Mobile Banking – Free to all Lloyds TSB customers

Lloyds TSB has introduced free mobile banking for all of its customers. This is aimed at enabling more people to take control of their finances.

Lloyds TSB first introduced mobile banking in 2008. Customers can manage their finances whilst on the move using a wide range of services that includes;

• Inter account transfers,
• Low and High Balance alerts (when clients current account balances go above or below certain pre specified levels),
• A 'near limit' alert when a customer's balance is within £50 of its account or planned overdraft limit, could help customers avoid unplanned overdraft fees,
• An 'over limit' alert is sent when a customer's balance is over its limit or if a payment can't be made because there is not enough money in the account

According to a recent survey commissioned by Lloyds TSB, just under two thirds of consumers stated that there should be more tools like mobile banking available, to help people manage money more effectively. A quarter of those surveyed said they would be motivated to use mobile banking if it were free.

The rise in online banking and similar options, such as mobile and telephony, now provides consumers with more options to manage their money than ever before. In response to this demand, the mobile banking service was made available, free for all customers from 3 August.

Customers can also benefit from more specific financial tools that should help them avoid incurring overdraft charges. These include;

• Grace period - If a customer's account goes into a planned or unplanned overdraft they have a grace period until 3.30pm the same day to pay in enough money to cover the payments and avoid any fees,
• £10 Buffer - The introduction of the fee free and interest free £10 buffer in December will help customers who dip into their overdraft by less than £10, avoid charges.

Jatin Patel, Personal Current Accounts Director, Lloyds TSB, said: "We are keen to provide our customers with a variety of tools, enabling them to take more control of their finances. Mobile banking provides the perfect way for people to manage their money on the move.

"Our decision to offer free mobile banking to everyone, from August 3 (currently £2.50 per month) should really encourage more customers to embrace the range of tools available, as well as helping them manage their finances more efficiently."