In less than a month Lloyds TSB branches will be split and re-branded as either Lloyds Bank or TSB.
Both banks will remain part of the Lloyds Banking Group until TSB is sold off.
Of the 1,770 Lloyds TSB and Lloyds TSB Scotland branches, 467 will become TSB. All Cheltenham & Gloucester branches will also be transferred so TSB will have over 630 branches across the UK. The remaining Lloyds TSB branches will change to Lloyds Bank – there will be almost 1,300 Lloyds Bank branches.
This means that 4.6 million customers will be transferred to TSB.
The move follows a decision by the European Commission in 2009 that ruled that due to the sheer size of Lloyds Banking Group it would be required to sell off some of its branches to increase competition and customer choice in the UK banking sector.
Lloyds Banking Group said that that for now nothing will change for TSB or Lloyds Bank customers when the split takes place – customers will still be able to use both bank branches to carry out transactions. This will likely change in the future, however, and the group has said it will notify customers as soon as this happens.
TSB customers can at some point expect to receive re-branded debit cards.
The group said it expects to sell its TSB arm sometime over the next year. Once this happens, the banks will be in direct competition with each other, so customers should expect to see product changes at that time.
If you want to find out whether your bank account is still competitive, why not visit our Bank Account Best Buys.
To find out whether your branch is affected, visit Lloyds TSB's branch checker at www.lloydstsbtransfer.com/search/
Find the best bank account for you
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.