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| Lloyds faces internet issues on TSB launch day | |
| (35 minutes later) | |
| The new TSB bank has been launched with a promise to "fuel local economies", but the website has hit problems on the first morning. | |
| Lloyds Banking Group said there were "intermittent" website problems across almost all its brands, including the new standalone TSB. | |
| Five million customers are seeing their accounts automatically transferred from Lloyds to TSB. | Five million customers are seeing their accounts automatically transferred from Lloyds to TSB. |
| Customers' bank account numbers and sort codes will remain the same. | |
| TSB's mobile banking will not start until later in the week. | |
| Bank cards will continue to work, with the name of the new bank included as new cards are issued in due course. | Bank cards will continue to work, with the name of the new bank included as new cards are issued in due course. |
| Share sale | Share sale |
| Some 631 branches of Lloyds Banking Group, including all of the Cheltenham and Gloucester branches and all Lloyds branches in Scotland, have been switched to the standalone TSB. | Some 631 branches of Lloyds Banking Group, including all of the Cheltenham and Gloucester branches and all Lloyds branches in Scotland, have been switched to the standalone TSB. |
| The new bank will be sold off next year, as part of a process ordered by the European Commission, to provide greater competition. | The new bank will be sold off next year, as part of a process ordered by the European Commission, to provide greater competition. |
| The sale was a condition of the government's bail-out of Lloyds, which is 39%-owned by the taxpayer. | The sale was a condition of the government's bail-out of Lloyds, which is 39%-owned by the taxpayer. |
| Lloyds is currently the UK's dominant personal bank account provider, and will run the TSB as a separate unit until it is sold as a public company in its own right via the issue of shares next year. | Lloyds is currently the UK's dominant personal bank account provider, and will run the TSB as a separate unit until it is sold as a public company in its own right via the issue of shares next year. |
| TSB's leadership said that the ethos of the bank will mirror the original Trustee Savings Bank with 200 years of history. | TSB's leadership said that the ethos of the bank will mirror the original Trustee Savings Bank with 200 years of history. |
| "We bring the new TSB Bank back to over 600 communities across the UK to fuel their local economies - and nothing else," said Paul Pester, TSB's chief executive. | "We bring the new TSB Bank back to over 600 communities across the UK to fuel their local economies - and nothing else," said Paul Pester, TSB's chief executive. |
| "We have today launched a bank which has been born fully formed." | "We have today launched a bank which has been born fully formed." |
| The TSB name is reappearing after TSB merged with Lloyds 18 years ago. | The TSB name is reappearing after TSB merged with Lloyds 18 years ago. |
| As well as the branches, TSB will have four call centres and employ 8,500 staff, making it the eighth largest High Street bank. In a BBC News interview last week, Lloyds Banking Group's chief executive, Antonio Horta-Osorio, promised that the transition for customers will be "seamless". | As well as the branches, TSB will have four call centres and employ 8,500 staff, making it the eighth largest High Street bank. In a BBC News interview last week, Lloyds Banking Group's chief executive, Antonio Horta-Osorio, promised that the transition for customers will be "seamless". |
| However, a number of customers took to social media to complain about internet banking issues on the first morning. | |
| Lloyds had been close to selling the business to the Co-operative Bank. That fell through in April after concerns emerged over the Co-op's financial strength. | Lloyds had been close to selling the business to the Co-operative Bank. That fell through in April after concerns emerged over the Co-op's financial strength. |
| Dominant | Dominant |
| The UK's banking industry is dominated by five big names, which control 83% of retail (personal) bank accounts. | The UK's banking industry is dominated by five big names, which control 83% of retail (personal) bank accounts. |
| As well as Lloyds, the other banks which lead the field are RBS, Barclays, HSBC and Santander. | As well as Lloyds, the other banks which lead the field are RBS, Barclays, HSBC and Santander. |
| They have been variously caught up in a catalogue of scandals, including fixing the key Libor interest rate and mis-selling payment protection insurance (PPI). | They have been variously caught up in a catalogue of scandals, including fixing the key Libor interest rate and mis-selling payment protection insurance (PPI). |
| Later this month, new rules designed to make it easier for people to switch accounts will come into force. | Later this month, new rules designed to make it easier for people to switch accounts will come into force. |
| There has been disagreement among commentators over whether the appearance of TSB will boost competition. | There has been disagreement among commentators over whether the appearance of TSB will boost competition. |
| Shore Capital's banking analyst Gary Greenwood said: "TSB will be painted as a new challenger brand on the High Street but I doubt that its pricing is going to be very differentiated to competitors. | Shore Capital's banking analyst Gary Greenwood said: "TSB will be painted as a new challenger brand on the High Street but I doubt that its pricing is going to be very differentiated to competitors. |
| "Current accounts tend to be very sticky and customers only tend to move if they have a really, really bad experience." | "Current accounts tend to be very sticky and customers only tend to move if they have a really, really bad experience." |
| Mark Garnier, a Conservative member of the cross-party parliamentary committee on banks, also voiced doubt: "TSB is certainly not the answer. We want entrepreneurs to come into the marketplace and start opening banks." | Mark Garnier, a Conservative member of the cross-party parliamentary committee on banks, also voiced doubt: "TSB is certainly not the answer. We want entrepreneurs to come into the marketplace and start opening banks." |
| However, Kevin Mountford, head of banking at price comparison website Moneysupermarket, said: "The launch of TSB bank can only be good news for consumers as it creates greater competition on the High Street." | However, Kevin Mountford, head of banking at price comparison website Moneysupermarket, said: "The launch of TSB bank can only be good news for consumers as it creates greater competition on the High Street." |