Could your bank really close YOUR current account with little warning?
This is Money Podcast
This is Money
4.1 • 650 Ratings
🗓️ 7 July 2023
⏱️ 50 minutes
🧾️ Download transcript
Summary
Nigel Farage claims his bank shut his current account over his Brexit views – the former politician has been vocal on Twitter about his treatment by Coutts, while the exclusive bank with a high net wealth clientele has fired back.
So, can banks realistically do that to you? Georgie Frost, Simon Lambert and Lee Boyce tell you all the reasons your bank can close your current account – and what to do if it happen to you.
And on the same day big bank bosses faced a grilling from the FCA about paying savers fairly, Lloyds, Halifax and HSBC hike rates – coincidence?
Savings deals have been rocketing in recent months, experts give their views on whether we’re at a peak – or if there is further still to go for savers.
With savings rates rising, many are questioning whether to bother investing - one thinktank reckons Britons are ploughing far too much into cash instead of investing. How do the figures stack up?
And finally… would you pay into your partner’s pension? A spouse can pay into their partner's pension while they are not working to ensure they do not miss out financially in later life, but is it a wise move?
Transcript
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| 0:00.0 | Welcome to this is Money Podcast. I'm Georgie Frost and joining me and Simon Lambert today is Lee Boyce. |
| 0:06.8 | And coming up, can your bank really close your account because of your political views? |
| 0:11.8 | What a coincidence. Big banks hike savings rates on the same day that buses face questions over paying savers fairly to save or to invest. |
| 0:20.1 | That is the question. |
| 0:21.6 | One think tank is convinced we should be investing more. |
| 0:24.0 | Are they right? |
| 0:25.0 | And the little known trick that can slash your tax bills in retirement |
| 0:28.1 | and boost your income. |
| 0:30.2 | But there's a catch. |
| 0:31.3 | Don't forget. |
| 0:31.6 | It's up to date with all the latest breaking money news. |
| 0:33.6 | Just go to this ismoney.co.com or download the app. |
| 0:38.5 | Don't forget, you can stay on top of what's going on in the markets by tuning in to the |
| 0:42.3 | Digest and Invest podcast by Itara. |
| 0:44.3 | Go to your regular podcast platform and listen on the go. |
| 0:46.9 | Digest and Invest by Itara, the podcast for those interested in trading and investing. |
| 0:51.6 | But first, banks have come under fire this week for allegedly closing |
| 0:55.4 | customers' bank accounts over their political views. Now, this is after Nigel Farage claimed |
| 1:00.3 | his was shut due to his Brexit campaigning. Banks were even facing a Treasury investigation |
| 1:06.0 | into claims their closing accounts because they just don't like their customers' views on |
| 1:10.6 | controversial topics. |
| 1:12.5 | It's a murky business with a lack of transparency. For years, customers have been complaining |
... |
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