Some banks in the UK have informed customers living in countries within the EU that they are no longer able to hold their UK bank account following the end of the Brexit transition period.
How does this affect me?
If you’re an NS&I customer living in the EU, then this could affect you if you’re no longer able to hold a UK bank account.
This is because, without a UK bank account, it’d be both impractical for you to hold an account with us as well against the terms of your NS&I Customer Agreement (terms & conditions).
About your NS&I Customer Agreement
Your NS&I Customer Agreement requires you to keep a UK bank or building society account open to be able to operate an account with us. If your bank closes your account – and you’re unable to provide details of another bank or building society account held in the UK – then you’ll no longer be able to hold an NS&I account. You’ll be unable to make further deposits or open any new accounts with us.
What should I do?
The advice each bank has given to their customers has varied, and not all banks have said whether or not they intend to close the accounts of customers living in EU countries.
Therefore, we recommend that you check with your bank account provider in the UK to see whether they intend to close your account – if you’re still able to hold your UK bank account then you don’t need to do anything.
However, if you’re no longer able to hold your UK bank account – or your provider intends to close your account – then you’ll need to let us know details of another bank account or building society held in the UK. The account will need to be able to accept payments made by BACS transfer.
If you’re unable to provide details of another UK bank or building society account then you’ll need to decide whether you want to move money out of your NS&I account while it’s still practical for you to do so. Remember, if we’re unable to pay money to a UK bank or building society account, our only alternative is to send you a warrant (like a cheque), which could be costly to deposit into a non-UK bank account. For some NS&I accounts held, this would also have to be a one-off payment to close your account.