LLoyds HBOS

DtB

I know I'm not alone, but I'm one of those who has savings in both Lloyds & HBOS and was just wondering if anyone has heard whether, after the merger, they will both retain their separate BoE guarantees or whether they'll just have a solitary "concern" one? IE: only guaranteed for GBP 50K and not
GBP 100K. Would be useful to know and I haven't managed to find anything concrete on the situ.

rb10

As far as things go at the moment, they will retain their separate licences, so you will be covered for up to £50k in Lloyds TSB (+ a further £50k in places like C&G, which, although they are part of the LTSB group, have separate licences) in addition to £50k within the whole HBOS group.

They may change this at some stage in the future, but for now you will be ok

DtB

Good to know, thanks, as I'm beginning to run out of places to stash cash.....

dunstonh

Lloyds also have Scottish Widows Bank with their own £50k licence as well. So, they are already running multiple licences and if you look at how long it took them to integrate TSB, its fair to say it will be just as long, if not longer with HBOS. Especially as branding is to remain.

worried_jim

"its fair to say it will be just as long, if not longer with HSBC"
I hope you mean hbos !!

dunstonh

worried_jim wrote: »

"its fair to say it will be just as long, if not longer with HSBC"
I hope you mean hbos !!

Damned initials - thanks and corrected.

worried_jim

I thought I'd missed another takeover whilst on lunch !

Neil_G_2

Having read through the comments on this thread, I thought I would flag up the latest pages on the Lloyds TSB website that cover the proposed HBOS acquisition: www.lloydstsb.com/hbosacquisition. Whilst I can’t specifically answer your queries, I hope the site gives an overview of the latest situation. Neil, on behalf of Lloyds TSB.

DtB

Seem to have found the answer to my own question here whilst trawling the Halifax website for a decent interest rate................... Quote:

"Are my savings protected?
Yes, your savings remain protected exactly as they were before. Halifax and Lloyds TSB savings will continue to be covered separately after the new group takes effect, as both organisations will continue to be covered by separate banking licences for the foreseeable future.
This means you will continue to be covered for up to £50,000 (or £100,000 for joint accounts) of total savings across all brands covered by the Bank of Scotland plc banking licence (which includes protection for Halifax savers, and these other trading names and divisions - Bank of Scotland, Birmingham Midshires, Intelligent Finance, St James's Place, AA and Saga).
Lloyds TSB has five separate licensed banks, Lloyds TSB Bank, Lloyds TSB Private Banking, Lloyds TSB Scotland, Scottish Widows and AMC Bank. Deposits you have with each of these banks will be protected up to £50,000 (£100,000 for joint account holders).
Should there be any changes to our banking licences in future, we will contact you to tell you about them in the usual way.
Any regulated investments you hold with either company will also be protected exactly as before under the scheme."

Good to know....................

fullstop

Lloyds ,TSB have just been fined $350.million in the US , more cutbacks on the way?