What happens next to Halifax account holders after bank announces closure after 173 years
Here is what will happen to existing Halifax bank accounts as the brand is set to disappear from the high street.
Today (1 July), it was announced that Lloyds Banking Group was planning to retire the brand after 173 years in operation.
Named after the West Yorkshire town, Halifax was originally a building society before switching to a bank in the 1990s and later became part of the Lloyds Group in 2009.
However, the brand is no more as the recognisable blue signage will disappear from our streets in the coming months.
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The announcement added that Brits will no longer be able to open new accounts under the Halifax name – but what about existing customers?
Halifax customers need to do 'nothing' ahead of the change
Customers with existing Halifax accounts do not need to do anything to prepare for the change, as the bank will reach out to customers via the Halifax app, online banking, email and by letter, inviting them to move over to the Lloyds app.
The banking group has also confirmed that customers' account numbers and sort codes will remain the same, meaning they do not need to update information on bills and direct debits
"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," Jan Singh, CEO of Customer Relationships, said of the move.
Lloyds has also reassured customers that their money will remain in the same place, reiterating that they will not need to transfer any money during the changeover.
"If anyone contacts a customer asking them to do this, it is a scam," the statement noted.
Meanwhile customers who have mortgages with Halifax will find that their accounts will still be available through intermediaries until 2027, which is when Halifax Intermediaries will rebrand to Lloyds Intermediaries.
"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," Singh added.
In the meantime, there is a chance for Halifax customers to bag themselves a tidy £200 if they switch from Halifax now.
Highlighted by Money Saving Expert Martin Lewis, First Direct is currently offering customers £200 (£175 with a £25 boost on top) if they switch to a current account, which you can do here.
To be eligible, you have to be a brand new customer to First Direct - if you've already had an account with them or have opened an HSBC current account on or after 1 January 2018, then it's bad luck.
Brenna Cooper