Lloyds/Bank of Scotland/Halifax regular/monthly saver limits

aaj123

As an aside, anyone know why on earth the Lloyds group has set up multiple branding by way of BoS / Halifax / Lloyds when all of them seem to offer similar products and are even part integrated on apps? Do they each have their individual FSCS protection or is it joint across the three?

allegro120

aaj123 said:

As an aside, anyone know why on earth the Lloyds group has set up multiple branding by way of BoS / Halifax / Lloyds when all of them seem to offer similar products and are even part integrated on apps? Do they each have their individual FSCS protection or is it joint across the three?

FSCS protection is joint.

aaj123

allegro120 said:

aaj123 said:

As an aside, anyone know why on earth the Lloyds group has set up multiple branding by way of BoS / Halifax / Lloyds when all of them seem to offer similar products and are even part integrated on apps? Do they each have their individual FSCS protection or is it joint across the three?

FSCS protection is joint.

Why then do they even have all these multiple brands that on first sight appear different banks but are really the same entity? Same with RBS / Natwest.

WillPS

allegro120 said:

aaj123 said:

As an aside, anyone know why on earth the Lloyds group has set up multiple branding by way of BoS / Halifax / Lloyds when all of them seem to offer similar products and are even part integrated on apps? Do they each have their individual FSCS protection or is it joint across the three?

FSCS protection is joint.

No it isn't - Halifax, Bank of Scotland (+ Intelligent Finance + Birmingham Midshires) are protected under Bank of Scotland plc.

Lloyds Bank (+Scottish Widows + Mayfair) are protected under Lloyds Bank plc.

Separate protection between the two historic sides.

WillPS

aaj123 said:

allegro120 said:

aaj123 said:

As an aside, anyone know why on earth the Lloyds group has set up multiple branding by way of BoS / Halifax / Lloyds when all of them seem to offer similar products and are even part integrated on apps? Do they each have their individual FSCS protection or is it joint across the three?

FSCS protection is joint.

Why then do they even have all these multiple brands that on first sight appear different banks but are really the same entity? Same with RBS / Natwest.

Market positioning and loyalties north of the border.

Halifax does have a different product offer and their target market is less affluent, more everyday.

AmityNeon

aaj123 said:

Why then do they even have all these multiple brands that on first sight appear different banks but are really the same entity? Same with RBS / Natwest.

Banking has a long and complex history, with acquisitions, bailouts, building society demutualisation, mergers, spinoffs etc. Brands/divisions also cater to different customer segments and target markets, including countries. Despite sharing the same banking licence, they are still separate legal entities operating as distinct businesses offering their own products and features. We customers benefit from a greater variety and choice of accounts overall.

redux

aaj123 said:

allegro120 said:

aaj123 said:

As an aside, anyone know why on earth the Lloyds group has set up multiple branding by way of BoS / Halifax / Lloyds when all of them seem to offer similar products and are even part integrated on apps? Do they each have their individual FSCS protection or is it joint across the three?

FSCS protection is joint.

Why then do they even have all these multiple brands that on first sight appear different banks but are really the same entity? Same with RBS / Natwest.

You might pose a similar question about any range of businesses that own several brands - shoe and clothing shops, food, health, domestic cleaning products. For instance Unilever has a few hundred; would you be attracted to ideas of Dove or Domestos ice cream?

dcs34

Cost of rebranding / potential loss of customers due to brand loyalty / potential disruption during rebrands/mergers outweighing any minor benefit in reduced operating costs?

They clearly share IT systems and some back of house functions which pools the administrative costs. Branches have been economised between the brands so you won't tend to find them all in the same area. Products have been consolidated so there's consistency between the brands (i.e. fewer T&Cs, reduced risk).

Yes if you were designing it from scratch today you probably wouldn't have this set-up, but given the historic evolution, if it ain't broke...

wmb194

aaj123 said:

As an aside, anyone know why on earth the Lloyds group has set up multiple branding by way of BoS / Halifax / Lloyds when all of them seem to offer similar products and are even part integrated on apps? Do they each have their individual FSCS protection or is it joint across the three?

It has many more brands than this e.g., there's also Scottish Widows, iWeb, MBNA, BM Savings and some I've never even heard of like AMC.

As others have said, it offers the opportunity for differentiated pricing, offerings and market segmentation.

https://www.lloydsbankinggroup.com/who-we-are/our-brands.html

Bridlington1

aaj123 said:

allegro120 said:

aaj123 said:

As an aside, anyone know why on earth the Lloyds group has set up multiple branding by way of BoS / Halifax / Lloyds when all of them seem to offer similar products and are even part integrated on apps? Do they each have their individual FSCS protection or is it joint across the three?

FSCS protection is joint.

Why then do they even have all these multiple brands that on first sight appear different banks but are really the same entity? Same with RBS / Natwest.

I'm not complaining though. If one offers a competitive product, say a high paying regular saver, I can usually get a similar if not identical copy at one of their other brands. Much more profitable for us rate tarts is they keep things as they are.