Newsletters

Your UK bank account may be closing soon

Published 6th November 2020

Tens of thousands of UK bank accounts and credit cards, held by individuals living in Europe, are set to close by 31st December 2020, as a result of Brexit.

 

Why is this happening?

The current rules for banks and financial services companies, called the “EU Passport”, are set to end by the end of the year. As a result, some UK banks have decided to close the bank accounts of some non-residents rather than apply for a new licence in each country.

 

What can I do if my account is closing?

If you have received a notification from your bank in which they have told you that they are closing your account, then there are a few alternatives:

  1. You may still be able to open another account with a different UK bank;
     
  2. You may be able to open a sterling (GBP) account with a bank in the country in which you reside (do not forget to factor in fees!); 
     
  3. You could consider opening an account online with a UK “challenger bank” or “mobile bank”. We are aware that some overseas clients have done this. Here is an article from Which (a leading consumer’s magazine), that includes a review of some of these new banks: https://www.which.co.uk/money/banking/bank-accounts/challenger-and-mobile-banks-aj0mj7w688r5.

 

Banking arrangements are personal and so we cannot say whether any of these banks will suit your needs.