Should I keep this International account for £25,000 because of Brexit?

Marchitiello

eDicky said:

Many UK banks are already closing accounts of British residents of certain European countries.

That is simply because account qualifying criteria are linked to residency not citizenship 

Section62

Marchitiello said:

eDicky said:

Many UK banks are already closing accounts of British residents of certain European countries.

That is simply because account qualifying criteria are linked to residency not citizenship 

Indeed.  The OP's claim "...as an EU citizen you could bank in the UK freely until Brexit..." is inaccurate because many (UK) banks and building societies use criteria to decide who they want to do business with based on residency rather than citizenship.

I also know many EU citizens who are still banking in the UK "freely" post-Brexit.

Daliah

Section62 said:

Marchitiello said:

eDicky said:

Many UK banks are already closing accounts of British residents of certain European countries.

That is simply because account qualifying criteria are linked to residency not citizenship 

Indeed.  The OP's claim "...as an EU citizen you could bank in the UK freely until Brexit..." is inaccurate because many (UK) banks and building societies use criteria to decide who they want to do business with based on residency rather than citizenship.

I also know many EU citizens who are still banking in the UK "freely" post-Brexit.

Also many EU residents, with all sorts of nationalities, are still banking in the UK.

Although it is true that Brexit has taken EU passporting rights off UK banks and Building Societies. They can now only continue to offer banking services in the EU if they have a licence in an EU country (which then provides them with the passporting rights they had pre-Brexit).

born_again

There are a few banks that will not let a non UK resident open new accounts, even if they already bank with them. So expect some to start to close non UK residents bank accounts.
Who knows where the future will head. 

Marchitiello

Section62 said:

Marchitiello said:

eDicky said:

Many UK banks are already closing accounts of British residents of certain European countries.

That is simply because account qualifying criteria are linked to residency not citizenship 

Indeed.  The OP's claim "...as an EU citizen you could bank in the UK freely until Brexit..." is inaccurate because many (UK) banks and building societies use criteria to decide who they want to do business with based on residency rather than citizenship.

I also know many EU citizens who are still banking in the UK "freely" post-Brexit.

Albeit the part about “being EU citizen allowing to open an account in any member state, including the UK” (without being resident of said state) is gone with Brexit… as a British citizen you were also allowed to open “non -resident” and or “basic” accounts in France, Spain, Italy etc before Brexit as it was one of the rights of being a EU citizen. 

Again current rules are for regular accounts only being offered to UK residents, unless one open specifically an International account with a UK bank.

jumperabv3

The relationship manager got back to me via email today, he said:

I’m trying to track down the origin of the letter. As we agreed I do have an exception on your account to give you until April. This should supersede the letter. As and when I have confirmation or otherwise of this I will come back to you.

This being said we are in the process of changing our account funding requirements. You will be notified of this over the next month. As of May 2022 the funding requirement will be increasing from £25,000 to £100,000.

So £100,000 is totally out of the question for me. I'd definitely look for other banks.

eDicky

Marchitiello said:

eDicky said:

Many UK banks are already closing accounts of British residents of certain European countries.

That is simply because account qualifying criteria are linked to residency not citizenship 

Certainly. I mentioned such account closures merely to illustrate UK banks' changing criteria and that the OP's uncertainty is not misplaced.