Lloyds Bank has agreed to sell 632 branches to the Co-operative Group including all of its Cheltenham & Gloucester branches. The deal will more than double the number of Co-op branches to almost 1,000
So what will this deal mean for customers?
What will happen to my bank account?
If you are a Lloyds TSB current account holder in one of the sold branches then your account will be moved across to the Co-op , but this will not happen for a while and you will be kept up to date at every stage. Here is a list of affected branches.
Will my branch close?
It is unlikely that the Co-op will buy branches just to close them and the staff in the affected branches will be transferred across to the Co-op.
So what is going to change?
Well nothing for a while as the deal is not due to be completed until 2013 and still requires approval from the Financial Services Authority.
Although no branches will close, the services and products offered by the Co-op will differ from those currently offered by Lloyds TSB.
What will this mean for saving rates?
The Co-op does not tend to offer market leading rates on their saving, current and mortgage products. However they do score well on customer satisfaction surveys including their online brand Smile.
What happens to mortgage account holders?
Some mortgage customers may well be moved to the Co-op as part of the deal but how many has not been agreed. It can be safely assumed that all Cheltenham & Gloucester mortgage holders will be moved across to the Co-op.
What if I don't want to move?
If you don't wish to move you will have to close your account (your present account number and sort code will transfer to the Co-op) and open a new account with an unaffected Lloyds TSB branch.
Looking for a financial adviser near you?
Do you need financial advice? An independent financial adviser can show you how to make the most
of your money. Find your nearest qualified and regulated adviser using this VouchedFor search tool.