PCF Bank to leave the UK market – what it means for your savings and loans
PCF Bank has stopped offering personal savings accounts and loans to new customers, and plans to exit the UK banking market – but there's no immediate change for existing savers or borrowers.
The bank, which has 20,000 personal and business customers, said it made the "very difficult strategic decision" after failing to secure the capital it needed to grow.
Here's what existing customers need to know.
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 firstname.lastname@example.org.
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