Another Lloyds TSB question

[Deleted User]

We live in Scotland, but our Lloyds account is held at a branch in England.

Last week I recieved a letter from Lloyds TSB Scotland giving details of changes to our loan our loan is not to be transferred when the Bank is taken over by The Co-operative. Thats fine, but what happens to our savings account, we have several which we use for things like car insurance, repairs etc and saving for holidays, it would appear that the savings account can be used to off set any arrears on your loan, ok, I understand that, we do not have any arrears.......but what happens then, do the savings accounts get transferred or do they stay with Lloyds TSB Scotland. Also a complication is that my husband is a Scottish Widows pensioer and as such we get preferentail rates on our accounts and a lower rate on loans etc, we also get a lower rate on our house insurance through Lloyds........will we still get this or was Scottish Widows taken over by Lloyds TSB Scotland alone, or by Lloyds TSB plc......

Any answers will be helpful, right now I just do not know what to do for the best. We have a LTSB branch in the town and do not know if it will be taken over as a branch of the Co-operative or not. I can continue to draw money from cash machines and use the PO to deposit cheques, although there days most of our transactions are by direct debit and if people need to pay me money I get them to do it by direct transfer into my account.

We recieve pitiful interest on the cash in our accounts, I can understand why olser people keep their money in the house....for me that would not be an option.

To transfer and close the savings accounts I would have to find somewhere else to deposit it, apart from the Bank of Scotland and The Royal Bank, which is also owned by Lloyds we have not other financial institutions in the town, we would have to go to Edinburgh for Building Societies etc.

It is all very confusing.......

dr_adidas01

This all depends on if your branch where your savings account is, is one of the ones that will be sold of to the Co-Op. If this is the case then Lloyds TSB wouldn't be able to use the offset rule as your saving would be with The Co-Operative not Lloyds.

Its too early to tell whats going to happen as I understand not all the details have been worked out yet.

[Deleted User]

The savings accounts are all ones accessed by the internet and money can be transferred instantly....which is what I like, if I orderer something or want to draw cash to pay for something I can go on line and transfer it and then draw ir either from the bank, whilst it is still there, or from a cash machine.

LloydsCoop

As you have a letter from Lloyds TSB Scotland you must have taken out the loan with Lloyds TSB Scotland.
I am a bit confused as you say your Lloyds account is held at a branch in England.
Do you mean your current account is held with a Lloyds branch in England and your savings accounts are with Lloyds TSB Scotland?

All Lloyds TSB Scotland branches are to be sold to the Co-op and some Lloyds TSB branches in England are to be sold.
If your savings accounts are with Lloyds TSB Scotland they are likely to be sold to the Co-op group.

[Deleted User]

We opened our account with Lloyds TSB in Hampshire some 12 years ago and they are still our branch direct debits etc go there. The savings accounts were opened on the account on the internet, not at the branch. The loan was opened here in Scotland where we now live. The b local branch do not hold the current account just the loan.

pqrdef

It goes by sort code. My internet savers at Lloyds have the same branch sort code as my current accounts, although opened online (this is not what happens at HBOS, where the online savers live in stateless limbo).

The main question is still whether your Hampshire branch is being sold.

However, Lloyds do have a major problem with people whose accounts are still at a branch which is nowhere near where they now live (there are lots of you). At some point they will have to decide what to do about it. Until they pronounce, everybody is guessing.

[Deleted User]

I have looked at the sort codes and the only savings account which has a Scottish sort code is my Isa whish has nothing in it. All the other accounts have a sort code begnning with 30 which is the same as our bank account. So I assume that the savings accounts are safe for now. Our branch is not one of the English ones that are to be closed.
Thanks. I just have to wait now and see what happens next year, one thing they will not get my savings they are due to be moved at the end of the year.