Lloyds TSB first bank to launch on demand text balances

Lloyds TSB has become the first bank in the UK to launch ‘on demand' text message balance updates for its customers. The new Balance on Demand service means that customers can request an up to the minute snapshot of their account, straight to their mobile phone, simply by sending a text message.

Balance on Demand bolsters Lloyds TSB's existing range of Mobile Services, through which customers can monitor and manage their money on a mobile phone. It provides customers with their latest balance, as well as detail of their last six transactions - and the texts can be requested whenever and wherever they are needed.

The new service is available to all customers, as part of Lloyds TSB's existing range of mobile services - the most comprehensive in the UK. These services have been designed to give customers complete control of their money, and to help them keep fully up to date with their finances.

Customers who sign up to Mobile Banking are able to use their mobile phone to view their account balance; move money securely between their Lloyds TSB accounts; check their last six transactions; and receive a wide range of text alerts to keep them up-to-date with their finances.

The text alerts can be individually set, to help customers manage their accounts, based on their own needs. They include ‘High Balance' and ‘Low Balance' alerts which let customers know when their account balances reach, exceed, or fall below certain levels. Customers can then instantly transfer money between a savings account or current account using their mobile phone.

Lloyds TSB has launched the new Balance on Demand service in response to a high level of demand from customers for instant balance updates and the huge popularity of Mobile Banking since its launch last year. Customers using the service are now transferring more than half a million pounds every month.

Peter Jackson, Managing Director, Consumer Banking, Lloyds Banking Group, said: "Our customers want more control of their money and they want more information to help them make day to day financial decisions on spending and saving.

"With our range of mobile banking services we're able to give customers the help they need to keep an eye on their accounts, and make the most of their money. And all through a mobile phone.

"The aim is simple. To make it as easy as possible for customers to view their balance, keep on top of their finances day to day, and transfer money when they need to.

"We were one of the first banks to launch mobile banking in the UK, and now we're the first to introduce Balance on Demand."

Customers can sign up for complete ‘Mobile Banking Pack', including Balance on Demand, for £2.50 per month.

To find out more about the Balance on Demand service and the full range of Mobile Services customers can visit lloydstsb.com/mobileservices.