Halifax AXED After 173 Years On The High Street – What Does It Mean For You?

Lloyds Banking Group has today confirmed that it is axing the Halifax brand after 173 years on UK high streets.

As part of the change, the Halifax brand will stop opening new accounts and Halifax bank branches will be rebranded to Lloyds.

Existing Halifax customers will be moved onto Lloyds accounts and will start to use the Lloyds banking app in the upcoming months.

Halifax first opened its doors in 1853 as the Halifax Permanent Benefit Building Society in West Yorkshire.

Since 2009, it has been part of the Lloyds Banking Group, alongside Bank of Scotland.

Currently, no changes are being made to Bank of Scotland, which also sits under the Lloyds Banking Group umbrella.

What does this mean for you?

Here’s what the changes mean if you’re a Halifax customer:

Do you need to do anything?
No, customers don’t need to take action. Over the coming days and weeks, customers will be contacted directly through trusted channels, including the Halifax app, online banking, email or via letter.

What happens to account numbers and sort codes?
Your account number and sort codes will stay the same as they are now. Your policy numbers, roll numbers, standing orders and Direct Debits will also stay the same.

Is my money protected with Lloyds?
Yes, your money will still be protected under the Financial Services Compensation Scheme (FSCS), which covers £120,000 of your money if the provider goes bust.

What happens to the Halifax banking app?
Over the next few weeks, you’ll be invited to download the Lloyds banking app and set your account up there.

What will happen to my Halifax mortgage?
Halifax mortgages will continue to be available through intermediaries until 2027. After that, Halifax Intermediaries will rebrand to Lloyds Intermediaries.

Should you switch banks?

If you don’t think Lloyds Bank is for you, then it’s worth considering switching to a new current account provider.

Switching your bank account could earn you a cash bonus and rewards that help you boost your finances too.

Certain accounts also offer access to top-paying regular savings accounts which could help you increase the return on your emergency fund.

It’s important to compare different features and requirements for each account to make sure it’s the right fit for managing your money.

To help you narrow down the options we’ve rounded up the best bank switch deals on the market now.