PCF Bank to leave the UK market – what it means for your savings and loans

PCF Bank savings account holder? Cash up to the value of £85,000 is protected and you don't need to take action for now

PCF Bank's savings products have occasionally been featured on MoneySavingExpert.com in the past, with some of its fixed-rate and notice savings accounts making it into our Top savings guide and our weekly email.

For now, your account will continue to operate as normal with no changes to the terms and conditions. This means you can't withdraw your money early if you have a fixed-term account, and you need to give the usual number of days' notice to withdraw cash if you have a notice account. PCF did not offer easy-access accounts.

Your savings of up to £85,000 with PCF remain protected by the UK's Financial Services Compensation Scheme. For more on this, see our Savings safety guide.

Eventually, PCF Bank plans to completely close all of its savings accounts. 

PCF Bank car finance or bridging loan borrower? Continue to repay as normal – though check if you can save by switching

PCF says it will look to sell on its loan portfolio. This could mean a shake-up for borrowers in the future but, for now, your terms remain the same and you should continue to make repayments as normal (the bank will also still collect repayments as usual). 

Of course, you can use this as an opportunity to check if you can save money by moving your loan elsewhere – see our Cut existing loan costs guide for step-by-step help with this.

If you're worried about being able to meet your monthly repayments, you can contact PCF directly by calling 020 7227 7579 or by emailing customerservices@pcf.bank.