View more on these topics

Closing bonus as online bank becomes a casualty

Zurich Bank, the online service set up by Zurich Financial Services in January, closed to new business last week and will shut down completely in spring 2003.

It claims the launch into internet banking in a joint venture with HBoS was “highly successful” but ZFS has decided to focus on its core insurance business after the group unveiled a £1.3bn loss.

It says it is too early to say what will happen to the 200 jobs at the bank as existing customers will be serviced until next spring.

Zurich Bank will not disclose how many customers it has but says it got 70,000 formal applications.

All current accountholders will be paid a bonus of 5 per cent of their balance, with a minimum payment of £200.

It launched four Zurich own-brand mortgages in June, sold through the Zurich Advice Network, which are being scrapped.

It will not put a figure on how many borrowers it has but says that they will not be affected by the withdrawal and HBoS will continue to provide mortgages through Zan.

Zurich banking customers can switch for free to Halifax or Intelligence Finance accounts.

Zurich Bank managing director Chris Gillies says: “Our priority is to ensure that customers are treated fairly.”

Recommended

Scottish Life International covers all options

Scottish Life International has introduced an offshore guaranteed equity bond — select income and growth bond 3 — which is linked to the FTSE 100, S&P 500 and Eurostoxx 50 indices for three years and two months. The opportunity option offers a choice between annual income of 10 per cent, quarterly income of 2.4 per […]

Days of swine and roses

Spare a thought for the little piggies that are going to market to raise £1.6bn to save their bacon.Zurich Financial Services&#39 promise that pigs can fly has succumbed to the laws of gravity and the company has announced the closure of its much-hammed-up banking operations with job losses of up to 4,500.Clearly, Zurich is hoping […]

Property price rises plummet

UK house price rises have fallen sharply, with an increase of just 0.2 per cent in August after a 1.9 per cent rise in July and 2.4 per cent in June, according to Halifax.Its monthly house price index shows the annual rate of price growth has fallen to 18.8 per cent from 20.8 per cent […]

Lessons in gaining media support

David Barnett (Money Marketing, August 29) should take heart from the success of the campaign to curb new regulations on care homes and apply the lesson to financial services.The campaign to head off the closure of care homes through rigid application of new regulations relating to the size and amenities of rooms got widespread media […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com