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

flexrider

opinions4u wrote: »

While it may lead to a handful of branch closures, the Co-op aren't exactly a massive high street presence, and their premises are often small.

So if neither set of premises has capacity for both sets of customers then closure is unlikely.

As for job losses, branch staff below the management levels will rarely be made redundant. Transfers to vacant positions in other branches are more likely. Even with management, there will usually be alternative employment somewhere within the branch network.

Good point on the co-op as when i think Co-Op i think of supermarkets and shopping on a weekly basis. Not personal banking But one point to consider is that this is mostly a win-win for the Co-op as form hearing there adverts any money they make they suppost to share with the customers unlike LLoyds who shre it with shareholders. I bank with Lloyds still have a minor savings account with them and i liked Lloyds recently being able to take five pounds from machines instead of 10 pounds was a fantastic Idea, lol

opinions4u

flexrider wrote: »

one point to consider is that this is mostly a win-win for the Co-op as form hearing there adverts any money they make they suppost to share with the customers unlike LLoyds who shre it with shareholders

A quick comparison of accounts below - any thoughts on who shares the most with their customers?

Online easy access account: 2.50% LTSB; v 0.25% Co-op

Easy access cash ISA: 2.35% LTSB; v 0.50% Co-op

Current account: 3.00% LTSB; v 0.00% Co-op

3 year term deposit: 3.70% LTSB; v 3.31% Co-op

Kids account: 3.00% LTSB; 0.25% Co-op

I don't think a couple of quid's worth of Co-op divi is really worth waiting for on the back of those shocking rates.

0.25% for kids - from a supposedly ethical bank?!!!

flexrider

opinions4u wrote: »

A quick comparison of accounts below - any thoughts on who shares the most with their customers?

Online easy access account: 2.50% LTSB; v 0.25% Co-op

Easy access cash ISA: 2.35% LTSB; v 0.50% Co-op

Current account: 3.00% LTSB; v 0.00% Co-op

3 year term deposit: 3.70% LTSB; v 3.31% Co-op

Kids account: 3.00% LTSB; 0.25% Co-op

I don't think a couple of quid's worth of Co-op divi is really worth waiting for on the back of those shocking rates.

0.25% for kids - from a supposedly ethical bank?!!!

Thanks for the reply but i was only going on the advertisement they say in the stores i have heard on my daily shopping(Of being punished by the misses as i call it as i hate shopping with a passion )

anyhow I see your point But dont forget 2012 new competition starts Virgin is rolling out Virgin Bank (God help us) and metro bank has been open in some areas some seems to be some new trend for other sectors to start banking.

opinions4u

flexrider wrote: »

Thanks for the reply but i was only going on the advertisement they say in the stores i have heard on my daily shopping(Of being punished by the misses as i call it as i hate shopping with a passion )

Not a dig at you. Just a major dig at the Co-op's holier than thou marketing spiel which isn't always backed up by reality.

anyhow I see your point But dont forget 2012 new competition starts Virgin is rolling out Virgin Bank (God help us) and metro bank has been open in some areas some seems to be some new trend for other sectors to start banking.

Northern Rock are already competitive in some markets. Metro Bank never have been.

jennifernil

opinions4u wrote: »

A quick comparison of accounts below - any thoughts on who shares the most with their customers?

Online easy access account: 2.50% LTSB; v 0.25% Co-op

Easy access cash ISA: 2.35% LTSB; v 0.50% Co-op

Current account: 3.00% LTSB; v 0.00% Co-op

3 year term deposit: 3.70% LTSB; v 3.31% Co-op

Kids account: 3.00% LTSB; 0.25% Co-op

I don't think a couple of quid's worth of Co-op divi is really worth waiting for on the back of those shocking rates.

0.25% for kids - from a supposedly ethical bank?!!!

Exactly!

THIS is why I object to being sold to the Co-op.

Kate49

I can´t wait. Loathe Lloyds I keep having to change my savings account as they change the rates without notifying you. The Co-operative Financial arm has always been good and I look forward to having my accounts switched. You may ask why I don´t just move anyway. Well I live in Spain so cannot open up a new UK bank account.

davethorp

Well that explains something (I think). I recently opened a lloydsTSB account online and rather than opening at my nearest branch which is on the list to be sold it opened at a smaller branch further away from me. I'm guessing they have been making sure that new customer accounts are opened at branches they are keeping

terry2

opinions4u wrote: »

I suspect a number of the locations put up for Verde will be old TSB branches where there's a duplicate Lloyds branch nearby.

In my case they are closing the old Lloyds branch and keeping the nearby ex TSB branch. Given the branches involved I can't think of a sensible reason why they would do it that way - but hey I'm just a punter.

What bothers me more is how successful they are going to be in migrating all my DDs and SOs either across to the coop or to another lloyds branch. Not to mention my effort involved in changing accounts with other internet banks etc to point to the new location. I have visions of ending up with a few black holes.

smallfry27

I don't want to spread further alarm and despondency, but Money Box radio programme today said that if your account is held at a branch targetted for sale, Lloyds wouldn't be allowed to simply move you to a different Lloyds branch. When any business changes hands, there is usually some agreement to stop the leaving owner from creaming off clients. So if you want to move, it could be a good plan to do it before the contracts between Lloyds and Coop are in place.

I would be interested to hear if anyone is or isn't successful moving their account, as I have a lot of friends who will be affected. Fortunately my own branch is ok.

One of the branches on the closure list is also one of the few locally that provides safety deposit boxes - I'd be surprised if the Coop offers that sort of service.

MoneySaverLog

opinions4u wrote: »

A quick comparison of accounts below - any thoughts on who shares the most with their customers?

Online easy access account: 2.50% LTSB; v 0.25% Co-op

Easy access cash ISA: 2.35% LTSB; v 0.50% Co-op

Current account: 3.00% LTSB; v 0.00% Co-op

3 year term deposit: 3.70% LTSB; v 3.31% Co-op

Kids account: 3.00% LTSB; 0.25% Co-op

I don't think a couple of quid's worth of Co-op divi is really worth waiting for on the back of those shocking rates.

0.25% for kids - from a supposedly ethical bank?!!!

Yep big differences, but there are still differences between the Halifax and Lloyds rates yet they are all part of Lloyds Banking Group.

e.g. Looking at the 2 year fixed rate ISA between the two banks.
Lloyds TSB - 3.3%
Halifax - 3.5% plus entry into the prize draw if you deposit £5K for free