MSE News: Lloyds and TSB split today: What does it mean for you?

Archi_Bald

Jane104 wrote: »

Told yesterday need new log in details which are being sent by post!

It is normal that login details for bank accounts are being sent by post, as an added security measure. You wouldn't want them to be given out on the phone to an imposter, would you?

oldfella

as a Lloyds customer it looks like I can open 3 more Vantage accounts at TSB - excellent !

DragonQ

oldfella wrote: »

as a Lloyds customer it looks like I can open 3 more Vantage accounts at TSB - excellent !

Yeah I'm wondering whether it's worth doing this...

liamcov

DragonQ wrote: »

Yeah I'm wondering whether it's worth doing this...

Why would it not be?

DragonQ

liamcov wrote: »

Why would it not be?

I'd only be able to fill the accounts by taking money out of my ISA. If I do that and ISA rates rise to above 3% again in April, then that'd suck.

typistretired

Jane104 wrote: »

Been transferred to TSB and can't log in. Told yesterday need new log in details which are being sent by post! Are they just stalling for time?

I agree with you it states this on Lloydstsb website under key questions to split of Lloydstsb and TSB managing your account:-

"
If you have accounts that are with TSB, you should now log on to TSB Internet Banking to manage your day to day banking online. Visit the TSB website to log on. You can log on with your existing log on details, they haven’t changed."

But the TSB website does not recognise Lloydstsb log on details.

innovate

typistretired wrote: »

But the TSB website does not recognise Lloydstsb log on details.

The TSB website would only recognise the logins of those people who have been migrated to TSB.

typistretired

Jane104 stated in her post that she had been transferred but had been told they were posting new log in details to her

jrawle

All TSB customers are now covered by the Lloyds TSB Scotland banking licence, which is separate from the main Lloyds Banking Group licence, which applies to Lloyds Bank, Halifax and Bank of Scotland.

This means you can have up to £85,000 protected with TSB under the Government-backed FSCS, which guarantees you your money back if the bank fails.

If you have any cash saved in any of Lloyds Banking Group's other brands, this will have a separate combined protection of up to £85,000 under the separate Lloyds Banking Group licence.


This means you could have up to £170,000 protected if you have savings accounts with both TSB and Halifax, for example.

While the main point about TSB is correct, this is wrong with respect to Halifax. There is no such thing as a "Lloyds Banking Group licence". Halifax is covered by the licence of Bank of Scotland plc, which is separate from the licence that covers Lloyds TSB.

Therefore someone with savings in both Lloyds TSB and Halifax could already have up to £170,000 protected. As it stands, the article could unnecessarily worry people who have accounts with both Lloyds and Halifax.

The BBC made exactly the same mistake, which I pointed out. Who has been copying whom?

opinions4u

The BBC made exactly the same mistake, which I pointed out. Who has been copying whom?

MSE will have copied the Beeb.