Capital One has said that after careful consideration, it is to stop offering savings accounts in the UK.
Its existing customers will have their savings account transferred to Skipton Building Society, under the trading name Castle Money.
Capital One said this is to take place on or around the 27 July this year, when the plan is expected to be rubber stamped by the Financial Services Authority and the High Court.
Savers have been reassured that the change will have little effect on their money and the way they carry out transactions.
"The terms and conditions of your account will not change as a result of the transfer. Your account will continue to operate as normal and can be serviced in the same way. The balance in your account will not be affected," Capital One said.
Skipton is the UK's fifth largest building society and took over Scarborough Building Society last year. It has over 860,000 customers and assets of over £16 billion.
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