Lloyds TSB Scotland launches international account
25 April 2007
Lloyds TSB has launched a new current account with a range of benefits directly targeted at the growing number of Poles moving to the UK.
The new ‘silver’ account is the latest addition to a range of tailored banking services for customers who are new to the UK offered by the bank, including a number of specialised branches dedicated to international customers.
The ‘silver’ account offers customers more than £355 of benefits. As well as a VISA debit card it offers customers annual European travel insurance, currently unavailable to recent arrivals to the country; mobile phone insurance; AA break down cover; Sentinel Card protection and an exclusive saver account. Normally £7.95, the account will be available for just £2 per month until October 07.
The account also includes a money transfer card to enable customers to send money back home with ease. The card can be sent to a designated family member or friend. They can then use the pre-loaded card for cash withdrawals and purchases where VISA is accepted.
Research amongst the Polish community in the UK revealed that the top banking priority is to be able to transfer money to family in Poland in a cost effective and safe way. Two fifths (40 per cent) of respondents recently transferred money back to Poland and seven out of ten plan to do so again in the near future. The majority transfer £100-£500 per transaction and typically send money home every 1-2months. The main reasons for making transfers include; support for their family and savings for their own future.
Mark Cockburn, Retail Network Director of Lloyds TSB Scotland, said: “The rapidly expanding Polish community is having a major impact on the UK current account market. In the past 12 months we have experienced a surge in the number of new accounts being opened, with over 120, 000 new current accounts opened by Polish customers just last year.
“The introduction of the new ‘silver’ account is one of a number of steps we have taken to meet the growing demands of the Polish community. We have recruited seven fluent Polish speakers in branches across Scotland. They are based in Aberdeen, Dundee, Edinburgh, Glasgow, Inverness and we are actively recruiting in other centres such as Fife.”
Polish language brochures are also available in the Bank’s top 130 Polish serving branches and identification requirements have been simplified to make it easier for new customers to open a current account. Customers now only need one form of photo identification, such as passport or EU identity card, to open a current account. This is particularly advantageous for customers who are new to the country and might not have identification in the form of utility bills, for example.
Lloyds TSB is also one of the first banks in the UK to offer credit facilities for recent arrivals to the country. New arrivals can now apply for its Classic credit card. To qualify, customers will need to have been resident in the UK and have held a Lloyds TSB current account for only three months paying a minimum of £500 each month into their account. Applicants also must have an annual salary of £10,000 or more. The offer is being rolled out in 31 Lloyds TSB Scotland branches across the country.
