handing back £99m in deposits - where should savers head next?

  • The bank has been around 1787 but has struggled in recent years
  • It has already sold off its loan book and its owner has tried to sell the bank
  • In a statement on its website it said it has given depositors 60 days notice to find somewhere else to put their money
A bank which has been around since 1787 has told its customers it is shuttering its savings division and giving them back their money. In a statement on its website, chief executive Mike Redican said all account holders have been given 60 days' notice that the bank will be closing their accounts. The bank said the move was 'part of the continued reduction of its banking activities', but that 'all customers will receive their full interest entitlement up to the maturity of their investments.' Account holders who have interest due in the future will be paid this in advance. Raphaels had around £99million of customer deposits in 2019 and at the time of the announcement of the closure has three active accounts, though these cannot be signed up for by new customers.