![[Global] Barclays will close thousands of UK savings and current accounts](http://gpa.net/cdn/shop/articles/bigstock-Barclays-Bank-Headquarters-477842425_1200x.jpg?v=1695699132)
Barclays has confirmed that it will close the bank accounts of Britons who no longer live in the UK, Mirror reports.
The account closures will affect thousands of expats with a UK current or savings account with the high street bank. Those affected could potentially lose the ability to access their savings or pension unless they move their money.
Barclays has reportedly been writing to customers, giving them six months’ notice of the pending change. Expats can still open a global account with the bank, however, they will need to have a balance of £100,000 to avoid paying a monthly charge of £40.
Customers living abroad with a loan or mortgage with Barclays will not have that facility closed down but they will not be able to apply for an additional loan or remortgage if they are registered outside the UK.
Barclays told The Mirror that the account closures follow a 2021 review and said it will affect "a small percentage" of its overall customer base.
A Barclays spokesperson said, “As a ring-fenced bank, our Barclays UK products are designed for customers within the UK. We will no longer be offering personal current or savings accounts to retail customers with addresses registered with us outside of the United Kingdom, subject to limited exceptions. We are contacting impacted customers to give them advance notice of this decision and explain the next steps they need to take.”
Customers who believe they have had their account closed unfairly can complain to the free Financial Ombudsman Service. In 2021 Lloyds Banking Group - which owns Halifax and the Bank of Scotland - announced that it would close the accounts of 13,000 expats living in Europe.
A Financial Conduct Authority spokesperson told The Telegraph, “Banks may set their own requirements on country of residence for account holders and must comply with local law and regulation when serving customers outside the UK. Whether or not banks decide to extend services to customers outside of the UK is a commercial decision for them, but we expect them to treat their customers fairly, comply with equalities legislation, and provide adequate notice to the customer if they decide to close their account.”
Source: Mirror
(Link and quotes via original reporting)
Barclays has confirmed that it will close the bank accounts of Britons who no longer live in the UK, Mirror reports.
The account closures will affect thousands of expats with a UK current or savings account with the high street bank. Those affected could potentially lose the ability to access their savings or pension unless they move their money.
Barclays has reportedly been writing to customers, giving them six months’ notice of the pending change. Expats can still open a global account with the bank, however, they will need to have a balance of £100,000 to avoid paying a monthly charge of £40.
Customers living abroad with a loan or mortgage with Barclays will not have that facility closed down but they will not be able to apply for an additional loan or remortgage if they are registered outside the UK.
Barclays told The Mirror that the account closures follow a 2021 review and said it will affect "a small percentage" of its overall customer base.
A Barclays spokesperson said, “As a ring-fenced bank, our Barclays UK products are designed for customers within the UK. We will no longer be offering personal current or savings accounts to retail customers with addresses registered with us outside of the United Kingdom, subject to limited exceptions. We are contacting impacted customers to give them advance notice of this decision and explain the next steps they need to take.”
Customers who believe they have had their account closed unfairly can complain to the free Financial Ombudsman Service. In 2021 Lloyds Banking Group - which owns Halifax and the Bank of Scotland - announced that it would close the accounts of 13,000 expats living in Europe.
A Financial Conduct Authority spokesperson told The Telegraph, “Banks may set their own requirements on country of residence for account holders and must comply with local law and regulation when serving customers outside the UK. Whether or not banks decide to extend services to customers outside of the UK is a commercial decision for them, but we expect them to treat their customers fairly, comply with equalities legislation, and provide adequate notice to the customer if they decide to close their account.”
Source: Mirror
(Link and quotes via original reporting)