Scottish Widows Bank to Lloyds Bank
Published / Last Updated on 08/07/2017
Scottish Widows Bank to Lloyds Bank.
Do you have a Scottish Widows Bank account and also Lloyds Bank accounts?
If so then this is a warning to check your balances held with them.
Scottish Widows, the well-known insurance and pension brand is a wholly owned subsidiary of Lloyds Bank.
They have confirmed that all Scottish Widows Bank accounts will move over the Lloyds Bank accounts on 1 October 2017.
Why is this? It is all about costs. Each separate bank has its own Banking Licence costs and additional regulatory costs and levies to pay to the Financial Conduct Authority.
What does that mean?
Two banking licences means two separate deposit protection limits of £85,000 per banking licence. With this move, it will be one banking licence meaning one compensation limit of £85,000.
If you have in excess of £85,000 on deposit combined in both banks then you should consider action to protect your savings.