Most Brits hold their money in a bank, and sometimes new rules come in that affect your cash.
If you are a customer of Santander, NatWest or First Direct, you may want to heed the advice of a social media finance expert, who has detailed several significant changes affecting the banks in the coming days.
Caroline Butler, who regularly shares her insights into finance and shopping matters in the UK, took to TikTok to explain what impact the moves will 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 below.
Santander
Caroline began by highlighting Santander customers should be wary of a potential “cash chaos” situation 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 said.
Meanwhile, five other branches are going “counter-free” meaning there will be there will be no big cash deposits are coin services available. “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).
NatWest
At NatWest, meanwhile, business banking fees are to rise according to Caroline. “In August they are increasing cash handling fees,” she said. “These will increase from 70p to 95p per £100.”
The same bank is undergoing changes to its cheque processing terms and BACS transactions, meanwhile. As Caroline advised: “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 explain that paper statements will no longer be sent to holders of savings accounts, who instead will have to rely on First Direct’s app or website for details of their transactions.
In “further bad news for savers”, Caroline closed by pointing out that on August 7, the bank rate is set to drop from 4.25% to 4%, which will mean “shrinking returns” for savers.
Earlier this year Santander announced plans to close numerous branches throughout 2025, with closure dates of several others yet to be confirmed.
A spokesperson for NatWest said of the bank’s August changes: “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 recently detailed its “smart new digital innovations” revealing a number of changes to mobile phone banking. “When it comes to making banking better, we never think our job is done,” the bank said. “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.”
