Intelligent Finance to close all current accounts by the end of the year – here's what you need to know
Intelligent Finance will close all of its existing current accounts by the end of the year, parent company Lloyds Banking Group has confirmed. But savings and mortgage customers aren't affected.
We've full info on what's happening and what you need to do below. If you're looking for a new account, see our Best bank accounts guide for our current top picks.
All Intelligent Finance current accounts will close THIS YEAR
If you have a current account with Intelligent Finance, you'll be given at least two months' notice before your account is closed permanently.
Lloyds Banking Group, which owns Intelligent Finance, says it has started writing to affected customers to let them know about the next steps and their options. It will continue to do so in stages over the coming months, with the first lot of accounts set to be closed on 1 August.
While Intelligent Finance hasn't offered current accounts to new customers since 2009, the closures are expected to impact thousands or possibly tens of thousands of existing customers (the bank wouldn't confirm an exact number).
Intelligent Finance hasn't given a reason for the move but says "there's been lots of innovation in the current account market over the past decade, with more choice than ever for day-to-day bank accounts".
You can switch to another bank – and get up to £200 in free cash
You can keep using your Intelligent Finance account as normal until the date it's closed. But if you rely on it for everyday banking, switching now is the easiest way to minimise the risk of any disruption to your payments.
You can use the Current Account Switch Service (CASS) to move to an existing current account you have elsewhere or to a completely new current account. This will ensure all your direct debits, standing orders and incoming payments are moved over to your new account.
Given accounts will close on different dates, there is no single cut-off date for switch requests. But the official switch service, CASS, normally takes seven working days – so plan accordingly.
Banks currently offering switchers free cash include:
- NatWest / RBS – £200 for switching, plus £36 a year cashback. To get the free cash, you can't have had a switch bonus from these banks since October 2017. You'll also need to complete a full switch, pay in £1,250+ and use the app within 60 days of opening the new account.
- HSBC – £200 for switching. To get this, you can't have had a HSBC current account, or opened one with its sister bank First Direct, since 1 January 2020. You'll need to open your new account online or in branch, complete a full switch including two or more direct debits or standing orders and pay in £1,500+ within the first 60 days.
- First Direct – £175 for switching, plus linked regular saver paying 7% interest. To get the free cash, you can't have ever had any account with First Direct, or have opened a current account with sister bank HSBC since January 2020. You'll also need to make sure you pay in at least £1,000 within the first three months.
- Lloyds – £150 for switching, plus choice of perks including free Disney+. To get the free cash, you can't have had switch cash from Lloyds since April 2020. You'll also need to pay in £2,000+ a month to avoid the account's £3 monthly fee.
See our Best bank accounts guide for more options including the best bank accounts for savings interest and longer-term rewards.
If you do nothing, Intelligent Finance will close your account and return any funds automatically
If you have money in your account and don't switch, one of two things will happen:
- If you have a non-ISA savings account with Intelligent Finance, your balance will be transferred to it automatically. You can then move it to another account held elsewhere.
- If you don't have a savings account with Intelligent Finance (or you only have its ISA), your remaining current account balance will be sent to you via a cheque to the address it holds on file.
It's unclear how quickly this cheque will arrive, so it may be best to withdraw funds now if you need immediate access.
Remember, when your account's closed any regular payments will be automatically cancelled, so make sure anyone you make payments to or receive them from has your new banking details.