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What Brexit means for your banking if you live in the UK

We appreciate you might have questions about Brexit, and what this means for your banking. We’ve put together some information below which we hope will help you. It covers some of the most common questions that we’ve had about Brexit and banking.

The information is for customers who live in the UK. If you live in a EU country, we’ll be in touch directly if there are any changes to the products and services you have with us.

We’ll keep this page updated with the latest information as we get it.

General questions

What is the impact on my banking products and services?

Nothing has changed. There is no immediate impact on your ability to access your existing banking products and services.

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Is my money safe?

  • Yes, your money is safe. There is no change to the way your account works or how it is protected.
  • Your deposits and investments continue to be protected by the Financial Services Compensation Scheme. More information is available here.
  • The Prudential Regulation Authority and Financial Conduct Authority remain our primary regulators.
  • You can continue to use our banking services as you currently do.

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Which countries are in the EU?

The EU consists of:

Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.

The UK has now left the EU but until 31st December 2020 will still be part of the European Single Market.

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Which countries are in the European Economic Area (EEA)?

The EEA includes EU countries and also Iceland, Liechtenstein and Norway.

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Will I still have access to the same products?

Yes. At present, products and services will remain the same. You can continue to use our banking and insurance services as you currently do.

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Will my personal data still be secure?

You continue to be protected through current legislation, and our internal policies. Your data will continue to be held in the most secure way.

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Will there be any changes to how I use my current Lloyds bank account?

No, at present there are no immediate impacts on your ability to access your existing banking products and services.

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What is the transition period and how will it affect my banking products and services?

The transition period, or as it is sometimes called the implementation period, is the period from when the UK left the EU until 31st December 2020. Its purpose is to give the UK time to negotiate new international agreements with the EU and other countries. During the transition period, the UK will still be part of the European Single Market and EU law will continue to apply in the UK. You should not see any significant changes to your banking products or services as a direct result of the transition period but if there are any developments or changes that may impact them, we will let you know.

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Credit Cards

My credit card doesn't charge fees for foreign exchange or withdrawing cash abroad will that change?

No, this feature applies across the world so we do not anticipate any change.

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Will this affect the value of my Avios?

No, there is no change to the way you earn Avios. The number of miles required for redemption is set and managed by Avios as part of the broader programme.

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Will there be any changes to the Balance Transfer and Money Transfer features on my credit card?

Nothing has changed. There is no immediate impact on your ability to complete Balance Transfers or Money Transfers.

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Can I continue to make payments to my credit card bill from EU countries?

Yes, you can continue to make these payments from abroad.

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Travel and currency

Will I still be able to change Sterling into Euros in the UK?

Yes. The current method of currency exchange does not change.

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 Will I still be able to exchange my money into Euros or Sterling when abroad?

Yes. You shouldn’t have any issues. The current method of currency exchange does not change.

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Will I be able to use ATMs / pay by my debit / credit card in Europe?

Yes. The use of ATMs and how you use your cards to pay for goods or services doesn’t change.

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If I have an Added Value Account, will my travel insurance change?

No, at present your cover will remain the same. You should ensure you read your Added Value Account Getting Started Guide before travelling to ensure that you have the right level of insurance cover.

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I have a Platinum Current Account and my travel is disrupted due to Brexit, can I make a claim?

If your travel plans are cancelled, curtailed, disrupted or delayed by your travel agent, tour operator or public transport operator due to Brexit, there is cover under your travel policy for certain pre-paid costs, if you can’t get a refund from the travel provider.

Please refer to your Welcome Pack/Getting Started Guide for full details of the circumstances covered, what do to in this situation and the policy conditions limitations and exclusions that apply.

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Will there be any impact to accessing Online Banking when travelling in Europe?

No. Online Banking is not affected.

You can also continue to access your bank account through our mobile app, if you have it

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Savings and Investments

Can I open a savings account from Europe?

Generally our savings accounts are only available to UK residents, unless you are a Crown employee or their partner and looking to open an ISA.

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Are my investments protected?

Your deposits and investments continue to be protected by the Financial Services Compensation Scheme.

The Prudential Regulation Authority and Financial Conduct Authority remain our primary regulators.

You can continue to use our banking and insurance services as you currently do.

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Mortgages

What impact will this have on my mortgage?

There are no changes to our mortgage products, rates or services.

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I am an EU citizen and reside in the UK can I get a mortgage?

If you are a UK permanent resident, and have a primary registered UK address you will be able to make a mortgage application.

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If I’m an EU citizen will I be able to renew my mortgage rate?

If you are able to maintain your payments then you will be able to renew your mortgage rate subject to standard policy conditions. However, if you are experiencing difficulty in meeting your monthly mortgage payments you should contact our Payment Assistance Line (PAL) for help.

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Loans

If I need to move out of the UK to the EU do I still have to repay my loan?

Yes, you are legally bound by the terms and conditions that you signed when taking your loan, this includes making the contractual monthly repayments in pounds sterling. If you wish to repay your loan there are a number of options to allow you to do this. You can pay off your loan by; signing in to Online Banking, calling us on 0330 123 3890 (Mon–Sun 8am–10pm) or visiting your local branch.

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For general updates and guidance on the UK leaving the EU, the UK Government has set up an online hub.