Lloyds TSB is writing to the 3.5 million customers affected by its sale of 632 branches to the Co-operative Bank. Customers will start receiving letters tomorrow, officially informing them that their accounts will be moved to a new TSB Bank which will be run by the Co-op. Lloyds Banking Group sold the branches under European […]
New research from Lloyds TSB suggests that more first time buyers are using shared equity and shared ownership schemes to help them take their first step on the property ladder. The bank found that 46 per cent of first time buyers are now using affordable housing schemes, with 26 per cent of them saying that […]
Standard Chartered has become the latest UK bank to be accused of illegal activity. It has been accused by the New York department of financial services of hiding $250 billion worth of illegal transactions with Iranian banks between 2001 and 2010. The US regulator claims that the bank, which has wholesale banking, corporate finance and […]
A further IT problem is affecting customers of NatWest bank, just weeks after an IT failure in June left NatWest and Ulster Bank customers without access to their funds. As before, NatWest customers are finding that they cannot access their accounts and their cards are being rejected in stores and restaurants. On its Twitter feed, […]
NBNK Investments Plc, which was formed in 2010 to create a new British bank, has submitted a new offer to buy 632 Lloyds TSB branches from the Lloyds Banking Group. Lloyds is required to sell the branches under European Commission competition regulations. In December it named the Co-op Bank as preferred bidder for the so-called […]
Lloyds TSB has refunded the A?3,700 cost of a womana��s breast implants after they ruptured. The woman, who is in her 40s and lives in the Midlands, had the implants in 2008 at a private firm which later went into administration. . She consulted a breast cancer clinic in September 2011 after she found a […]
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of A?100 lump sum followed by minimum monthly deposits of A?25. The 3% rate is variable, but there is no short-term bonus so the return wona��t plummet […]
Following pressure from the Treasury Select Committee, people who hold basic bank accounts at Lloyds TSB will have access to thousands more cash machines from next year. Basic bank account holders are people who are not eligible to open a standard bank account because they have a poor credit score. In 2006 Lloyds TSB decided […]
Shareholder group, Lloyds Action Now, is claiming former business secretary, Lord Peter Mandelson, withheld evidence in the build up to the merger of HBOS and Lloyds TSB. The group, which was established in 2009, claim their savings were wiped out following the controversial merger, which took place at the height of the financial crisis. The […]
Some neighbourhoods close to the Olympic Park development have seen sharp rises in house prices since 2005, when the Capital was awarded the Games. According to research from Lloyds TSB, Homerton and Shoreditch have recorded average property price rises of 69% and 53% respectively, well above the Greater London average of 36%. However, only four […]
Lloyds TSB has extended a mortgage deal previously only available to first-time buyers, to home movers. Sellers opting for the bank’s Lend a Hand loans can take out a mortgage with a deposit of just 5%, at a rate normally associated with a larger down-payment. However, their funds have to be backed up with the […]
Lloyds TSB customers who frequently access their overdraft should seriously consider moving their current account to another bank, Moneynet.co.uk has claimed. The financial advice site made the remarks after Lloyds TSB announced a new monthly fee of A?5 for customers who use their planned or unplanned overdraft. This fee is in addition to the monthly […]
From 2 December, Lloyds TSB will reduce the overdraft fees on its current accounts. The move comes just a month after the new coalition Government said it would introduce measures that will see an end to a�?unfaira�? bank charges, as well as excessive interest rates on credit cards. The banking industry was successful in a […]
Mortgage customers with two of the UK’s rescued banks are less than happy with the service they receive, according to new research from Which? Money. The 41% state-owned Lloyds Banking Group has the furthest to go: only 41% of Bank of Scotland borrowers surveyed expressed satisfaction, while the group’s Halifax unit impressed 44% of home […]
In its latest Scottish House Price Monitor, Lloyds TSB tracks the continued recovery of the region’s housing market. Most areas of Scotland were showing price increases over the three months to the end of January 2010, with the average cost of a home up 5.9% on the previous quarter, to A?160,074. Dundee and Edinburgh led […]
Businesses must get ready to make the most of an upturn in the economy, Lloyds TSB has advised. The bank said businesses that are prepared for economic recovery will thrive when the upturn begins. Although there is no certainty when recovery will begin, firms that do not plan could fall into the trap of overtrading, […]
Lloyds TSB’s final salary pension scheme could be shut down as the bank looks to cut costs following the acquisition of HBOS. The bank plans to review all its benefits schemes in light of the acquisition, with the pension scheme as a likely cost-cutting target, a statement from the bank said. a�?When Lloyds Banking Group […]
Lloyds TSB this week launched its 2009 Student Account with a first-year interest free tiered overdraft of up to A?1,500. Benefits include free mobile banking until August 2010, an NUS Extra card offering discounts at over 60 retailers, one year’s membership to the Youth Hostel Association (YHA), and 35 music downloads from eMusic. The overdraft […]
Customers at Lloyds TSB are now able to request their bank account balance via text message. The “Balance on Demand” service was launched today by the high street bank. To check their bank balance, customers text BAL and the last four digits of their current account to a special short telephone number. In reply, they […]
Lloyds TSB has increased the interest rate on its monthly saver account to 5%. The rate is fixed for 12 months and is available to account holders who deposit between A?25 and A?250 per month. Penalty-free withdrawals can be made from the account at any time. Colin Walsh, Lloyds TSB managing director of savings and […]
Home rental costs down in November
The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was A?741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. […]
Lloyds TSB halts sale of packaged accounts in branches
Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees […]
Housing market recovery to continue next year
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to A?12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on […]
Newcastle Building Society exits interest-only mortgages
Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 December will still be processed. Prior to the credit crunch, interest-only mortgages […]
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The a�?Mind the Credit Gapa�? report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than A?50,000 could have a credit […]
Monthly incomes A?22 lower in 2012
The average monthly income of UK households fell by A?22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE […]
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was A?1,186, more than double the average savings […]
Financial data at risk from unsafe passwords
According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though […]
Wonga launches Paylater loans on retailer website
Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Companya��s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailersa�� sites in the near future. Although the Paylater branding is similar to Wongaa��s, the Wonga name only appears in the small print. A […]
First-time buyers take a decade to save for a deposit
Before the credit crunch it took first-time buyers two to four years to save up a deposit for a property but a quarter of first-time buyers now say it will take them at least ten years. In its latest Property Tracker report, the Building Societies Association (BSA) suggests that since September 2010 raising a deposit […]
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