Which lloyds branches changing to co op

Then, from November — if all goes to plan — TSB will finally separate and become owned by the Co-op. BOTH banks have promised that affected customers will not experience too much upheaval. Lloyds has said it will keep all of its products the same until the Co-operative takes it over. But after this point the future of customers who enjoy the best deals with Lloyds is not yet clear. For example, an estimated , homeowners enjoy one of the cheapest mortgages in Britain.

However, Co-operative current account holders benefit from some of the best overdraft interest rates at However, whether this will make any difference is not yet clear. Alternatively, you can switch to a Lloyds branch that is not being sold. If you are a Lloyds mortgage customer on a good interest rate, but not a fixed deal, who is unhappy about moving to the Co-op, it is also not clear whether you will have to reapply for your home loan with Lloyds or wait to see what the Co-op offers.

Specially recruited staff at TSB should, in theory, be able to deal with any problems at that point. A spokesman for the bank says it would not make the move if it thought its quality of service would decline, and that because the Co-operative is a mutual it is not driven by profit in the same way as High Street banks. We will do things slowly in stages. Instead, staff will be given a quarterly bonus for good customer service.

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It is hoped that the deal will be finalised around the new year, when Lloyds will finally be able to reveal all to customers about exactly what the changes will mean for them. The Lloyds spokeswoman said: "When we are in a position to confirm exactly what is happening, we will hold their hand through the process. She said that until the deal is completed, it would be wrong to give customers information that is not yet definite and said the bank is working to ensure customers are inconvenienced "in the smallest possible way".

The bank expects to announce options for customers who do not want to transfer once the Co-op deal is secured. One alternative could be to switch to a Lloyds branch that is not being sold, although this could involve greater inconvenience for those customers who will have to travel further to do their regular banking.

Lloyds is holding on to around , customers whose branches are affected, and said the majority of these will be holders of fixed-rate savings accounts. From November next year, ownership of the TSB branches will transfer to the Co-op, which said it has no plans to immediately re-brand them.