Cheltenham & Gloucester Account - What To Do?

ChelseaGirl

My husband and I have a C&G account. It is telephone based as opposed to branch based.

Can anyone advise whether we should have the funds transferred from our C&G account into our current bank account instead please? Are we at risk of losing our money if we leave it with C&G?

I'm sorry to sound so dense. I just don't understand whether branch closures will impact a telephone banking account.

Thanks in advance for any help or advice you may be able to offer. x

CG19a

You'll most probably find that your account will be transferred over to a lloyds tsb account of some sort. Your cash will be safe, it will just be a "different" bank looking after it.

yummy_2

According to the BBC news site:

"C&G will disappear from the High Street from November, but the brand will be kept for mortgages and savings.
Lloyds said C&G customers would be able to use Lloyds TSB branches."

payless

It is telephone based

the brand will ( at least in short term) still service in same way - then I guess might be rebranded- that said do check the rate you are getting some C&G accounts seem very low .. ie 0.05% !!!

MoneySavingNovice

ChelseaGirl wrote: »

My husband and I have a C&G account. It is telephone based as opposed to branch based.

Can anyone advise whether we should have the funds transferred from our C&G account into our current bank account instead please?

You can if you want.... but you don't need to do this.

Are we at risk of losing our money if we leave it with C&G?

No - C&G is a Brand Name of Lloyds TSB Bank plc - in simple terms your money is already invested in Lloyds legally speaking this makes no difference.

....... I just don't understand whether branch closures will impact a telephone banking account.

I'm sure that Lloyds will contact you and let you know this.

They do have a Q&A on their website:-

http://www.cheltglos.co.uk/customer-questions-and-answers.html

My advice is Don't Panic, your money as safe today as it was yesterday.

Andy_Ches

ChelseaGirl wrote: »

My husband and I have a C&G account. It is telephone based as opposed to branch based.

I'm sorry to sound so dense. I just don't understand whether branch closures will impact a telephone banking account.

It was a good question to ask

withnell

Basically think of it like they're just shutting your local branch - you can still ring up and do everything you used to!

dunstonh

Lloyds are closing and selling various things at the moment. Lloyds are dumping the Clerical Medical name in July and transferring all business to Scottish Widows. Staff are being made redundant there and buildings will close as well. Expectation is that longer term you will see Halifax branches start to go where there there is duplication and sufficient capacity within the the other local branches (you could see some Lloyds or ex TSB branches close in favour of keeping Halifax ones).

Branch closures have been going on for the last 50 years. Sometimes in big cuts (noticeable in the 60s and early 90s) or sometimes slowly over a period hoping not too many notice. It has no impact on your business with that bank unless you happen to use the branch that is closing and you dont want to use the nearest alternative branch.

Santander are likely to do the same long term with Abbey, A&L, B&B. They wont do it yet but it will come.

zx2011

Just so that you know C&G Savings is a division of Lloyds TSB Bank plc.

So your savings are actually with Lloyds TSB which in turn is now part of Lloyds Banking Group.