Lloyds TSB & HBOS compensation?

marathon_man_3

My wife and I have several Halifax accounts and I am considering opening a Lloyds TSB Vantage current account for the benefit of having interest up to £5k if paying £1k in per month.

I know that Lloyds TSB are part of the HBOS group (which includes Halifax), but is there a separate £85k (£170k for the two of us) FSCS compensation entitlement for Lloyds or are they within the HBOS compensation entitlement figure?

I have tried googling but can't find it out anywhere.

Thanks

noh

Lloyds TSB and HBOS currently have seperate banking licences hence seperate £85000 FCS limits.
Check here http://www.moneysavingexpert.com/savings/safe-savings#whatcounts

opinions4u

The Halifax web site also provides the information.

http://www.halifax.co.uk/helpcentre/fscs.asp

Bank of Scotland plc and Lloyds TSB savings continue to be covered separately under this scheme, as both organisations are covered by separate banking licences. Should there be any changes to our banking licences in future, we will contact you to tell you about them in the usual way.

Gromitt

This sites "Are your savings safe?" is also pretty good for this: http://www.moneysavingexpert.com/savings/safe-savings

I don't know how upto-date it is, but if you try TSB and Halifax, you get this:

These banks/building societies all share one lot of £85,000 protection

• Cheltenham and Gloucester
• Lloyds TSB

These banks/building societies all share one lot of £85,000 protection

• AA
• Bank of Scotland
• Birmingham Midshires
• Halifax
• Intelligent Finance
• Saga
• Aviva

marathon_man_3

Thank you for the replies.

I have just looked at the Lloyds TSB website to try and open an account and I have a problem. I live in the Shetland Islands (particularly crappy weather here today, by the way) and we have a Lloyds TSB branch in our capital, Lerwick, that is going to be transferred to the Co-operative bank sometime next year. I wanted to have a Lloyds TSB account in operation as we are planning to move south to England again in 2014 and I wanted to have an account history with them by then so that we could deposit some of our house proceeds with them whilst looking for a new place. It would seem, from the following paragraphs on the LLoyds website, that I would not be a customer with Lloyds after the transfer.
I guess that I can't open an account with Lloyds, to stay with Lloyds until we have moved to England. Any thoughts?

All Lloyds TSB branches in Scotland, and some Lloyds TSB branches in England and Wales, are going to be transferred to a new owner. The staff and some of the customer accounts based at these branches will also transfer. Other parts of Lloyds Banking Group will be transferring as well, including some parts of Cheltenham & Gloucester. A list of the branches that will be included in the transfer can be found on our website.

We need to bring all those parts of the business together under the Lloyds TSB Scotland plc banking licence, in preparation for the transfer to the new bank. If your Current Account application is successful, you will be advised if your account is being moved in your welcome pack. We'll provide you with a leaflet giving more detail about the legal move from Lloyds TSB Bank plc to Lloyds TSB Scotland plc.

marathon_man_3

Apologies for "bumping up" this topic but can anyone suggest how I can open a Lloyds TSB vantage account, here in Scotland, then stay with Lloyds even though their Scottish branches are going to other banks (as per the extract above in my last post)?
I don't want to be a co-op bank customer which is what our local branch will become.
Thanks.

rb10

marathon_man wrote: »

Apologies for "bumping up" this topic but can anyone suggest how I can open a Lloyds TSB vantage account, here in Scotland, then stay with Lloyds even though their Scottish branches are going to other banks (as per the extract above in my last post)?
I don't want to be a co-op bank customer which is what our local branch will become.
Thanks.

You would need to open a Bank of Scotland Vantage account.

soulsaver

marathon_man wrote: »

Apologies for "bumping up" this topic but can anyone suggest how I can open a Lloyds TSB vantage account, here in Scotland, then stay with Lloyds even though their Scottish branches are going to other banks (as per the extract above in my last post)?
I don't want to be a co-op bank customer which is what our local branch will become.
Thanks.

Can't it be opened by online and post?
If not I'd recommend putting your case to Lloyds and ask them to do something special.

I know 'pigs might ...'
But costs nothing to ask - they cant make people stay with the co op - can they?

bowlhead99

marathon_man wrote: »

we are planning to move south to England again in 2014 and I wanted to have an account history with them by then so that we could deposit some of our house proceeds with them whilst looking for a new place.

You don't need any history with them to be able to make a deposit with them in 2014.

It might of course be easier to apply for various credit products if you're a longstanding customer, if that's what you mean, but it's a different point.

On the website, they allow you to open an account by phone. These days many people never use branches. It might be that accounts opened centrally just get some central English sort code. I opened an account wth Nationwide online years ago and have never even queried what branch my sort code relates to (it's probably on my statement... I go into the one currently nearest me if I need a branch service).

So just call them up and say you want to open an account but not if they're going to give you an account that will be sold. If they have an agreement with their buyer that any new central applications by scottish residents must be allocated to scottish branches, you're stuffed, if not, you're fine.

If that doesn't work you could always physically go to an English branch that's not being sold. Unless you really really want to build up a history with Lloyds, probably not worth it just for a couple of percent extra interest on a capped amount of account balance.