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Frequently Asked Questions

Savings Customers

Savings

Why are PCF Bank no longer operating in the UK Banking market / no longer offering savings accounts?

PCF Bank made the decision to withdraw from the UK banking market in November 2022 for strategic reasons

Why did PCF Bank not notify me in writing that PCF Bank is no longer operating in the UK banking market?

The decision was publicly announced and savings accounts continued to operate as normal, therefore PCF Bank did not notify customers individually.

I have been sent information from PCF offering to close my account early and return my funds, why is this?

As part of the strategy to withdraw from the UK banking market, we would like to give our customers the opportunity to benefit from the general increase in interest rates available in the market. You can find information on the current savings market rates on the internet (e.g. Moneyfacts, Moneysavingsexpert).

What if I don’t want to close my account?

If you do not want us to close your account, please contact us within 28 days of the date of the offer letter. This can be done by logging into your online banking and sending a secure message, by emailing us or contacting us by phone or in writing (using the contact details below) to enable us to understand your situation and discuss whether there are alternatives we can offer you to closure.

Is my money safe?

Your deposit is protected by the Financial Services Compensation Scheme for up to £85,000.00 per customer. For information about the full scope of your protection, please visit the FSCS website at www.fscs.org.uk

I have an account due to close / mature before 30th September 2023, what happens with this account?

Any Term Deposit accounts that are due to mature or Notice Accounts with a full balance on notice due to be paid by 30th September 2023, will be closed in the normal manner, and will not be closed early.

How do I check the nominated account (the bank account linked to your account) details you hold for me are correct?

You can check the this by either logging into online banking and sending a secure message, by emailing us at [email protected] or contacting us by phone or in writing.

I need to update my nominated account details with you, how do I do this?

If you wish to change your nominated account you must provide us with details of an alternative UK bank account held in your name or jointly with others. You can do this by logging into your PCF online banking account and sending us a secure message or by:

  • emailing us at [email protected],
  • over the phone by phoning us on 020 7227 7577 between 9:00am and 5:00pm Monday to Friday,
  • or in writing to PCF Bank Limited, Dashwood House, 69 Old Broad Street, EC2M 1QS

How soon will the funds be in my nominated account from closure?

We will write to you nearer the time to confirm when your funds will be returned to you.

Can I have my funds sooner than September?

If you require your funds prior to the end of September, please contact the Savings Team. You can do this by logging into your PCF account via our website and sending us a secure message or by::

  • emailing us at [email protected],
  • over the phone by phoning us on 020 7227 7577 between 9:00am and 5:00pm Monday to Friday,
  • or in writing to PCF Bank Limited, Dashwood House, 69 Old Broad Street, EC2M 1QS

Closing the account and returning your funds and interest to your nominated account can take up to 5 working days.

If I take advantage of the early repayment proposal, will the interest you pay me be calculated up to the date my account was due to mature, for example 27th January 2024?

No. You will receive any accrued interest up to the day your account is closed.

Can I receive a cheque instead of PCF transferring the funds to my nominated account?

We are unable to send your funds back to you by cheque.

I have a joint account with PCF and my partner has received a communication about our account closing early but I have not?

We have sent out communications to all customers. These communications are sent by email or delivered by Royal Mail. If you haven’t received an email it may be that we hold an incorrect email address or we sent the communication to an email address that you are not using anymore. In some circumstances we have sent a letter and the delivery time of these is something we do not have control over. If your details have changed please contact us to make sure we hold up to date contact information for future communications.

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