What if I don't want to move? You can apply for a new current account at Lloyds and switch back. However, it is likely that interest rates will remain aligned between TSB and Lloyds for a period of time after launch to simplify things for customers." Initially, TSB products will mirror Lloyds TSB's offering but, over time, TSB will look to offer its own products.Ī Lloyds spokeswoman says: "TSB will be independent and therefore will set its own product pricing. Lloyds says that customers will continue with the same deals until the TSB bank is sold off to another buyer or floated on the stock market.Īnyone in a deal with fixed terms and conditions – for example, someone on a fixed-rate mortgage – will continue until the end of their contract. Will I still get the same deal on my savings and mortgages? Yes, but only for now. Under the Financial Services Compensation Scheme you will have £85,000 of savings protected with each brand. TSB will get its own banking licence so you will get separate protection for money held there and any accounts you may still have with Lloyds.
None of the bad bits of Halifax Bank of Scotland, which was rescued by Lloyds during the credit crunch, will be on its books. Will my money be safe in this new bank? Lloyds says the new TSB bank will be strong, with a loan book that matches the amount of money held on deposit. Broadly speaking, once you are an ex-Lloyds customer shifted to TSB, when you enter a Lloyds branch you will be treated as if you are the customer of any other bank, such as Barclays or HSBC. When you pay cash in over the counter at the other bank you will have to wait for it to be credited to your account before it starts earning interest or you can draw on it. The ATMs will let you withdraw money regardless of who your account is with, but you will not be able to print a mini statement or transfer cash on a Lloyds ATM if you are a TSB customer, and vice versa. My nearest branch will stay with Lloyds – can I still use it? Yes you can, but there will be some changes.įor a start, you will not be able to use the Depositpoint service at Lloyds – you will only be able to use counter and ATM services. The online Money Manager service will be rebadged Money Planner and with Lloyds owning the trademark for Cashpoint, any cash card you have will be renamed an ATM card.įortunately the interest rates on the accounts will remain the same and the staff should know what you're on about if it takes you a while to adjust. If you have had a Vantage current account when you move to TSB it will be renamed an Enhance, with the same interest paid. However, the name of your account and things attached to it could change. Once used, a new TSB branded cheque book will be issued.įor internet banking, you will also be able to use the same details to log in as before – although you will need to use the TSB service, not Lloyds.
#TSB MEANING CODE#
These still carry Lloyds branding but, from Monday, TSB-branded cards will start to be issued.Ĭustomers will still be able to use any remaining cheques from their existing Lloyds book as the account number and sort code will remain the same. If you are being shifted to TSB, by now you will have received new debit and credit cards. Will my account details change? No, sort codes and account numbers will stay the same. That deal fell through, but the same customers are being moved from the Lloyds brand. The original plan was for Lloyds to sell the TSB branches to the Co-operative Bank, and when that was agreed it wrote to customers informing them they were being moved. How do I know if I'm one of those customers? You will have received large amounts of communications from Lloyds by now, including new cards. You might not necessarily run your account in a branch – all of your contact with the bank may be online – but if your account is held there, it will move over. Who is being moved? The move will affect customers who hold accounts with one of the 631 branches that are being rebranded as the TSB bank.
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