MEC, the incumbent agency, has been invited to repitch for the five-year deal. Lloyds aims to complete the process by 31 March 2015.
The review, which is being handled by AAR, will cover all Lloyds brands including Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows.
Catherine Kehoe, the managing director of group brands and marketing at Lloyds Banking Group, said: "We have had five very successful years with our current media planning and buying partner MEC, who have provided an integrated service across all media types.
"As we look forward to the next five-year period, we need to ensure that our approach continues to deliver best value and quality across all media."
MEC won the business in 2009 after a head-to-head pitch against the then incumbent ZenithOptimedia Group.
TSB appointed Manning Gottlieb OMD at the end of last year, ahead of spinning out of the Lloyds Banking Group.