Intelligent Finance: Difference between revisions
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{{Use dmy dates|date=January 2018}} |
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{{Use British English|date=January 2018}} |
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{{more citations needed|date=May 2016}} |
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{{Infobox company |
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| logo = Intelligent Finance.png |
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| logo_size = 250px |
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| trade_name = Intelligent Finance |
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| type = [[Division (business)|Division]] |
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| slogan = |
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| foundation = {{Start date and age|1999}} |
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| industry = [[Finance]] |
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| products = [[Financial services]] |
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| revenue = |
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| operating_income = |
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| net_income = |
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| num_employees = 287 Scotland |
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| parent = [[Lloyds Banking Group]] |
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| subsid = |
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| homepage = {{URL|http://www.if.com}} |
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| footnotes = |
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}} |
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{{R from merge}} |
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'''Intelligent Finance''' ('''IF''') is a UK [[offset bank]], a division of [[Bank of Scotland]] plc which is part of [[Lloyds Banking Group]]. It was established as a division of [[Halifax (United Kingdom bank)|Halifax plc]] in 1999 by Jim Spowart, who helped establish other direct financial services firms including [[Direct Line]]. |
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Following a reorganisation of the [[HBOS]] group, it is now a division of [[Bank of Scotland]] plc. IF's registered headquarters are in [[Edinburgh]], with customer service operations based in Scotland ([[Livingston, Scotland|Livingston]], [[West Lothian]], and [[Rosyth]], [[Fife]]). Its postal address is no longer in Livingston; it is now [[Leeds]]. |
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IF was set up at a time when many banks were exploring opportunities to use new technology to reduce the costs of providing financial services. IF established what it marketed as "intelligent" products whereby customer pick a combination of all or some of a range of bank accounts including current account, savings account, [[Mortgage loan|mortgage]] and [[credit card]]. The credit balance in a person's current account and saving accounts would "offset" any debit balances in the person's mortgage and credit card accounts. The customer would then pay interest on the net balance, potentially allowing savings to be made on borrowings. However, in June 2005 IF withdrew its offset credit card, citing high running costs. |
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Although the bank was hit by technical problems at its launch, it quickly gained a significant market share in the mortgage and current account market, and is still one of the largest in the U.K |
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Intelligent Finance sponsored the Scottish First Division football team [[Livingston FC]]. From 2006 to 2008 it sponsored the [[if.comedy award|if.comedies]] award, successor to the [[Perrier Comedy Award]], at the [[Edinburgh Fringe]]. |
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In July 2009, Intelligent Finance withdrew its mortgage and current account products to new customers, although existing customers were unaffected. In March 2013, Intelligent Finance withdrew all its remaining products to new customers. As with mortgages, existing customers continued to be able to operate their accounts. Its Visa Debit cards do not support [[contactless payment]] and cannot be added to [[smartphone]] [[near-field communication]] applications (NFC, e.g. [[Samsung Pay]], [[Apple Pay]], [[Google Pay (payment method)|Google Pay]]. |
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In Summer 2014, Intelligent Finance asked its savings customers to consider moving their accounts to [[TSB Banking Group|TSB Bank]]. Lloyds Banking Group was asked to close Intelligent Finance to new business by the [[European Commission]] in order to reduce their market share.<ref>[http://www.if.com/myifdotcom/july_savings.aspx MyIF.com]</ref> |
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In May 2023, Intelligent Finance announced, without explanation and without any mention on its website, that it would be closing all its current accounts by the end of 2023 and that customers would have to switch to a new current account or have their funds returned to them.<ref>[https://www.leicestermercury.co.uk/news/leicester-news/intelligent-finance-set-close-current-8464261 Leicester Mercury]</ref> |
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==References== |
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{{Reflist}} |
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==External links== |
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{{Portal|Banks}} |
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* {{official website|http://www.if.com/}} |
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{{Lloyds Banking Group}} |
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{{Commercial and retail banks in the United Kingdom}} |
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{{Scottish banks}} |
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[[Category:Banks of Scotland]] |
[[Category:Banks of Scotland]] |
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[[Category:1999 establishments in Scotland]] |
[[Category:1999 establishments in Scotland]] |
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[[Category:Financial services brands]] |
[[Category:Financial services brands]] |
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Latest revision as of 18:20, 12 September 2024
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