What Lloyds' split from TSB means for you


Lloyds and TSB have parted ways. If you were a Lloyds TSB customer, here's what you need to know.

To comply with European law, Lloyds had to shed 631 of its 1,931 branches. They have been formally separated from Lloyds to become TSB Bank branches. The remaining Lloyds branches have officially become Lloyds Bank.

So if the branch you opened your old Lloyds TSB account has become TSB Bank, so will your account. If you opened different accounts in different branches you could find yourself a customer of both banks.

You will have to open a new account if you find yourself with a bank you don't want to be with. If your account becomes a TSB but you would prefer to be a Lloyds Bank customer, you can ring 0800 028 0428 to open a new Lloyds account.

Has my branch been affected?

You can find out what's happened to your local branch at http://www.lloydstsbtransfer.com/search/. But in a nutshell, all Lloyds TSB Scotland branches, all Cheltenham & Gloucester branches and some Lloyds TSB branches have become TSB Bank branches.

Will my account details change?

Your account numbers, sort codes, PINs, and any direct debits and standing orders should have stayed the same, as will the interest rates you were receiving or paying. But you will receive new bank and credit cards that will be rebranded.

Can I use Lloyds and TSB branches?

Yes - well, in the short-term anyway. A date when this will stop has yet to be announced.

How will my savings be protected?

Both banks have separate licenses under the Financial Services Compensation Scheme so if you have money with both institutions, up to £85,000 will be protected in each bank should they go bust.

If you'll be affected by the split, let us know how you get on and what you think about it in the comment box below.

Although the new TSB Bank website had an inauspicious start, crashing on the morning it launched, customers are nevertheless able to find out everything they need to know online, at www.tsb.co.uk.

Your Comments

I am interested in what will happen to Lloyds TSB share holders. As I own shares will I end up owning shares in Lloyds &TSB?

Wishful thinking

I originally opened my account with TSB and actually moved baniks after the Lloyds merger, but never closed the account and still use it occasionally.  I shall wait and see how things go but could be tempted to change it back to may main account if they make me any decent offers...........

You do not own shares in Lloyds TSB, you own shares in Lloyds Banking Group PLC (LLOY.L). Once TSB is sold off to a new owner your shares will have nothing to do with that bank, they will remain as LBG shares.