UK bank account(s) closure

[MAD87]

Yep Dominic. I'm a big believer in hitting the Head Honcho on the bonce with an exocet letter. I've had several lots of compensation from banks, inc. Barclays. If it ruins the CEO's morning, that's fine.

[Hotrodder]

The banks are reporting record profits. They can afford it.
Some years ago Barclays was fined millions for their part in money laundering Panama. Didn't make mainstream news but just shows they're all ready to find profit wherever they can.

[hughnique]

What with this and the other thread about mysterious DWP credit payments, I have developed a habit of more regular checks on my UK bank account, I did have a fully functional savings account when I first moved here, which was producing about £8K a year, enough with the addition of pensions to give us a perfectly OK lifestyle. That was quickly eradicated when interest rates fell, and having recently realised that it now gives a whopping return of 0.5%, and has not increased, albeit ordinary interest rates have, brings me to think it might be worth studying the savings account offered by French banks, anyone else taken this route.

[curtis]

I also have a large lump of cash sat in my lloyds bank savings account earning virtually nothing. This was as a result of having my building society term deposit accounts closed as a result of Brexit.
There isn't a lot to choose from. Once you have the max in a Livret A and Livret de developpment there isn't a lot else if you want instant access. My bank did offer term deposits but the rate was useless and I didn't want to have everything in one place.
Someone on another forum mention the Skipton B/soc in Jersey. I did have a look but the paperwork seemed alot and I haven't revisited that.

[suein56]

I did have a fully functional savings account when I first moved here, which was producing about £8K a year, enough with the addition of pensions to give us a perfectly OK lifestyle. That was quickly eradicated when interest rates fell, and having recently realised that it now gives a whopping return of 0.5%, and has not increased, albeit ordinary interest rates have, brings me to think it might be worth studying the savings account offered by French banks, anyone else taken this route.

Gosh you must have been paying quite a bit of French tax and contributions sociales on that amount of unearned income at that time ..

French Assurance Vie rules then, before the crash of 2008, were more lenient and their returns were good too.
They still can be if you use the Ass Vie as a wrapper and invest in 'actions' etc.
Even the completely tax-free accounts do better than 0.5% with the LIvret A and LDDS at 2%, and the LEP hoisted to 4.6%.

[Wilbro]

LEPs are good but you can' t put a great amount in. We filled our LEPs and overflow in Ass Vie.

[MAD87]

We switched some of our FR savings to (blue chip) shares, giving a 5-7% (gross) return ever since. They've taken a hit since the Ukraine barney started but I decided not to "sell in May and go away" in May but to "wait and see". Remains to be seen whether I made the right decision.

[curtis]

LEPs are good but you can' t put a great amount in. We filled our LEPZs and overflow in Ass Vie.

There is an income limit for LEPs I think.

[Sparkle]

Credit Agricole - LEPs

Maximum investment amount: 7 700 €

Income limits to open a LEP for 2022, the income limits were as follows, calculated based on the income you received in 2020 (your taxable income for 2021).
Each person in a household is considered to be ‘one unit’ (part), and any children are ‘half a unit’.

1 part: €20,296
1.5 parts: €25,716
2 parts: €31,135
2.5 parts: €36,554
3 parts: €41,973
3.5 parts: €47,392
4 parts: €52,811
Any extra half parts: €5,420

[DominicBest]

Just when I thought it was all over.
Somewhere along the long bumpy journey to change banks I asked Barclays if I would still be able to access my statements that were stored online or should I download and save them. I was told that I would still have access to all my old statements via the Barclays banking app for a year. Today I received an email telling me that my latest, and presumably last, statement was available online via the app. I tried and the service was not available to me. I contacted them via the chat and it told me that I no longer had access to my old statements online. About half an hour later I got a notification saying I had a new message. I opened the app to find no new messages but discovered than i can now no longer access their help line. I really do think Barclays has provided the worst customer support possible throughout this saga. I do hope that HSBC restores my confidence in British banking but on the evidence so far I’m not sure that they will!