Frequently Asked Questions about Brexit.

Information correct as of 13th March 2019

What the UK’s exit means for your banking.

This is an uncertain time with the UK’s exit from the EU still to be agreed.  We’ve included the most frequently asked questions on your products and services below.

  1. What is the impact on my banking products and services?
  2. Is my money safe?
  3. Will I still be able to change Sterling into Euros in the UK?
  4. Will I still be able to exchange my money into Euros or Sterling when abroad?
  5. Will I be able to use ATMs / pay by my debit / credit card in Europe?
  6. I am a UK National residing in Europe, will there be any changes to how I use my bank account?
  7. I am an EU national continuing to reside in the UK, will this change how I use my bank account?
  8. If I have an Ultimate Reward Current Account, will my travel insurance change?
  9. I have an Ultimate Reward Account and my travel is disrupted due to Brexit, can I make a claim?
  10. My credit card doesn’t charge fees for foreign exchange / withdrawing cash abroad. Will that change?
  11. Will this affect the value of my Avios?
  12. Will there be any changes to the Balance Transfer and Money Transfer features on my credit card?
  13. Can I continue to make payments to my credit card bill from EU countries?
  14. Will there be any impact to accessing Online Banking when travelling in Europe?
  15. Will I still have access to the same products?
  16. Will my personal data still be secure?
  17. Can I open a savings account from Europe?
  18. Will I still be able to hold my ISA now I live in the EU?
  19. Will I still be able to hold my child’s Junior Cash ISA now I live in the EU?
  20. Are my investments protected?
  21. What impact will this have on my mortgage?
  22. I am an EU citizen and reside in the UK can I get a mortgage?
  23. If I’m an EU citizen will I be able to renew my mortgage rate?
  24. If I need to move out of the UK to the EU do I still have to repay my loan?
  25. Can I continue to make payments to and from EU countries?
  26. Which countries are in the EU?
  27. Which countries are in the European Economic Area (EEA)?

What is the impact on my banking products and services?

Nothing has changed. There is no immediate impact on your ability to access your existing banking products and services.

Is my money safe?

  • Yes, your money is safe. There is no change to the way your account works or how it is protected.
  • Your deposits and investments continue to be protected by the Financial Services Compensation Scheme. More information is available here.
  • The Prudential Regulation Authority and Financial Conduct Authority remain our primary regulators.
  • You can continue to use our banking services as you currently do

Will I still be able to change Sterling into Euros in the UK?

Yes. The current method of currency exchange does not change.

Will I still be able to exchange my money into Euros or Sterling when abroad?

Yes. You shouldn’t have any issues. The current method of currency exchange does not change.

Will I be able to use ATMs / pay by my debit / credit card in Europe?

Yes. The use of ATMs and how you use your cards to pay for goods or services doesn’t change

I am a UK National residing in Europe, will there be any changes to how I use my bank account?

No, at present there are no immediate impacts on your ability to access your existing banking products and services.

I am an EU national continuing to reside in the UK, will this change how I use my bank account?

No, at present there are no immediate impacts on your ability to access your existing banking products and services

If I have an Ultimate Reward Current Account, will my travel insurance change?

No, at present your cover will remain the same. You should ensure you read your Ultimate Reward Current Account Getting Started Guide before travelling to ensure that you have the right level of insurance cover.

I have an Ultimate Reward Account and my travel is disrupted due to Brexit, can I make a claim?

If your travel plans are cancelled, curtailed, disrupted or delayed by your travel agent, tour operator or public transport operator due to Brexit, there is cover under your travel policy for certain pre-paid costs, if you can’t get a refund from the travel provider. Please refer to your Getting Started Guide for full details of the circumstances covered, what do to in this situation and the policy conditions limitations and exclusions that apply.

My credit card doesn’t charge fees for foreign exchange / withdrawing cash abroad. Will that change?

No, this feature applies across the world so we do not anticipate any change

Will this affect the value of my Avios?

No, there is no change to the way you earn Avios. The number of miles required for redemption is set and managed by Avios as part of the broader programme.

Will there be any changes to the Balance Transfer and Money Transfer features on my credit card?

Nothing has changed. There is no immediate impact on your ability to complete Balance Transfers or Money Transfers.

Can I continue to make payments to my credit card bill from EU countries?

Yes, you can continue to make these payments from abroad.

Will there be any impact to accessing Online Banking when travelling in Europe?

No. Online Banking  is not affected.

You can also continue to access your bank account through our mobile app, if you have it.

Will I still have access to the same products?

Yes. At present, products and services will remain the same.  You can continue to use our banking and insurance services as you currently do.

Will my personal data still be secure?

You continue to be protected through current legislation, and our internal policies. Your data will continue to be held in the most secure way.

Can I open a savings account from Europe?

Generally our savings accounts are only available to UK residents, unless you are a Crown employee or their partner and looking to open an ISA.

Will I still be able to hold my ISA now I live in the EU?

If you’re no longer a UK resident for tax purposes, existing cash ISAs will continue to receive interest tax free, but unless you are a Crown employee or their partner, you won’t usually be able to pay any more money into it.

Will I still be able to hold my child’s Junior Cash ISA now I live in the EU?

For Junior Cash ISAs, payments can still be made into the account if the child no longer lives in the UK.

Are my investments protected?

Your deposits and investments continue to be protected by the Financial Services Compensation Scheme.

The Prudential Regulation Authority and Financial Conduct Authority remain our primary regulators.

You can continue to use our banking and insurance services as you currently do.

What impact will this have on my mortgage?

There are no changes to our mortgage products, rates or services.

I am an EU citizen and reside in the UK can I get a mortgage?

If you are a UK permanent resident, and have a primary registered UK address you will be able to make a mortgage application.

If I’m an EU citizen will I be able to renew my mortgage rate?

If you are able to maintain your payments then you will be able to renew your mortgage rate subject to standard policy conditions. However, if you are experiencing difficulty in meeting your monthly mortgage payments you should contact our Payment Assistance Line (PAL) for help.

If I need to move out of the UK to the EU do I still have to repay my loan?

Yes, you are legally bound by the terms and conditions that you signed when taking your loan, this includes making the contractual monthly repayments in pounds sterling. If you wish to settle your loan there are a number of options to allow you to do this. You can pay off your loan by; logging on to Online Banking, calling us on 0330 123 3890 (Mon–Sun 8am–10pm) or visiting your local branch.

Can I continue to make payments to and from EU countries?

At present we don’t anticipate any changes to how you make and receive payments to and from these countries.

Which countries are in the EU?

The EU currently consists of:

Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the UK.

Which countries are in the European Economic Area (EEA)?

The EEA includes EU countries and also Iceland, Liechtenstein and Norway.

For general updates and guidance on the UK leaving the EU, the UK Government has set up an online hub.