Bank closing losing my NS&I bonds

Banking & Financial Tax & Social charges
1

I know this must have been done before but could you recommend an english banking system (current account) which I can receive small amounts of money etc. Just had a letter from NS&I saying I will have to cash my pemium bonds in when Barclays ends my account

2

Yes, we had the same NS&I letter. Brexit - the gift that keeps on giving!
I’ve had a Nationwide account for years (the last 10 or so in France) and it has been excellent - they have no plans to close non-residents’ accounts.

3

Do you have an address in the UK? I know a lot of people have kept accounts that way. Maybe Nationwide are different and If you already have an account you can keep it. But you certainly , can’t open one

Apply for a FlexAccount current account

To apply for FlexAccount

You need to:

  • be 18 or over
  • be a UK resident
  • agree the account is for personal use only
  • hold no more than 4 existing sole or joint Nationwide current accounts.
4

Hi Babs and welcome to SF
Revolut? (see link in the SF banner above)
I receive a UK pension money into my Revolut account without any difficulty in Sterling. I can’t see a reason why that would not work with NS&I as well (assuming I had some bonds, of course).

5

Good thought, as now has a UK IBAN so should be acceptable to NS&I. Nothing in the T&Cs says it isn’t!

1 Like
6

I don’t have a UK address - I changed address to France 10 years ago - Nationwide write to me here. But obviously Babs won’t be able to open an account now.

7

Thanks everyone. Will try Revolut

1 Like
8

Although of course NS&I likely wouldn’t be remotely interested in the U.K. IBAN, just the sort code and account number :wink:

As an aside, there are a few government based things, I entirely forget what unfortunately which makes my comment of limited value lol, that won’t send to an EMI, it has to be to something with a U.K. banking license and a name that matches the name they have for AML reasons. I seem to recall that foreigners used to get caught out as they couldn’t get bank accounts so opened things like Revolut and Monese (this is some time ago when Revolut didn’t have named accounts) and got caught out. I think there was a similar thing with building societies and roll numbers for the same reason.