What happens to Lloyds customers?

Co-op’s current account market share will hit seven per cent

Q How do I know if my account is being moved?

A All of the branches in question are on the Lloyds website, and once the deal is finalised the bank will write to you.

Q Will my services be affected?

A The aim is to transfer IT systems over to the Co-op, which includes online access – so the hope is only the branding will change. If you have a specific fixed deal, for example on a mortgage, then it will remain unchanged; the arrangements are not finalised for current and savings accounts.

Q Can I stay with Lloyds if I don’t want to move to the Co-op?

A Lloyds hasn’t decided how to deal with customers who do not want to leave, but there is nothing to stop you opening an account at another branch.

Q What happens to my deposit guarantee?

A Deposits are guaranteed up to £80,000 per banking licence. Lloyds is transferring a licence to the Co-op, so if you have £80,000 in Co-op accounts, and £80,000 in Lloyds accounts, both will be protected.