Lloyds TSB launches account for immigrants

High street banking giant Lloyds TSB has announced the launch of a current account aimed at newcomers to Britain.

The bank says the new account is “ideally suited” for people who have just moved to the UK, in particular “the growing Polish community”.

Account holders will be offered a range of incentives, such as a debit card and European travel insurance.

Research conducted by Lloyds TSB among members of the Polish community found that they wanted to be able to transfer money quickly and easily to family at home.

More than 40 per cent of respondents said they had transferred money home recently and 75 per cent were planning to do so in the near future.

With this in mind, the bank has developed a pre-loaded money transfer card that can be sent “to a designated family member or friend” who can use it for cash withdrawals or purchases.

Caroline Brady, head of segments at Lloyds TSB, said: “The rapidly expanding Polish community is having a major impact on the UK current account market.”

According to the BBC, more than 450,000 polish citizens have applied for UK work permits since the country joined the EU.

© Adfero Ltd

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