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Principality merging accounts

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Gers
Gers Posts: 13,115 Forumite
Part of the Furniture 10,000 Posts Photogenic Name Dropper
edited 6 March at 11:25AM in Savings & investments
This morning I received a secure message which said 'thanks for closing your account' (First Steps / Buyer issue 1) which I hadn't done. That sent me into the horrible realms of thinking that I'd been hacked and money stolen. No, PBS have decided that customers can't hold issue 1 and 2 and so have merged 1 into 2 which is now 5). Bear in mind that I opened issue 1 in October 2021 and issue 2 in July 2022.
Of course I phoned up immediately - lovely agent told me that I had been informed of this in advance, I insisted that I hadn't so she checked the system and confirmed that I hadn't been told. I've logged a complaint so the agent is off to do some more investigating and will phone me back later.
Just want to warn others in case they are in the same position.

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  • Bridlington1
    Bridlington1 Posts: 3,673 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    Gers said:
    This morning I received a secure message which said 'thanks for closing your account' (First Steps / Buyer issue 1) which I hadn't done. That sent me into the horrible realms of thinking that I'd been hacked and money stolen. No, PBS have decided that customers can't hold issue 1 and 2 and so have merged 1 into 2 which is now 5). Bear in mind that I opened issue 1 in October 2021 and issue 2 in July 2022.
    Of course I phoned up immediately - lovely agent told me that I had been informed of this in advance, I insisted that I hadn't so she checked the system and confirmed that I hadn't been told. I've logged a complaint so the agent is off to do some more investigating and will phone me back later.
    Just want to warn others in case they are in the same position.
    I just hope they don't start doing this with their Christmas regular savers. I've got 3 of them at 7%, I'd like to cling onto those for as long as possible.
  • exel1966
    exel1966 Posts: 5,042 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic

    This was the mail sent out on the 28th Jan

    Thanks for choosing us to save for your first home!

    We’re just letting you know about an important change to your First Home Steps Online Accounts. You’ll automatically be switching to our First Home Steps Account Issue 5 on the 6 March 2025.

    We’re making changes to the account features to bring you a savings account shaped by Member feedback. Here’s what’s new:

    • save up to £50,000
    • deposit up to £1,000 a month
    • no fixed end date

    What happens if you have multiple accounts?

    If you have multiple savings accounts affected by this change, we'll combine them into a single First Home Steps Account Issue 5, using your oldest account number

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