Attention: You need JavaScript enabled to use this site.

The UK has left the European Union

The UK left the European Union (EU) on 31 January 2020 and the transition period came to an end on 31 December 2020.

We are currently not aware of any changes we need to make to the way your accounts work, how we service them or how we contact you. If that should change, we will contact you first to explain.

We will continue to monitor the situation and regularly review our plans to ensure that if anything changes you will be kept fully informed.

I am part way through a mortgage application, will the UK leaving the EU make any difference to it?

Provided that your personal circumstances don't change (for example your job/income) your mortgage application should not be affected by the UK leaving the EU.

I am worried that I may not be able to pay my mortgage.

If you are concerned that you may not be able to pay your mortgage, the best advice is to get in touch with us or an independent, free debt adviser. The sooner we are aware of a potential difficulty the more options may be available to help you.

I am a UK citizen living in the EU. Will there be any changes to my West Brom savings account?

We are continuing to monitor regulators across the EU Member States to identify whether any changes will need to be made to how we service your account. Currently, we are not aware of any changes that could impact how we service your account. If that should change, we will contact you first to explain.

Are my savings still covered up to £85,000 by the Financial Services Compensation Scheme?

FSCS protection of deposits held in a UK branch of a UK based bank / building society / credit union has not changed as a result of the UK leaving the EU.

For savings accounts the amount remains £85,000 for each individual in a single banking entity. Please be aware that some banking entities may include a number of separate brands.

You can get the latest information from the FSCS here: https://www.fscs.org.uk/about-fscs/media-centre/

Please note: if a deposit is held by a branch of a Gibraltarian-based firm, protection is the responsibility of the deposit guarantee scheme in Gibraltar.

Will the FSCS deposit protection limit of £85,000 be affected by or revised now the UK has left the EU?

There are currently no plans for the FSCS deposit protection limit to be revised.

I opened my savings account with the West Brom when I lived in the UK but I now live in the EU. Am I still covered by the FSCS?

Yes, if a deposit is held in a UK branch of a building society based in the UK, FSCS protection applies. FSCS protection is not dependent upon the depositor’s place of residence, but where the bank, building society or credit union holds the deposit.

You can get the latest information from the FSCS here: https://www.fscs.org.uk/about-fscs/media-centre/

I took out my savings account with the West Brom in the UK when I was living here, but have subsequently moved to one of the EU 27 countries. Will there be any changes to my account?

You do not need to do anything unless we make direct contact with you.

What ultimately happens will be subject to the individual national law of the EU 27/EEA countries, and is therefore a little more complex.

Now the UK has left the EU, do I need to get out extra cash?

There is no reason why cash above and beyond the amount that you would normally withdraw will be needed.

Will there be any changes to how you contact me?

We don’t anticipate making any changes to the way we contact you (subject to any changes being imposed by the relevant EU regulators where you reside).

Will you keep me informed of any changes?

We will contact you if we need to make any changes to our products or how we service them. Any updates will also be posted on this website.

Is the West Brom ready post Brexit?

Despite the uncertainty that has surrounded the UK leaving the EU, we’re confident that we can deal with any consequences that may arise for us and the UK economy. We will continue to monitor political and economic developments to ensure that we continue to act in the best interests of our customers.

Staying safe from scams

During a period of uncertainty there is a greater risk of scams. Here are some tips from the Financial Conduct Authority (FCA) to help you protect yourself:

  • be wary of all unexpected calls, emails and text messages
  • a genuine bank or organisation will not ask for your PIN, full password or to move money to another account
  • never give out your personal or financial details unless it’s for a service you want to use, and where you trust the provider
  • don’t be pressured into acting quickly – a genuine bank or financial services firm won’t mind giving you time to think
  • always double-check the web link and company contact details in case it’s a ‘clone firm’ pretending to be a real firm
  • if you get an email, expand the pane at the top of the message and see exactly who it has come from – if it’s a scam, the email address of the sender may be filled with random numbers or be misspelled
  • beware that fraudsters can ‘clone’ these email addresses to make their emails seem genuine

 Additional sources of information

The Government, FCA and organisations such as the Financial Services Compensation Scheme have provided information for consumers:

UK Government - https://www.gov.uk/transition

FCA - https://www.fca.org.uk/consumers/how-brexit-could-affect-you

Financial Services Compensation Scheme - https://www.fscs.org.uk/about-fscs/media-centre/brexit/

MoneySavingExpert - https://www.moneysavingexpert.com/family/brexit-what-it-means-for-you/

 

Back to top