Some UK banks may close accounts from 31 December 2020

Some UK banks will be closing their accounts to customers resident in the EEA at the end of the Brexit transition period on 31 December 2020. This page contains details of why this is happening, and what to do if your bank account is closed.

Why are some banks closing accounts for ex-pat customers?

This is because the end of the transition period is set to change existing 'passporting' arrangements at the end of this year. Passporting enables banks to provide services to customers in other states in the EEA without having to get direct authorisation in those states. The current passporting in place is set to end on Thursday 31 December 2020 (unless a new agreement is reached with the EU).

As a result of this change, some banks are closing accounts in the countries where they no longer plan to operate.

If you’re a customer resident in the EEA, you may have chosen to have a UK account if you receive a pension, salary or other income payments in sterling, as you may find it convenient for trips home, or because you have found that non-UK accounts have fees or poor exchange rates for converting pounds into local currency. If you have now been told your bank account is closing, you need to take action to ensure any direct debit payments or retirement income payments can continue to be made.

Q&A

Here are answers to some of the questions you may have if you are resident in the EEA and your bank account is closing. If you need to discuss your payment options please don't hesitate to contact us.

Further guidance can also be found on the UK Finance website .