More major Uk banks to shut British accounts for Spanish residents. Due to EU red tape.

I live permanently in Spain and I hold a Barclays account in the UK. I use my sons UK address on the account. I've not heard about any new measures to close accounts. 

Do you have a link to to official story?

Steve 

Barclays announced this several months ago, it's been widely reported. I received a letter and a message on the app to say that as I'm not resident in the UK they would be closing my account, I think it's October. Friends who have their account in relatives addresses in the UK haven't received anything. 

I just opened a Wise account to get around it and moved my money into that.

"EU red tape"= Benefits of Brexit. Leave the club and then moan about the club enforcing its rules....

This all happened not long after we left the EU by both Barclays and Lloyds so its not really 'news'.

If you do not have an address in the UK than you are not entitled to a UK account and quite rightly, the Banks can close.  The fact they are giving you notice is a blessing.

That said, if you have a 'care of' address or use a family members address, thats the loop hole around this little issue.  

I'd be interested to know which particular piece of "EU red tape" is being referred to here. 

It's only a potential 'loophole' if you've never told your bank that you no longer reside in UK, if you have then any attempt to switch back to a bogus UK address will very likely be met with a demand for proof that you do actually live there.

TBH I'm not sure that the latest story is not just a rehash of the one which has been doing the rounds for a couple of years which has always been on a country by country basis so to suggest it's suddenly an EU wide issue is wrong and misleading.

https://www.cityam.com/brexit-brits-across-eu-in-banking-limbo-as-barclays-lloyds-and-halifax-shut-their-accounts/

Exactly. The financial services industry of a non member country onviously doesn't have the automatic right to do business in the single market, unless their government can make provision in any withdrawal agreement they negotiate, which Boris Johnson and his merrie men signally failed to do.

Last year the Manchester stockbroker I'd been dealing with for 25 years to hold my investments told me they could no longer deal with me and closed my account. Their loss, not mine, I now deal with Dutch online broker Degiro. More lost revenue for British business, more Brexit 'benefits'. Don't worry, though, we've 'taken back control'.

There are none so blind as those who will not see.

I am with Lloyds and they have known from the start that I live in Spain. They email me of any changes in their T&C’s. I received an update this week, and there is no mention of closing accounts that do not have a U.K. address. Barclays, however, announced soon after Brexit that they were going to close accounts. UPDATE Lloyds DO say that they MAY have to close some accounts, or change the level of service provided, and their T&C’s reflect this. I will ring them to find out how this could affect me.

IF Lloyds follow suit, does anybody know if NS&I will accept a Wise account? ( Any withdrawals or premium bond prizes have to be paid into a U.K. account.) 

I worry that Spanish bank accounts might not carry the same financial protection as given by the FSA in the U.K. not good to keep all your eggs in one basket, me thinks!

Someone on another forum posted this morning that Lloyd's have contacted him to say that they will be closing his AC as he's not UK resident.

I too am with Lloyd's but have heard nothing from them outside routine notifications etc. Last week I scanned in a cheque which HMRC had sent me.

For Relyat it's  called "Passporting" Google it.

UK shooting itself not in the foot but one by one in each individual toe with the cumulative damage being all the greater.