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MSE News: Lloyds to sell branches to Co-op: what it means for you

This is the discussion thread for the following MSE News Story:

"Lloyds Banking Group has revealed plans to sell 632 branches to the Co-operative Bank by November 2013 ..."
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Comments

  • I'm one of those who bank with Lloyds TSB Scotland. My main concern is that even if the Co-Op transfer my account to them that they will close down my local branch.
  • zzzLazyDaisy
    zzzLazyDaisy Posts: 12,497 Forumite
    Part of the Furniture Combo Breaker
    Thanks for the heads up! I hold accounts at both LTSB and Coop. I don't want to lose my vantage current account, and anyway, I keep accounts in two separate banks for a reason.

    My local LTSB and the one in the next town are both on the list, but there is another branch not too far away which doesn't seem to be affected, so I could move my account to that one.

    I will be watching to see what happens.
    I'm a retired employment solicitor. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice.
  • zzzLazyDaisy
    zzzLazyDaisy Posts: 12,497 Forumite
    Part of the Furniture Combo Breaker
    I'm one of those who bank with Lloyds TSB Scotland. My main concern is that even if the Co-Op transfer my account to them that they will close down my local branch.

    Actually that is a good point. COOP merged with Britannia not so long ago, and there is a branch only a few minutes walk away from my current LTSB branch, so I guess one of them could disappear.
    I'm a retired employment solicitor. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice.
  • Actually that is a good point. COOP merged with Britannia not so long ago, and there is a branch only a few minutes walk away from my current LTSB branch, so I guess one of them could disappear.

    I think that's inevitable that they'll close down some branches to reduce running costs. My main concerns in Scotland in particular is that a lot of branches are in small towns. My local branch is in a very small town and two miles away is the bigger town with the bigger branch of Lloyds.

    I'm almost certain that my smaller one will go. We've already lost Clydesdale here and if the Lloyds branch goes we'll only have RBS & HBOS left.
  • My local branch will be closed (bank with lloyds tsb). I phoned tsb today who say that I will stay with them and won't be moved to the coop. I have a current account and cash ISA with them. I have nothing at all against the coop but they wouldn't give me a current account and lloyds tsb would, plus I have only just transferred to them!
  • jamesd
    jamesd Posts: 26,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    No time like the present to start moving current accounts to your preferred bank. I generally dislike the concept that I'm someone to be bought and sold.
  • Rupert_Bear
    Rupert_Bear Posts: 1,303 Forumite
    Good to see or not to see my branch in Berkshire has not been affected.
  • deedee71
    deedee71 Posts: 918 Forumite
    Part of the Furniture 500 Posts Name Dropper
    MSE Guy, it's more than just the branches. Intelligent Finance mortgage holders like myself may experience a bit more hardship than the rebranding of a bank branch (does it really matter??).

    The Co-op SVR is currently 4.24% whereas with IF it's 2.5%.

    I do agree with jamesd though, I will probably look at setting up a current account with the Co-op to take advantage of their better rates for customers.
  • Kushan
    Kushan Posts: 72 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    I'm very concerned about this. My branch is one of the ones being closed down and I know nothing about the Co-op's banking abilities.

    I'm currently trying to build up my credit rating, with the hope of getting a mortgage sometime in the next 12 months, I wish I knew how this would affect me.

    Anyone know how switching banks affects your credit rating?
  • I phoned tsb today who say that I will stay with them and won't be moved to the coop.

    I Wonder how this will effect myself and others in Scotland as all branches are being sold?
This discussion has been closed.
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