Millions of Halifax customers will eventually see their accounts moved to Lloyds Bank after the banking giant confirmed it is scrapping the iconic 173-year-old brand.
Lloyds Banking Group has announced that Halifax will be phased out over time, with customers gradually transferred to Lloyds-branded accounts as part of a major overhaul of its retail banking business.
The decision marks the end of one of Britain’s best-known banking names, which has been part of the high street since 1852.
The banking giant says the transition will happen gradually and insists customers will not lose the features they currently use.
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What happens to Halifax customers?
Lloyds says existing Halifax customers will eventually become Lloyds customers, but they will keep many of the things they already have during the transition.
That includes:
The same account number and sort code
The same banking app design
Access to the same branch network
The same familiar staff in branches
Jas Singh, Lloyds’ consumer relations boss, said: “As Halifax changes to Lloyds, our Halifax customers will keep everything they know and love today – the same fantastic app design, the same friendly faces in our branches – even the same sort code and account number.
“But as Lloyds customers, they’ll get the best innovation and experiences we offer.
“Our Lloyds customers are already benefiting from a significant investment into propositions like Club Lloyds, Lloyds Premier, Lloyds Ultra and Lloyds Rewards – and now we’re really excited that Halifax customers can bank on Lloyds for more.”
Why is Lloyds making the change?
The banking group is simplifying its consumer banking business by bringing Halifax customers under the Lloyds brand.
Lloyds says this will allow customers to benefit from newer banking products and services already available through its flagship brand, including Club Lloyds, Lloyds Premier, Lloyds Ultra and Lloyds Rewards.
Will anything change immediately?
No.
The changes will happen over time, meaning customers do not need to do anything straight away.
There is no indication that customers will need to change their debit cards, direct debits or standing orders immediately, with Lloyds saying account details will remain the same throughout the migration.
Branches are already shared across Lloyds, Halifax and Bank of Scotland, meaning customers can continue banking as they do now while the transition takes place.
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Will Halifax branches close?
Lloyds has not announced any branch closures as part of the rebrand.
The group has previously invested in its Halifax headquarters and says customers will continue to have access to its branch network during the migration.
The decision represents one of the biggest changes to Britain’s banking landscape in recent years, bringing the curtain down on a brand that has served customers for more than 173 years.
What do you think of the changes? Tell us in the comments below.