brexit. 

When you say change funds, do you mean from euros to pounds ?
There are accounts available where you dont need to change funds.

DCFC79

London7766551 said:

Get a Revolute account. You can load up different currencies . Just don't leave a lot in there as it is not protected.

A monzo or Im sure N26 would work since they dont offer accounts to those in the uk.