MSE News: Lloyds and TSB to split: what it means for you 8 August 2013 at 3:58PM in Budgeting & Bank Accounts 56 replies 7.2K views

Former_MSE_Helen

"From 9 September Lloyds TSB branches will be split and re-branded as either Lloyds Bank, or TSB..."

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Lloyds and TSB to split: what it means for you




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MoneySaverLog

To stay with Lloyds or to swap to TSB that is the question. Quite happy with Lloyds who have a branch near to work but the branch near home is going to become TSB ;-(

torbrex

I do not have an actual account but I do have the Lloyds TSB duo credit cards.
I got a letter a couple of months ago telling me of the split but it did not actually say what would become of my CC account, the letter was unclear as to whether I would be issued new cards straight away or hold them until their expiry date.

I may have missed the information as the wording of the letter was aimed at actual account holders rather than people that just used the credit cards.

motherhen61

I feel a bit uneasy about this change.....I have a business account with them and a lot of my customers pay by cheque and bank with the same bank as me, their cheques are like cash they go straight into my account...not any more, they may not move but stay with Lloyds and I'll have to wait until their cheques clear so....I'm going to hedge my bets and open an account with Lloyds as am being moved to TSB, it can't do any harm, the reduction in the number of branches I can use is a nuisance to say the least also.

LardyCake

I'm being switched to TSB.

Very pleased as I see it as an opportunity to to open another three Lloyds Vantage accounts @ 3% while keeping my existing three (now) TSB Vantage accounts @ 4%.

SteveJW

Currently a Lloyds customer, I am down to switch to TSB

Currently have a gold account with Lloyds, this gives me free travel insurance and various other benefits.
It doesn't cost me a penny as the account was opened a long while ago when they didn't charge for the benefits.
Apparently they cannot start charging unless you upgrade your account, even Martin has said if you are getting the benefits without any monthly payments its a good deal.
Wonder what happens when I change to TSB

EarthBoy

LardyCake wrote: »

I'm being switched to TSB.

Very pleased as I see it as an opportunity to to open another three Lloyds Vantage accounts @ 3% while keeping my existing three (now) TSB Vantage accounts @ 4%.

TSB will call them Enhance, rather than Vantage.

See page 4:
http://www.lloydstsbtransfer.com/global/tsb_nov_june2013.pdf

PaulW922

MoneySaverLog wrote: »

To stay with Lloyds or to swap to TSB that is the question. Quite happy with Lloyds who have a branch near to work but the branch near home is going to become TSB ;-(

Don't forget that you can use the Post office for deposits and withdrawals too - if you don't mind queueing!

Anthorn

Pretty much old news. What remains is the question of how it's to be done and it appears that Lloyds TSB will be sticking with it's original plan reinforced after the sell off to Co-op Bank fell through: That is to merge 600 or so Lloyds TSB branches into TSB and sell off the remaining Lloyds TSB branches.

So existing customers may not get the choice of where their accounts eventually end up.

vns

LardyCake wrote: »

I'm being switched to TSB.

Very pleased as I see it as an opportunity to to open another three Lloyds Vantage accounts @ 3% while keeping my existing three (now) TSB Vantage accounts @ 4%.

+1...Hopefully means I can get another three accounts, one of mine currently is being switched over to TSB

EarthBoy

Anthorn wrote: »

.. it appears that Lloyds TSB will be sticking with it's original plan reinforced after the sell off to Co-op Bank fell through: That is to merge 600 or so Lloyds TSB branches into TSB and sell off the remaining Lloyds TSB branches.

They are selling off the TSB branches, not the remaining Lloyds TSB branches. Those will become Lloyds Bank.