![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/best-buy-uk-bank-is-closing-all-its-savings-accounts/&media=https://uknews.evprotec.com/wp-content/uploads/2022/11/0_Putting-a-coin-in-a-white-piggy-bank-at-home.jpg&description=PCF Bank has announced it will be leaving the UK banking market after failing to raise enough capital to keep it afloat - but what does that mean for your savings and loans?The bank has announced its plans to closePCF Bank has announced it will be leaving the UK banking market in a move that affects some 20,000 customers. The exit means it now won't offer any new personal savings accounts or loans. For existing savers or borrowers, there will be no immediate change - although all its savings accounts will be shut down eventually. PCF Bank will eventually look to see on its loan portfolio, which could mean your debt will be passed on to another company. The bank said it made the "very difficult strategic decision" to withdraw from the market after failing to secure cash to grow the company. PCF Bank - which has occasionally featured on the MoneySavingExpert top-paying savings accounts - currently has 20,000 personal and business customers. Savings account holders won't need to take action right away ( Getty Images/iStockphoto) If you're a PCF Bank savings account holder, you won't need to take action right away, as cash up to the value of £85,000 is protected by the Financial Services Compensation Scheme (FSCS). Those with a PCF savings account will be able to continue on as normal, with no changes to the terms and conditions. This does mean you still won't be able to withdraw your money early if you have a fixed account. You'll also need to give the same number of days' notice to withdraw cash if you have a notice account. PCF Bank plans to eventually close all savings accounts. It has yet to give an update on when this will happen. Anyone on car finance or borrowing loans with PCF should continue paying as normal, but it may be worth searching for alternatives if you can save by switching. Anyone on car finance or borrowing loans with PCF can continue paying as normal ( Getty Images/Science Photo Library RF) The bank says it will look to sell on its loan portfolio){kind=link}
PCF Bank has announced it will be leaving the UK banking market after failing to raise enough capital to keep it afloat – but what does that mean for your savings and loans?
PCF Bank has announced it will be leaving the UK banking market in a move that affects some 20,000 customers.
The exit means it now won’t offer any new personal savings accounts or loans.
For existing savers or borrowers, there will be no immediate change – although all its savings accounts will be shut down eventually.
PCF Bank will eventually look to see on its loan portfolio, which could mean your debt will be passed on to another company.