24 Aug 2017

We’ve made the switch; it’s your turn!

The Isle of Wight Council has ‘switched banks’.  From 1 September, the council will bank with Lloyds Bank. 

Councillor Stuart Hutchinson, Cabinet member for resources, said: “Most people that do business with the council will see no change. For example if you already pay the council by Direct Debit, then you don’t need to do anything. However, if you make individual separate payments to the council, you will need to change the bank details that you use.

“I would encourage everyone to change the details they use as quickly as possible. Both the old and new accounts will operate alongside of one another until November 2017; however, eventually the old account will be closed. We don’t want to risk people paying into the old account once it is closed, and then finding that payments haven’t been received by the council.”

You will need to change the bank account details that you pay into if you pay the council by:

  • Online banking transfers
  • ‘Faster payments’ (online)
  • Telephone banking payments
  • Over the counter payments
  • Standing Orders.

Please use the following Lloyds bank account details from 1 September 2017:

Account Name: Isle of Wight Council receipts account
Sort Code: 30-80-12
Account Number: 14867260

If you already pay the council by Direct Debit, this will automatically be transferred – you don’t need to do anything!

Councillor Hutchinson continued: “The quickest and easiest way to pay the council is via Direct Debit. For some regular payments, like council tax, you can set up a direct debit via the council’s website: www.iwight.com/payments; save time and do it online. Once your direct debit is set up, that’s it – you don’t have to think about the payments again, they will be collected automatically.”

Information about setting up Direct Debits for different council services is available online at: www.iwight.com/payments.

The council has ’switched accounts’ following a review of banking services and detailed procurement exercise to ensure that ongoing and future banking needs were met, and to ensure that it achieves the best value for money and highest level of efficiency from its services. The council had previously banked with RBS/National Westminster bank Bank for over 20 years.

Councillor Hutchinson added: “Changing banks has saved the council money and also provides us with the opportunity to review our processes and provide a more efficient service to our customers.”

The council holds many different types of bank account; some paying in, some paying out, for a variety of different accounts and business services. Since May 2017, these accounts have been being transferred from Nat West to Lloyds Bank; all have transferred without a hitch.

Invoicing process also changed

The council has also recently changed its invoicing process, with a new PO Box address. Please send invoices to:


Isle of Wight Council
PO Box 235
Newport
Isle of Wight
PO30 9FJ

Emailed PDF invoices or credit notes (if appropriate) can also be sent to: creditor.payments@iow.gov.uk stating that you will not be sending paper document anymore (an HMRC and council requirement).

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We are changing banks
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Factfile
  • From 1 September, the council will change its bank accounts to Lloyds Bank
  • Direct Debit is the quickest and easiest way to make regular payments to the council
  • If you invoice the council, the PO Box address has changed. You can also email invoices to the council
 
Isle of Wight, UK