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Wednesday 25th April 2007
Lloyds TSB has launched the first bank account in the UK aimed specifically at new arrivals to Britain.
The bank says its Silver current account is "ideally suited" to economic migrants to the UK, especially the country's growing Polish community.
The account's main selling point is a money transfer card that allows consumers to send money back home via a preloaded card that can then be used for cash withdrawals or purchases by a designated family member or friend.
Lloyds TSB explained that it decided to launch the Silver account after its own research suggested the banking feature immigrants to the UK were most interested in was the ability to send money home securely.
Polish consumers are now the high street bank's largest foreign national group of customers, with 130 Lloyds TSB branches featuring Polish language facilities.
"The rapidly expanding Polish community is having a major impact on the UK current account market," said Lloyds TSB's head of segments Caroline Brady.
"In the past 12 months we have experienced a surge in the number of new accounts being opened, with over 100,000 new current accounts opened by Polish customers last year alone."
Successful applicants for a Silver account will need an annual income of £10,000 or more and be willing to pay monthly fees of £7.95.
However, up until the end of October, the account is available for a lower rate of £2 per month as long as customers save at least £500 every month.
Last year the Home Office revealed more than 600,000 people had moved to the UK from newly acceded EU states, with the majority being from Poland.
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