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Lloyds Banking Group

The UK's largest retail bank

The Lloyds Banking Group was formed in January 2009 following the merger of Lloyds TSB and HBOS.

Birmingham Midshires (BM Savings) is a division of Bank of Scotland plc.

At BM Savings, it's business as usual. The formation of the new group will not lead to any immediate changes to our savings accounts.

Your questions about the Lloyds Banking Group

How will this change affect me?

The Lloyds Banking Group is well capitalised and financially strong. This strength places us in an even better position to meet the challenges of the current financial climate and any future challenges we may face.

Our aim is to be the leading financial services organisation in the UK. We'll use our strength and size to provide excellent customer service and create great value products for our customers.

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Will there be any change to my account with you?

There are no immediate changes to your accounts or the terms and conditions of any of our products or services. You can continue doing business with us exactly as you always have.

Of course, from time to time we do make changes to our products. When that happens, we'll let you know in our usual way.

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I have accounts at Birmingham Midshires and Lloyds Bank, do I need to do anything differently?

No. Both Birmingham Midshires and Lloyds Bank will continue to operate separately, with different phone numbers and online systems. You should continue to do business with each organisation just as you've always done.

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Are my savings protected?

Yes, your savings remain protected exactly as they were before. Birmingham Midshires and Lloyds Bank savings will continue to be covered separately by the Financial Services Compensation Scheme.

Both organisations will continue to be covered by different banking licences. If there are any changes to our banking licences in future, we'll let you know.

Any regulated investments you hold with either company will also be protected exactly as before under the scheme.

Financial Services Compensation Scheme >.

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Where can I find more information?

For more information on Lloyds Banking Group, visit the group website.

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Gross is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product, which quotes an interest rate, will contain an AER you will be able to compare more easily what return you can expect from your savings over time.

NET rates are illustrative only, allowing for the deduction of income tax at 20%. If you are a higher rate tax payer, you may have a further amount to pay. If we deduct more tax than you have to pay this can be reclaimed from HMRC.

Tax free is the contractual rate of interest payable where interest is exempt from income tax.

For telephone line opening times, please read the information in our contact section. Calls may be monitored and recorded for security and training purposes. If you're calling from outside the UK, please dial +441902 428 311.


© Birmingham Midshires
This site is intended for UK residents unless otherwise stated.
Birmingham Midshires is a division of Bank of Scotland plc which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628. Registered office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland No. SC327000.
To contact the FCA Consumer helpline, please ring 0300 500 5000 or visit www.moneyadviceservice.org.uk/.