Lloyds TSB launches 'Polish bank account'
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.
Share this..
Related stories
Cadbury confirms interest from other potential bidders
Cadbury has today released a defence document confirming why the company believes that the Kraft Foods bid undervalues the operation and also issued an update on trading. In what is being seen as a...Cadbury has today released a defence document confirming why the company believes that the Kraft Foods bid undervalues the operation and also issued an update on trading. In what is being seen as a si...
Read MoreInterest rates look set to hold
The Bank of England looks set to hold interest rates at 5.75 per cent when it meets this week to assess the impact of five interest rate rises already this year on the economy. Economists and business leaders have both called for the Bank to leave rates where they are - which would be good news for homeowners, who have seen mortgage payments rise over the past few months, and also for retailers wh...
Read MoreWhy do hopes for the UK economy vary so much?
Alistair Darling's suggestion this week that the UK economy would fall by around 3.5% this year, increase by 1.25% in 2010 and move on to an annual rate of 3.5% growth from 2011 onwards is so far away from the consensus it is unbelievable. There are currently no City analysts anywhere near the "rose tinted" forecast from the Treasury with a general belief that these announcements are purely politi...
Read MoreNew study finds retirement worries around older workers
Around half of all Britons who are approaching retirement age fear that they have not saved up enough money to live comfortably in old age, new research suggests.According to Hartford Life, 54 per cent of all women aged 45 to 54 years old either feel "somewhat" or "very" concerned about this issue.Among men of the same age, this figure stood at 45 per cent.The credit crunch was cited by the Hartfo...
Read MoreConsumer confidence up as appetite for credit grows
26/09/2013 Consumers improving confidence has been reflected in claims made by the British Bankers’ Association (BBA) that consumer borrowing through mortgages, loans and credit cards have increased over the last month. Borrowing on unsecured credit rose by £76 million in August, which incidentally is the first increase in four years, suggesting that the safety-first approach of consumer...
Read More