Lloyds Hbos merger

rach2008

Hi all

I'd appreciate some advice again please...

I have 30k in Halifax and 30k in Lloyds. Now they have merged the combined total is more than the 50k guarenteed by the government. The trouble is my money is in fixed rate accounts and I cannot break these without losing interest. Do you think I should break the accounts anyway as the risk of losing 10k if the bank fails is far greater?

Many thanks for your help

Neil_G_2

More information can be found at the Lloyds Banking Group site. I hope you find this useful:
http://www.lloydsbankinggroup.com/investors/acquisition/faqs.asp?WT.ac=MHPAQ
Neil, on behalf of Lloyds Banking Group.

Trollfever

LLOYDS GRP. ORD 25P (LLOY67.40</SPAN> -31.00 (-31.50%)</SPAN> British Pence as of 02:34 PM GMT on 19/01/2009 (London Delay: 15 mins.)


:eek:

opinions4u

rach2008 wrote: »

Hi all

I'd appreciate some advice again please...

I have 30k in Halifax and 30k in Lloyds. Now they have merged the combined total is more than the 50k guarenteed by the government. The trouble is my money is in fixed rate accounts and I cannot break these without losing interest. Do you think I should break the accounts anyway as the risk of losing 10k if the bank fails is far greater?

Many thanks for your help

From the link posted by the group:

"Yes, your savings remain protected exactly as they were before. Lloyds TSB and HBOS savings will continue to be covered separately under the Financial Services Compensation Scheme, as both organisations will remain covered by separate banking licences. The Financial Services Compensation Scheme protects up to £50,000 (or £50,000 each for joint account holders - £100,000 altogether) of the deposits in savings and current accounts you have with each separately licensed bank.
Lloyds TSB has three core licensed banks operating on the high street, Lloyds TSB Bank, Lloyds TSB Private Banking and Lloyds TSB Scotland, plus two further licences for subsidiaries, Agricultural Mortgage Corporation Bank and Scottish Widows Bank. HBOS operates under one single licence, which will remain in place and separate to the Lloyds TSB licences."