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.

The frequently asked questions below are up to date with the latest information as at the end of the transition period 31st December 2020. We’ll continue to update them if anything changes.

Are you a business customer? Take a look at our Brexit FAQs for business and Brexit business hub page which pulls together our collection of insights and guidance all in one place. 

General Questions

  • 1.
    What is the impact of my banking products and services?

    Customers living in the UK should not see any significant changes to how their banking products and services work. For customers living in certain EU countries, however, we will not be able to provide some UK banking products and services after 31st December 2020. We have contacted customers whose accounts or services are impacted.

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  • 2.
    Is my money safe?
    • Yes, your money is safe. There is no change to the way your account 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.
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  • 3.
    Which countries are in the EU?

    The EU currently 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.

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  • 4.
    Which countries are in the European Economic Area (EEA)?

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

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  • 5.
    Will I still have access to the same banking products and services?

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

    After 31st December 2020, we will not be able to provide some UK banking and insurance products and services to customers living in some EU countries. We have contacted customers whose accounts or services are impacted by this.

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  • 6.
    Will my personal data still be secure?

    Yes. 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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  • 7.
    Will there be any changes to how I use my Lloyds Bank account?

    No, you can still access and use your existing banking products and services in exactly the same way.

    After 31st December 2020, however, we will not be able to provide some UK banking and insurance products and services to customers living in some EU countries. We have contacted customers whose accounts or services are impacted by this.

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  • 8.
    Can I continue to make payments to and from EU countries?

    At present we don’t anticipate any changes to how you make and receive valid payments to and from these countries.

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  • 9.
    What if I move to the EU?

    If you move outside the UK in the future, you must let us know. Most customers will be able to continue to hold their UK banking product. For customers living in certain EU countries, however, we will not be able to provide some UK banking products and services after 31st December 2020. We have contacted customers whose accounts or services are impacted by this.

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Credit Cards

  • 1.
    My credit card doesn't charge fees for foreign exchange / withdrawing cash abroad. Will that change?

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

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  • 2.
    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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  • 3.
    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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  • 4.
    Can I continue to make payments to my credit card bill from EU countries?

    We will continue to accept payments to your credit card account from abroad.

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Travel and Currency

  • 1.
    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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  • 2.
    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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  • 3.
    Will I be able to use ATMs / pay by my debit / credit card in Europe?

    Yes. If you're a UK resident, the use of ATMs and how you use your cards to pay for goods or services doesn’t change.

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  • 4.
    If I have a Packaged Bank Account, will my travel insurance change?

    No, at present your cover will remain the same. You should ensure you read your Packaged Bank Account Welcome Pack before travelling to ensure that you have the right level of insurance cover.

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  • 5.
    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 after 31st December 2020 due to Brexit, there may be cover under your travel policy for certain pre-paid costs, if you can’t get a refund from the travel provider or any other source.

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

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  • 6.
    Will there be any impact to accessing Internet Banking when travelling in Europe?

    No. Internet 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

  • 1.
    Can I open a savings account from Europe?

    Generally our savings accounts are only available to UK residents, though our Cash ISAs are also available to Crown employees serving overseas, their spouse or civil partner and, in the case of Junior ISAs, their dependant.

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  • 2.
    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

  • 1.
    What impact will this have on my mortgage?

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

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  • 2.
    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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  • 3.
    If I'm an EU citizen and live in the UK, 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

  • 1.
    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 logging on to Internet 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

Important legal information

Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).