These FAQs are designed to provide brief answers to commonly asked questions you may have relating to the acquisition of HBOS plc by Lloyds TSB Group plc.
As a customer of one or more of the Lloyds Banking Group’s brands (Lloyds TSB, Halifax, Lloyds TSB Scotland, Bank of Scotland, Cheltenham & Gloucester, Scottish Widows, Clerical Medical etc.), what does the creation of Lloyds Banking Group mean for me?
You can deal with us as usual - no matter the brand(s). There will be no immediate changes to your accounts or products.
Customer relationships and good service remain our top priority. We are working hard to keep the impact of any changes for customers to a minimum. You can continue doing business with us as you always have.
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Are my savings protected?
Yes, your savings remain protected exactly as they were before. Lloyds TSB and HBOS savings will continue to be covered separately under the Financial Services Compensation Scheme, as both organisations will remain covered by separate banking licences. The Financial Services Compensation Scheme protects up to £50,000 (or £50,000 each for joint account holders - £100,000 altogether) of the deposits in savings and current accounts you have with each separately licensed bank.
Lloyds TSB has three core licensed banks operating on the high street, Lloyds TSB Bank, Lloyds TSB Private Banking and Lloyds TSB Scotland, plus two further licences for subsidiaries, Agricultural Mortgage Corporation Bank and Scottish Widows Bank. HBOS operates under one single licence, which will remain in place and separate to the Lloyds TSB licences.
Any regulated investments you hold will be protected exactly as before under the scheme. Should there be any changes to our banking licences in future, we will contact you to tell you about them in the usual way.
More information on the Financial Services Compensation Scheme and full details of the companies covered by the different banking licences are available by clicking on the following link:
Financial Services Compensation Scheme (FSCS) (opens in a new window).
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Will any of the fees, charges or rates change?
For Lloyds TSB customers using branches of Halifax:
For Halifax or Bank of Scotland customers using Lloyds TSB or Lloyds TSB Scotland branches:
For Lloyds TSB and Lloyds TSB Scotland customers using Bank of Scotland branches:
Will the product features, terms and conditions change of any of the Lloyds Banking Group brands?
Other than the changes mentioned above, there will be no changes to any of your current products. If there are any changes to your existing products in the future, we’ll let you know about them in the usual way.
Why do Lloyds TSB and HBOS products have different interest rates or charges now that you are part of the same Group and will any increases or decreases be applied in the same way at the same time across all brands?
There will be no change to existing account terms and conditions and any changes in the future will be communicated to you in the usual way.
Can I use any branch of any bank in the Lloyds Banking Group?
No, it’s best to continue using your local branch or another branch of that bank.
Can I transfer money straight into my HBOS account today from Lloyds TSB or vice versa?
Until our services are aligned, fund transfers, including deposit of cheques, will take the same amount of time – 3-4 working days. It will be quicker if you can send them as a Faster Payment such as Single Immediate Payments (SIP) – same day Funds Transfers, Future Dated Payments (FDP) or Standing Orders.
We'd like to make payments even quicker in the future, as soon as we've upgraded our different computer systems to work together. For the time being, money transfers, other transactions and cheque clearances will take the same time as they always have.
Is there one number I can phone to service all my accounts within the Lloyds Banking Group?
Please keep using your phone banking service the way you always have done.
Can I use my online facilities with one bank within the Lloyds Banking Group to service my other accounts within the Group?
As with phone banking, please keep using your existing online banking facilities with each bank brand to do your online banking.
If I use internet banking for any one of the Lloyds Banking Group Brands, will there be any changes to how I log on?
No - there won’t be any changes to your internet log on process. This means we will not ask you to re-confirm your details, change your passwords or send you emails relating to these. If you get emails claiming to be from Lloyds TSB, Halifax or Bank of Scotland requesting you to do so they will be fraudulent.
Will there be any changes to my PIN number or other passwords I use to do my banking?
No - there will not be any changes to Internet Banking, Telephone Banking and ATM PINs and passwords.
If I change my details for one of my accounts will it automatically change details for accounts I have at other Lloyds Banking Group banks?
No - you will need to change them with each of the different bank brands you have a relationship with. However, this will be one of the first improvements we hope to make.
Will there be any changes to the cash machine services and charges between the Lloyds Banking Group brands?
The current cash machine services and charges will remain the same for the time being. As members of LINK, neither Lloyds TSB nor HBOS charge their personal banking customers for using other banks’ cash machines.
Are there any changes to the way that I can order travel money?
No. Keep using your own bank to buy foreign currency. If you’re not a customer of that bank then the current non-customer rules will still apply. There may be a fee or you may need to make a deposit.
It will not be possible to order currency from your own bank and collect it from the branch of another. So if you order currency at a Lloyds TSB branch you’ll need to pick up from that, or another Lloyds TSB branch.
Foreign currency exchange rates may differ between banking brands within Lloyds Banking Group.
I am a business banking customer of one of the Lloyds Banking Group brands. Will there be any changes to my Corporate or Commercial business services?
There will be no changes to your current business banking relationship or the service you receive. You can continue to bank with us in the way that you always have. We’ll let you know about any future changes in the normal way.
Are my business’s deposits protected under the Financial Services Compensation Scheme?
Yes, but there are some differences in deposit protection rules for business.
You can find full details about this at: Financial Services Compensation Scheme (FSCS) (opens in a new window).
Will all the current bank brands continue to exist in the future?
We’ve announced that the Halifax brand and branch network will continue alongside Lloyds TSB branches in England and Wales.
Bank of Scotland will be the banking brand for the combined Group in Scotland, for both retail and corporate customers. The integration of Bank of Scotland and Lloyds TSB Scotland businesses will extend over a two to three year period.
The Corporate and Commercial banking business in England and Wales will continue under the Lloyds TSB brand. We haven’t made a decision yet about the use of the Bank of Scotland Business Banking and Corporate brands in England and Wales.
Will Bank of Scotland be continuing to issue Bank of Scotland notes?
Yes, Bank of Scotland will continue to print Scottish bank notes under the name of Bank of Scotland.
I have an investment product from one of the Lloyds Banking Group brands. Can I still get financial advice from a Personal Financial Adviser from one of the other of the Group’s Brand?
Yes. Personal Financial Advisors working for any of the Lloyds Banking Group Brands can continue to offer all customers financial advice including recommending ISA transfers. There’s no change to the advice process and sales procedures for any of the brands. If there are any changes to this in the future, we’ll let you know in the usual way.
Will the complaints procedure or contact details change for any of the Lloyds Banking Group brands?
No. There are no immediate changes for customers. If there are any changes in the future, we’ll let you know in the usual way.
Will my personal information be shared among the Lloyds Banking Group?
There may be times when this happens to help with the administration of accounts, to help the banks lend responsibly and to prevent financial crime. However, we will not use customer data to send marketing messages across the new Group unless we have the customers' consent.
I am a customer of a Lloyds Banking Group Brand and have been rejected for a product from one of your other brands - why?
The brands across the Lloyds Banking group will continue to operate separately and you should refer to the branch or brand where you applied for the product to find out why you’ve been unsuccessful.
I want to report the loss or theft of my HBOS and Lloyds TSB cards, cheque book. How can you help me?
Because Lloyds TSB and HBOS continue to operate as two separate businesses you will need to report your lost or stolen cards to the relevant issuer. That means calling Lloyds TSB to report any lost or stolen Lloyds TSB cards and calling HBOS to do the same.
You are bringing together two large Groups (Lloyds TSB and HBOS), how will you make sure customer service does not suffer?
Our business is about relationships. Maintaining great customer service is a top priority for us. It’s very much business as usual and customers can carry on their day-to-day banking as normal. Of course, in time, things might change but we will make sure we let all of our customers know about any changes in advance. We believe the creation of Lloyds Banking Group makes great business sense and offers many benefits for our customers. Merging the activities of both Lloyds TSB and HBOS will strengthen our ability to serve our customers - especially in what are uncertain and difficult markets.
Lloyds TSB Bank plc, Lloyds TSB Scotland plc and Bank of Scotland plc (members of Lloyds Banking Group), are authorised and regulated by the Financial Services Authority. FSA authorisation can be checked on the FSA’s Register at: www.fsa.gov.uk/register/home.do. Lloyds TSB Bank plc, Lloyds TSB Scotland plc and Bank of Scotland plc are members of the Financial Services Compensation Scheme and the Financial Ombudsman Service.
