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March 2014 mailing - savings and current accounts, and changes to Intelligent Finance Conditions.

We recently wrote to you about changes to Intelligent Finance Terms and Conditions and included some important information for savings and current account customers.

There have been some changes which affect Intelligent Finance and the services that we provide. These changes follow a ruling by the European Commission (EC) in 2009. The aim of this ruling was to increase competition and customer choice in the UK banking sector and in line with this ruling, Lloyds Banking Group agreed to reduce its market share in some markets. Intelligent Finance is part of Lloyds Banking Group and under this agreement, Intelligent Finance was asked to stop opening new accounts and no further enhancements are being made to our range of existing products. You can find more about the EC ruling by searching for “Lloyds Banking Group” at ec.europa.eu.

Check that your accounts still meet your needs

Because of these changes, we recommend you review your current arrangements with Intelligent Finance to ensure they still meet your needs. We are also letting you know about some changes to your Intelligent Finance Conditions with effect from 1st June 2014.

This is a summary of our current account and savings products

Annual/Monthly rate
Product Gross/AER Net Tax free/AER** Telephone banking Online banking Text Alerts Mobile banking Branch Access
IF Current Account 0.05% 0.04% n/a X X X
Cash ISA (from 24th March 2014) n/a n/a 0.96% X X X
Isaver (from 24th March 2014) 0.95% 0.76% n/a X X X X
Direct Access Savings 0.05% 0.04% n/a X X X
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if it was paid and compounded once each year.
Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
**Tax free is the contractual rate of interest payable where interest is exempt from income tax. Tax treatment depends on your individual circumstances and may change.
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if it was paid and compounded once each year.

There may be better options

Other current account providers offer features such as high credit interest, text alerts, mobile banking applications, and person to person (P2P) mobile payments which are not available with the Intelligent Finance current account and other savings providers offer products which may be more suitable for your needs.

There are a number of comparison websites that allow you to compare current accounts’ features and the range of savings products available. You can also find information at the Money Advice Service.

If you want to move your current account, it’s now easy to switch in just 7 working days using the Current Account Switch Service. We will work with your new bank to transfer all your regular bills and payments from us to your new bank on a date you choose. The Current Account Switch Service is backed by a guarantee so, in the unlikely event that anything goes wrong with the switch, you will be refunded any interest (paid or lost) and charges incurred on either your old or new current accounts as a result of this failure, when it is brought to your new bank's attention. You do not need to contact Intelligent Finance to carry out a switch. For more information about the Current Account Switch Service, please visit www.simplerworld.co.uk.

When you are reviewing your existing current account and/or savings, please remember that any changes you make may impact offset and plan arrangements.

If you decide that Intelligent Finance continues to meet your needs, you don't need to do anything - the features and benefits of your accounts will stay the same and you'll continue to be able to operate and manage them as normal.

Frequently Asked Questions

Why did you write to me?

We are making some changes to our Terms and Conditions and are required to provide you with written notification 2 months before the changes come into effect. We also wanted to communicate some important information about the agreement between the European Commission and Lloyds Banking Group (see here) and remind our current account and savings customers to review their banking and savings needs

Why are you directing me to a comparison website?

We have suggested that you review your current arrangements with Intelligent Finance to ensure they still meet your needs. A comparison site allows you to easily compare accounts offered by other banks and building societies .You may find this information useful when reviewing your needs.

Can you recommend another product/provider?

We cannot recommend another bank or building society.

Do I have to move my accounts to another bank?

If you decide that your existing arrangements no longer meet your needs, you can move some or all of your accounts to one or more bank and building societies. If you're happy with your existing arrangements, you don't need to do anything.

Why are you not improving your product range/service?

Lloyds Banking Group has agreed to reduce its market share in some markets. Intelligent Finance is part of Lloyds Banking Group and under agreement with the EC, Intelligent Finance was asked to stop opening new accounts and no further enhancements are being made to our range of existing products.

How do I switch to another provider?

You can use the Current Account Switching Service to move your IF current account, and the ISA transfer service to move your Cash ISA without charge. You can see more information about this by selecting the following link Transfer your Intelligent Finance Current Account or Cash ISA.

Does the Switch Guarantee scheme apply to my mortgage and savings account?

The current account switch guarantee only applies to current accounts switched using the Current Account Switch Service.

What happens if I don't do anything?

You can continue to use your accounts as normal. We will write to you if we have any further important messages to communicate.

Can I continue to offset?

Yes, you can continue with any existing offset arrangements you have.

I want to leave but I have an overdraft on my account?

If your new bank offers you an overdraft and you switch out using the 7 day switch service then your overdrawn balance will move to your new bank up to the value of your new overdraft. If you have any remaining overdrawn balance you will need to pay this back.

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