‘Major adjustments’ coming to UK banks in August could | U.Ok.Finance News
Most Brits maintain their money in a bank, and generally new guidelines come in that have an effect on your money.If you might be a buyer of Santander, NatWest or First Direct, it’s your decision to heed the advice of a social media finance knowledgeable, who has detailed a number of vital adjustments affecting the banks in the coming days.Caroline Butler, who commonly shares her insights into finance and buying issues in the UK, took to TikTok to clarify what influence the strikes could have on you.”There are major changes coming to UK banks in August and you need to know about them,” she warned in a video.Check out her warnings and advice beneath.SantanderCaroline started by highlighting Santander prospects needs to be cautious of a potential “cash chaos” state of affairs ensuing. “Santander are shutting down 14 more of their branches in August – that’s part of their planned 95 closures across the UK in total,” Caroline stated.Meanwhile, 5 different branches are going “counter-free” that means there will likely be there will likely be no huge money deposits are coin providers out there. “You’ll have to rely on ATMs or Post Offices,” she continued, revealing the branches affected are in Gravesend (Kent), Allerton (West Yorkshire), Camberley (Surrey), Orpington (London Borough of Bromley) and Rotherham (South Yorkshire).NatWestAt NatWest, in the meantime, business banking charges are to rise in accordance to Caroline. “In August they are increasing cash handling fees,” she stated. “These will increase from 70p to 95p per £100.”The similar bank is present process adjustments to its cheque processing phrases and BACS transactions, in the meantime. As Caroline suggested: “This will also increase – from 70p to 75p – while BACS transactions will increase from 18p to 21p. Whilst this might not seem like a lot, it will all add up.”First Direct”As for First Direct, they are saying ‘goodbye’ to paper and ‘hello’ to digital,” Caroline continued. She went on to clarify that paper statements will no longer be despatched to holders of financial savings accounts, who as a substitute could have to depend on First Direct’s app or web site for particulars of their transactions.In “further bad news for savers”, Caroline closed by stating that on August 7, the bank fee is set to drop from 4.25% to 4%, which can imply “shrinking returns” for savers.Earlier this yr Santander introduced plans to close quite a few branches all through 2025, with closure dates of a number of others but to be confirmed.A spokesperson for NatWest stated of the bank’s August adjustments: “NatWest is changing the prices of some business banking services. It’s been seven years since day-to-day banking charges have changed for our business customers. The cost of providing services has gone up so we’ve had to review our charges.”First Direct not too long ago detailed its “smart new digital innovations” revealing a quantity of adjustments to cell phone banking. “When it comes to making banking better, we never think our job is done,” the bank stated. “It can always be improved, always be quicker, and always make your life easier. Recently we’ve put that theory into practice, and rolled out a few new ideas.”
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