UK customers escape bank levy

Around 15,000 savers in the UK arm of stricken Cypriot bank Laiki will see their deposits protected under British rules and will escape the Cyprus banking levy.

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No British pensions paid to Cypriot bank accounts

British pensions will not be paid into Cypriot bank accounts for the "foreseeable future" and expats are being advised to open UK accounts, the Department of Work and Pensions said today. A spokesman said:

We are advising customers to change the bank account into which payments are made, for example by nominating an alternative bank account or the account of a 'trusted friend' which is permissible under our current rules on benefit payment.

This is a practical measure to ensure that payments reach our customers promptly, and we are not advising these customers to close their Cypriot bank accounts.

Customers who do not currently have another bank account may wish to open one. HM Treasury have also worked with Barclays to put in place a process so that individuals can open a bank account quickly if they wish to do so.

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