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Nationwide International is shutting its doors in summer 2017, and will start closing accounts from the beginning of the year. If you have an account with them you need to find a new home for your savings. Is another bank the best choice?

Many British expatriates close their UK bank accounts and open new ones in offshore centres once they leave the country. They may not have a choice if their bank does not allow non-UK residents to hold accounts. Nationwide International in the Isle of Man is a popular choice for expatriates, but it has announced that it is closing its doors in summer 2017.

The bank will start closing customer accounts from the beginning of 2017 It has sent out an initial letter to clients advising them of the news, but will be writing again with important information and dates regarding the closure of their specific accounts.

In the meantime, it suggested that since looking for a new home for their savings can take time, clients should start looking now.

If you have accounts with Nationwide International, you can choose to close them right away or wait until you have the closure dates. The bank has removed any notice requirement on its accounts, and fixed rate bonds can also be closed before the scheduled maturity date, with no penalty.

The bank’s decision to close came following a strategic review of its operations and was based on a number of factors including falling customer demand, running costs and changing market conditions.

This only affects Nationwide International in the Isle of Man. Accounts held with the Nationwide Building Society in the UK are not affected and the business continues as usual.

Looking for a new home for your savings

This is a good opportunity to review your savings and consider if a bank is the best place for your money.

The Bank of England interest rate has been at historic lows since March 2009 and was cut to an even lower 0.25% following the Brexit referendum. If you need your savings to provide an income, preferably without withdrawing much capital, or are looking for capital growth to keep pace with inflation over your retirement years, seek advice on how you may be able to generate better returns from your savings.

At Blevins Franks our investment advice is personalised for each client. We take the time to get to know you, your situation and objectives, and use sophisticated means to establish your risk profile ensuring we recommend a portfolio that you are comfortable with. Investments can be in Sterling or Euros or a mix of currencies.

Blevins Franks has been providing trusted financial advice to British expatriates in Europe for over 40 years, only recommending funds that have been carefully vetted for performance and security.

Any questions? Ask our financial advisers for help or arrange a consultation.