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Ulster Bank announced a phased withdrawal of all its banking services from the Irish market in February this year.
The bank has now updated customers with notice to close personal banking products and services for new business.
From Friday 6 August, Ulster Bank will no longer accept new business customers, except for its Lombard Asset Finance business.
What this means for you as a personal customer
It will continue to accept applications from new and existing personal banking customers until the close of business 29 October 2021.
From this date, personal banking customers will not be able to access new products from the bank.
This will include new current accounts, new deposit accounts, new credit cards and new personal loans.
Exceptions for existing personal customers
There are some exceptions. The bank will continue to accept new mortgage applications from existing personal customers after 29 October 2021.
If and when this new mortgage application is fully approved and the offer letter issued, the mortgage account will transfer to a new provider in the future.
If you have a mortgage application in process, Ulster Bank will continue to support you until conclusion.
Mortgage loan offers are valid for six months and if this expires, you will need to reapply.
Any change of rate request with regard to a mortgage loan will require a new mortgage loan offer letter.
If and when these mortgages are transferred to a new provider by Ulster Bank, all existing terms and conditions will continue.
Overdrafts
The bank will also accept overdraft applications for both new and increased limits from existing current account customers in limited circumstances after 29 October 2021, such as short-term emergency fund requirements.
Credit cards
The bank will continue to accept applications for limit increases on existing credit cards in certain circumstances (short-term emergencies).
Home or car insurance
There is no impact for you if you hold car or home insurance with Ulster Bank as an existing customer.
At renewal date, the bank will write to you to provide you with a renewal quotation.
Your quote will remain valid for 30 days for car insurance and 90 days for home insurance from the date you received the quote.
Mortgage protection, life protection, investment and pensions
Ulster Bank will continue to provide ongoing financial planning advice to all existing customers through Irish Life.
Business banking customers
Access to all the bank's products and services for existing business banking customers is unchanged.
Ulster Bank will no longer offer products and services to new or non-Ulster Bank customers from Friday 6 August 2021, except Lombard Asset Finance, which remains open for new and existing customers.
If a business customer has already applied for a product or started the process as a new customer, the bank will continue to process this particular application.
Phased wind-down
As part of the Ulster Bank phased wind-down, NatWest, its parent company, has reached agreement to sell €4.2bn of corporate and large business loans to AIB Bank, and has broadly agreed to sell €7.6bn of performing mortgages and micro-business loans to Permanent TSB (PTSB).
NatWest plans to take a stake of up to 20% in PTSB as part-payment for the loan sale, together with 25 branches and up to 500 employees.
This deal will dilute the Government’s 75% stake in PTSB, which could be seen as a first step in returning to a somewhat normalised banking sector.
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