While in the UK I found their service good in every sense except the occasional painstakingly long phonecalls, there is no good service for when you move abroad. You have to rely on phonebanking entirely to move money abroad, with again long phonecalls, more security number setups which all adds minutes you are paying to call a foreign country. I have a dutch account that offers a complete secure option to transfer money abroad using internet banking. I feel they might do well to look into that.
My wife and I both had Lloyds TSB accounts. When we were both made redundant at almost the same time, I went overdrawn one month a 4 direct debits bounced. I got charged for each one, plus interest, plus charges for an unauthorised overdraft. I called Lloyds TSB before and after the event - they weren't interested ad they weren't prepared t help with a temporary overdraft dispite 8 years of good banking on our part. They then continued to add charges to the charges and interest too. 3 months later, we owed them just under £800 for a £32 overdraft.
There staff were rude, unemotional and unhelpful. The back were unpreapred to help us out and yet still write to us today offering credit cars, loans and insurance. I will never use any Lloyds YSB or Blackhorse Finance prodcut again - just look at the review left here by a member of their own staff - patrionising!
We have now banked with the Coop for a few year - very helpful, always friends and small queue in the branches because no one seems to think of using them!
I have been a Lloyds TSB customer now for well over ten years and have used the Internet banking facility for 3 or 4 years now. It does take a week or 2 to sign up due to the obvious security measures in place. You'll need to log on to lloydstsb.co.uk in order to start the sign up procedure followed by a couple of confirmation calls to complete the setup.
When you have finally completed the registration and are logged on to you internet banking you can see everything related to your account. You can see direct debits you have setup on your account (and cancel them if needs be). Standing orders can be viewed and setup. Overdrafts can be applied for with a few simple clicks and you get an instant decision without the need to speak to your bank manager. You can also apply for loans online as well the Bill Manager which more and more companies use these days such as british gas and npower, this allows you to view your current 'live' energy bills so you woun't get a nasty shock when your winter gas bill comes in for example and you can plan you finances in accordance.
Also if you sign up for the free text alerts service you can recieve a weekly balance status or if your account goes overdrawn it will alert you to this as well so you can sort it out the same day without paying those hefty charges.
Balance transfers from Lloyds accounts to other Lloyds accounts are instant, however the first time you transfer to say Natwest it may take 2 days but the next transfer seems to go through instantly.
The site is well presented with an easy to use interface and I have never needed any terminology explained as it is all self explaintry.
I'd say online banking is a mush have in this day and age and it's free so sign up now if you've got an account with lloyds, you won't regret it.
Also on another front, I know that some spoof emails circulate around the internet claiming to be from your bank, asking for you to sign in. All i can say is ignore these emails and never sign in via a link provided, always manually type the website url just to be safe.
Having been with RBS for ages and using online banking for sometime I decided that it was time to open a new account and due to there being a Lloyds TSB in my town centre which offers the option of paying in at the machine I decided to give them a shot.
The website itself is very nicely designed, bright and easy to navigate with loads of information available. The site offers a huge range of products including loans, credit cards and banking with the option I was using on this occassion being to apply for a new bank account.
The application itself was a simple procedure that took me around about 5-10 minutes to complete and I had the decision within about a week. The first thing to arrive through the post being the welcome pack followed by the card and then after this the pin number. I was delighted that the process had been so simple and decided I wanted to go and do some work on my account online and was slightly disappointed that I had to register for this as a seperate thing as I thought that this would have been done at the time of requesting a new account online. The process for requesting registration was simple with you needing to input account information to request registration which I did but following on from this I got a message saying that a letter would be sent to me in the post which made the process take another week which slightly disappointed me but I understand the security is important.
- Simple to navigate and great looking website
- Variety of products available
- Easy to apply for services online
- Manage your bank account online easily
- Simple login procedure and a huge amount of options available to manage your money including payments, standing orders, direct debit management, overdraft requests and more
- View statements online
- For setting up online banking it takes about a week due to the need for a letter to be sent with your customer number
The website is a brilliant one to use with ease of use at the forefront. Applying for services and products is easy and managing them once set up is also simple to do with great options available saving time and hassle.
I signed up to Lloyds TSB online about 2 years ago roughly.
I can honestly say that it has been a bit of a godsend ever since.
It started off just helping me check my balances when I was 17, check I'd been paid, see how much money I had before going on a night out or checking my phone bill had come out.
As time went by I became a student and it let me apply for an interest free student over draft online which was really helpful, as it meant I didn't have to physically go into the bank to sort it out which saved me a lot of time and effort.
When I needed a loan to purchase a car, again, Lloyds tsb online let me apply for it online, which meant the money was in my bank account instantly.
You can also set up and cancel direct debits online instantly, create savings accounts and see online statements, theres also a free mobile phone service where they text you your balance each week.
You can also upgrade and downgrade your account online.
I have set up two savers account, an online saver which is where I keep the money for the repayment of my loan, which is because the online saver does not lose you any interest to withdraw money from, so its a good place to put aside money that needs paying out so you don't spend it.
Then there is the incentive saver which I set up recently, where I put bits and bobs of money so that I can save up and gain interest as its 3% interest as long as I don't withdraw anything on a monthly basis.
I'd definately recommend Lloyds tsb online to anyone, as I've had no problems with them at all and it's always useful to quickly log on and see my balance.
I have always been a fan of internet and telephone banking rather than going into the branch, due to the shear time and effort it takes. Since I was young I had an account with natwest, but after they refused to upgrade my account from a solo card to a switch card I felt like it was time to change, and Lloyds tsb offered me a visa card right away, so I joined straight up. As soon as my account was open and active I signed up for the telephone and internet banking.
The process of signing up was similar to other accounts I have. The downside is that you don't get instant access, you have to sign up then wait for the details to come through the post, but the great side to this is that it is more secure, no one else can just sign up for you and steal your account details.
Once your special unique code comes through the post you can go to www.lloydstsb.co.uk and enter your code. It then asks a series of security questions where you can input your own information and chose your own secure details, make sure if is something you remember as you will have to enter it each time you log on. You will need this password when you phone the telephone banking too, on 0845300000.
Remember, Lloyds TSB will never ask you to disclose your whole password, so don't be fooled into doing so. When you log onto the internet banking it is easy to navigate around and find your way around. You can get a simple overview, a full statement, check your direct debits, make transfers and payments. One tip- transfers go quicker if you do them over the phone though.
On the internet you can also apply for a whole range of new services, such as loans, overdrafts, credit cards and mortgages. Once you sign up for internet banking it opens a whole new range of opportunities.
I have been using the LloydsTSB (or just TSB as it was originally) online banking service for quite a few years now. I have my current account with this bank, and the online banking is so useful that, even though there's money back deals from other banks at the moment, I'm reluctant to change.
To use the online service, registration is required. As online banking gives the person who logs on (not necessarily yourself!) instant access to all your accounts, it's a serious business. Registration involves filling in a typical application form confirming data such as your bank account number and address. You will then be sent final details through the post (this prevents someone getting your account number and address and registering in your name).
At this point, it's worth saying that LloydsTSB take online security very seriously. I was recently subjected to (unknown to me) an attempt to hijack my account. My account was locked and my frustrated attempts to find out why over the phone turned to relief and gratitude when I called in to the branch with my ID (at their instruction) to find out that I'd nearly been the subject of fraud.
Another reassuring aspect of banking with LloydsTSB online is that they guarantee to refund any money if you've been subjected to online fraud (as long as you've been sensible). This gives real peace of mind in this day and age.
Logging in is via a user number (supplied by them), a password (supplied by yourself), followed by typing in some randomly chosen letters from your "memorable information" which is a nine letter word you've chosen.
This gives access to the account overview page. From here, you can access your savings and current accounts.
If you have more than one account, you can transfer money from one to another without leaving this screen and the transaction completes instantaneously. I find this amazing compared with walking to the bank, filling out a form, standing in a queue, then finally getting someone to enter the change for me (yes, I know, I'm sad!).
The real power of this service is seen when you access your current account. Not only can you set up one-off and regular payments (to companies, other accounts, or private individuals), you can access all of your standing orders and direct debits here, too. I found this invaluable when I was paying more off my mortgage to get it down. If I had any money left over at the end of the month, I just changed the amount on the standing order and paid if off the mortgage account.
I pay all of my bills using my online account. As soon as I get the bill, I log on and set up a payment. I then check back the next day to see if it has gone out of my account. In this way, I can't forget to pay a bill, which is really useful to me.
One part of the service I've never used is applications for loans credit cards, and insurance. It's far too easy and tempting to, with a couple of clicks, apply for a £10000 loan. Apart from not wanting a loan, I much prefer to research prices on the internet before taking out credit cards. The convenience in this case is, I believe, counter productive. You can even apply for an overdraft using this system.
You can access all of your statements going back to 2002. This can be really useful (completing your tax return for example), but this area gives me my only complaint concerning LloydsTSB online. Although you can download a statement in CSV format (opens in Microsoft Excel), you can only access three months information at a time. This is ridiculous and should be extended to the full time period.
Overall, I find the LloydsTSB online banking service to be invaluable to me. I honestly don't know how I managed all of the years I was banking without it. Banks have had a (deservedly!) bad press in the last six months, but this is one banking service that's worth supporting.
For the purposes of people reading this review - I am focusing on the online banking aspect for regular account holders.
To be able to use the online banking system for Lloyds tsb you need to register first.
There are several fields to fill in - you will need to be prepared to input not just your name, address and date of birth but also either your account details or debit card details. Next you need to choose a password of your choice - for security purposes it is best to be something you can remember in your head rather than writing it down. You can choose whether or not to give them your email address - it is completely optional and I have not done so due to the amount of fraudulant emails I keep receiving to do with banks I don't even belong to - I believe it is called phishing and is from people trying to hack into your bank accounts. Once you have agreed to the terms and conditions you click to continue.
For security purposes you are not able to imediately log on. They post out your user ID and it is only when this is received that you can actually start online banking - you should receive it within around 3 working days according to them but it may be slightly longer. If nothing has been received in a week I would give them a phone to make sure everything is ok.
Once on the main Lloydstsb website you will see an option on the right hand side to log on - it is a small blue rectangular box with the words personal log on, on it, simply click on this to go to the next page. Here it will need you to put in the user ID it has given you and the password you chose. If you know your PC is secure there is an option under here to remember the user ID on your PC - I don't feel comfortable doing this but it's an option for you. Then click continue to progress to the next security level.
At some stage you will be asked to choose some memorable information - from memory I believe this is asked when you log on for the first time. It will then ask you for 3 characters from the memorable information before allowing you onto your personal homepage.
For example - if yor memorable info was southampton and it asked for characters 3. 6 & 7 you would input u, a and m.
Then click continue again where you should go straight to your account. Occassionaly they may need to give you some information first - simply read the info and tick the box next to it, this will then stop showing the next time you log on.
So you are on your home page at last! It is very easy to navigate around this site. Most of the page is taken up with any accounts you have with them. All loans and credit cards with them in your name will also come up so you can easily keep an eye on your accounts. Simply click on the account you want to look at and you will be given lots of options to choose from. You can look at your statemnets, transfer money between any online accounts in your name, transfer money to other people, pay bills, set up or cancel standing orders, cancel direct debits and apply to increase your overdraft if wanted.
I find this extremely easy to navigate round and I like being able to see where I stand with my finances, whenever I like. I have never had a problem with anyone trying to hack into it as it is extremely secure. However you are fully protected against fraud so long as you have not given out your password, userID etc.
I am not a huge fan of Lloydstsb - especially in the current climate, but I do believe their online banking for the personal customers is one of the best around.
I have a TSB investment account (with Red pass book) opened in 1984 which is in joint names with my late partner she died in 1996 clearly marked "Payable on either Signature" The account had not been used since 1995 there was then a balance of £154.30 in it.
Last week I went into my town's LLoyds TSB to pay some cheques into my VERY current account and had decided I would close the investment account and buy myself a digital camera for my birthday with the amount and any accrued interest since 1995, I had the pass book with me. I was, to say the least, treated with suspicion and told that they had no record of the account and I would have to go to the branch where the account was opened. Instead of going for my camera I ended up with a trip to the home branch of the account in a neighbouring town. There I was told the account had been closed in 1999, it was almost implied that my partner might have closed it without my knowledge, when I explained she had died in 1996 and most definitely hadn't left the house except in an ambulance since I last paid into the account, the story became the account had been closed because inactive. Then that I might have changed address or phone number (neither since 1990 and I still keep a very active current account with Lloyds TSB) it was suggested I leave the pass book with them for checking I said only if I was given a receipt for it which stated the last balance and date. They decided just to take details instead.
Today I have received a letter from them saying the account became inactive on the 11th December 1997 which closed the account down. The balance at closure was £4.75 which they have paid into my current account. I will concede there might be just some mix up on this point, I do recall there was a very small amount (between £4 & £5) in her TSB CURRENT account that, quite frankly, wasn't worth the hassle of claiming.
I have tried to contact the branch by phone, the only number on the letter is a national number just left ringing, I can't find anywhere to report it by email, believe me I've tried. There seems no way one can contact them except by snail mail or a visit.
I can't help but wonder, I hope not unreasonably, that perhaps when the current account became inactive someone perhaps fraudulently closed the Investment account a few years later, thinking it had been overlooked by the joint holder.
Perhaps this will warn anyone who perhaps has an inactive Investment account with TSB prior to the amalgamation with Lloyds to check things out. I will definitely not be letting the matter drop, if necessary I will be reporting the suspected fraud to the Police, but if it is permitted for the bank to retain money from an account that becomes inactive - even though the customer has another active account, then I will take it to the next shareholders meeting. A copy of this review will be sent to the chairman so he knows what to expect and to allocate sufficient time under any other business.
UPDATE THREE DAYS LATER.
I am pleased to update this review with the news that fraud was not involved. This is a brief explanation which might help others in the future.
When I had last paid into the account in October 1995 the bank's computer was not working and the deposit was made manually into the pass book so a PhoneBank transfer some time earlier was not automatically subtracted from the balance. I was not aware that PhoneBank transfers were permitted on this type of account the instructions do actually say the pass book must be taken when visiting the bank to make transactions. A further similar quite legitimate transaction some time later reduced the balance to £4.61 which left the account subject to closure when it then became unused for a period of time, (apparently this period is dependent on the amount in the account)interest of 14p was added. So the £4.75 credited to my current account was not after all the remains of the abandoned (not worth collecting) current account. The confusion had been compounded by my late partner having the current account and investment account in different names she was widowed and one was in her maiden name the other in her married name, there is nothing "dodgy" about this it is apparently quite a common thing and so the two accounts had not been connected on the bank's records.
It did take another two visits to the bank one yesterday and after a phone call from the bank another today to sort things out fully.
The person who took overall control of the investigation was himself a little concerned that fraud might possibly be involved, it did look from the pass book as if the money had just disappeared, and I can only commend the bank on the swift action they took to then resolve this matter.
Perhaps a few things can be learned from this, which I think probably applies to any bank or building society account with a pass book:
If a transaction is not machine entered into a passbook due to computer problems, take the book to the bank soon after the next date interest should have been added for an update if there have been no other machine entries on the pass book since the manual entry.
If you have accounts in more than one name with the same bank, let the bank know so they are linked on their records.
It might also be useful if all banks made it easier for their customers to contact the branch by telephone when things like this happen. I apparently am not the first to complain that contact by electronic means was nigh on impossible or to object to being left on hold while the national rate phone charges were clocking up. Surely it would be possible to arrange that calls weren't accepted until there was someone available to answer them.
I also arranged with the bank that any amount left in the abandoned current account when it is unearthed can be donated to a childrens cancer charity, I just hope there is more than I thought in it.
I am not unhappy that the bank I am a shareholder of has not defrauded me and feel sure the chairman will be ecstatic when he finds out.
Ive been with Lloyds for more years than I care to remember. Back in my youth I opened an account purely because you got a free camera! If I remember correctly the said camera was actually crap and none of the pictures I took with it actually came out. Still since then things have moved on and weve got the Internet.
Lloyds online site has been a handy addition for me. I can check my statements, withdrawals and deposits in one easy place. Its also a godsend for moving my vast fortune (cough!) around to other sources. Signing up was very simple in the early days and you used to be able to access your details with a password. Now things have moved on a bit. After entering your user id and password you now have to select various letters and numbers of another password. To be honest I find this a bit of a pain as you find yourself counting them out on your fingers. If you were in a public place or near to someone they could in theory figure out what password you use. Thankfully I only access my account information in the comfort of my own home.
To be honest there arent many thrills to using the online banking. It just cuts out the hassle of making a journey to your bank and doing everything. I find the layout of the site very un-cluttered and simple to use.
However one thing that has recently bugged me is the introduction of a new charge. Since the Internet got into mainstream public it has been used to purchase things over the Internet from other countries. I have been doing this for many years now and have never had a problem using Lloyds cards for the transactions. However recently Lloyds decided to charge a £1 fee on top of any Internet transaction you make. To me this charge is absolutely ridiculous and expensive. Amazingly Lloyds didnt think to clearly advertise the fact on its Internet site. Instead of giving clear indication that you would be charged this amount, they instead tucked it away in the charges list. Ive heard of many cases where people have used their card online and then found out about the charge once theyve checked their statement. The funny thing is that I even called Lloyds about it just to clarify. I got through to an Indian call centre and was assured that the charge didnt apply. Amazingly I then found it in black and white on the website. I ended up having tell one of Lloyds staff that they do indeed charge a quid for overseas internet transactions. I hope Lloyds are going to use the extra cash theyre getting to train their staff to offer correct information.
The sad fact is that Ive now stopped using Lloyds for my Internet business. Instead Ive opened an account with Nationwide, one of the few who actually dont charge anything to spend your money wherever you want.
Ironically Ill use the Lloyds TSB website to transfer money to this Nationwide account. Its a hassle but its saving me money, money that I can keep in my Lloyds account!
I'm a student currently and around a year ago set up my third current account with Lloyds TSB. I set up a meeting online and was given a reference for my local branch and a time. When I first arrived at the bank I was delighted to find the staff were very helpful and friendly, having worked for a few weeks for the Clydesdale bank previously, this bank seemed in excellent working order! My account was set up instantly via the bank's computer network - all done and dusted within 20 minutes! There and then the manager gave me my account details, let me enter security details for internet banking and issued a welcome pack. The manager was extremely helpful and gave me some great tips for the future with regards to upgrading and changing my account; also advising that I ran as much money through my account as possible, as it all counts towards a credit rating for a mortgage later on (i expressed my interest in buying property). The systems within the Lloyds TSB chain seem perfect. Their products are simple and much easier to understand than rival banks. I would genuinely favour Lloyds TSB and am considering moving all of my accounts to this bank!
The account I hold with Lloyds is their Classic Current Account, with this you get a visa debit (or a visa electron if you are 16-18), cheque book on request. Interest rates are nothing special on the current but I opened an online savings account (fully and within 24 hours - online) with a 4% net interest rate on balances over £250, which is not bad for a small, instantly accessable savings account. You only get internet access to this account but transfers are instant.
I suppose its up to the individual and their own personal experiences with each and every bank. For instance Lloyds have never been hailed as the 'best bank', but to me, they do the job and have treated me well. Unlike my experiences whilst working with the Clydesdale, banking with the Royal Bank of Scotland and likewise the Bank of Scotland.
The main factors i would consider when selecting a bank would be:
- services and interest rates (including internet/telephone banking, security history etc)
- branches and staff (i enjoy small banks, personal service and friendly staff)
- call centres (i find nothing worse than speaking to foreign people about my personal finance, meant in no negative way to foreign countries; banks make enough profit to re-invest in the UK i think!)
Comments Welcome - Thanks!
What it boils down to folks is that when considering Lloyds TSB you need to ask yourself one question - Will you ever have financial problems in your banking life? If you can answer 'NO' then Lloyds TSB is as good as any other. If your answer is 'I cant see the future' then know now that your financial problems will bring up big pound signs in the eyes of Lloyds TSB Management. Lloyds bank are fine as long as all you require is somewhere to store your money. Ive been using Lloyds for about 10 years now, since I was at A-Level College, through Uni, through my first job and I thought they were great. Recently I had some financial problems and it turns out theyre only helpful if you dont bother them with your problems. I went overdrawn recently by a couple of pounds, 10 i think. My mistake, I hadnt put money in and a bill was paid by DD. I realised my error the next day and the account must have been overdrawn for all of about 10 hours. I explained the situation to them and they sent back a letter saying - 'it is not our responsibility to look after your account. We will only communicate any administrative changes on your account.' charming. 20 quid penalty. I thought id better extend my overdraft facility to stop this happening again - Only if i change to a Gold Account (8 quid monthly charge). So I do. During the transfer all my cards wouldnt work for about a week which kind of defeated the point. My family are still waiting for Lloyds TSB to pay up for a Financial Ombudsmen decision against them and I have completely had enough. After I wrote a letter I started getting stopped everywhere I tried to use my card for 'random security checks' which required the person who had taken the card to go off, call a number and ask me my birthdate and my mothers maiden name! I was missing trains to work, seriously embarassing at restaraunts etc. If all banks were this way there would be an argument fo
r grinning and bearing it - but as my wife points out, her account with HSBC doesnt have overdraft problems because if she goes overdrawn for a short time and in a small amount they look at her previous credit history and the circumstances before they decide a charge is necessary. All Lloyds TSB do is see another way to make money. Take your bog standard credit card - when i was sold it was I told there was another card with about 6% less interest which I qualified for? Nope, they happily took the interest and have been for years. They depend on your laziness not to research these things. The Customer Service people are fine up to the point that someone has to sit down and write a reply at which point they pass it to some Uni drop out who took Psychology101. The letters are full of 'Thankyou for your reply... we commiserate with your problems...however, we dont feel at this time that we are able to consider your circumstances... thankyou for your interest and we wish you every success in the future'. Im sure there must be a template. Its a poorly written two finger salute. Seriously, take your money elsewhere - im slowly winding down my account, paying off an overdraft and opening an account with HSBC because they seem much friendler and more into 'perosnal' banking. The only time Lloyds TSB are interested in 'personal' is if they can make money out of you by adding a 'cheque' on the end. You have been warned.
I have just had un unbelievable experiece with Lloyds. (april 2003). Very briefly; after being talked into opening a Gold Saver account by one of their sales team telling my I would get higher interest than with my current account - I agreed. Well, one year later having had a balance of between £10,000 - £25,000 in my account I earned £1.00 in interest - YES £1.00. At first I thought it was an big mistake and would get an apology with monies owed being credited to my account but NO - instead I get unreturned phone calls and denial that there is a problem. This is either stupidity, theft or fraud. However, whichever it is they make it impossible to communicate with them. NIGHTMARE - I have today closed all accounts and gone back to good old Barclays.