Help - my bank is closing all its current accounts!

SEM123

We have been customers of Intelligent Finance for 20+ years.  They have been slowly closing down as stopped doing mortgages years ago and they don't do contactless or immediate bank transfers etc.  However, opened a letter last night which informed me they are closing their current accounts and from 23rd July will not be able to use our cards etc. and accounts must be closed by end July!  This was rather a shock I can tell you.  We have joint account and both my husband and I have our individual current accounts with them.  Also we have numerous savings pots.  Intelligent Finance's offering was one where you could easily move money across "pots" under our "plan".   Is there another bank that offers the same sort of thing out there?  Ideally want contactless, immediate bank transfers, a secure app, ability to move money easily and immediately between "pots" etc.  Your help would be much appreciated, thank you.

Rob5342

Have you looked at Monzo or Starling? They both let you split money into pots/spaces and their apps are far better than the ones from the old fashioned high street banks.

ClaretHead

Also Chase - simple app based, with good interest rates and multiple savings pots.

wmb194

SEM123 said:

We have been customers of Intelligent Finance for 20+ years.  They have been slowly closing down as stopped doing mortgages years ago and they don't do contactless or immediate bank transfers etc.  However, opened a letter last night which informed me they are closing their current accounts and from 23rd July will not be able to use our cards etc. and accounts must be closed by end July!  This was rather a shock I can tell you.  We have joint account and both my husband and I have our individual current accounts with them.  Also we have numerous savings pots.  Intelligent Finance's offering was one where you could easily move money across "pots" under our "plan".   Is there another bank that offers the same sort of thing out there?  Ideally want contactless, immediate bank transfers, a secure app, ability to move money easily and immediately between "pots" etc.  Your help would be much appreciated, thank you.

There are a couple of recent threads on this e.g., https://forums.moneysavingexpert.com/discussion/6449443/intelligent-finance-if-and-their-savings-jars .

The OP in that thread wrote that they're now looking to use Chase for 'pots.'

Katiehound

An opportunity for a switching bonus deal or two?

pridehappy

Virgin Money is the only main high-street bank I personally have which offers savings pots at a decent rate, and Nationwide allow you to open as many Flex Instant Savers as you need, which can act like a highly versatile savings pot. Nationwide and Virgin Money both have good offers and will have everything you need for a bank account. 

In terms of switching offers, it’s worth having a look, although I’m unsure if Intelligent Finance was part of the current account switch service.

Rob5342

Nationwide are far too old fashioned for my liking, it took over a day for a savings account I opened with them to show up in the app.

Katiehound

I'm pretty sure that IF is signed up to CASS- think it was mentioned in a letter that someone posted.

[Deleted User]

Katiehound said:

I'm pretty sure that IF is signed up to CASS- think it was mentioned in a letter that someone posted.

It's just a sub-brand of Halifax that Lloyds have been trying to get rid of for years but mortgages are sticky products. They're just waiting for the customer base to shrink sufficiently to allow them to close the brand down.