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New bank account aimed at Poles Print E-mail
Wednesday, 25 April 2007

Lloyds TSB today launched a new current account directly targeted at the growing number of Poles moving to the UK.

The account, as well as benefits such as travel insurance, includes a money transfer card to enable customers to send money back home with ease.

Research amongst the Polish community in the UK last year revealed that the top banking priority was to be able to transfer money to family in Poland in a cost effective and safe way. Two fifths of respondents recently transferred money back to Poland and seven out of ten planned to do so again in the near future.

The majority transfer £100-£500 per transaction and typically send money home every one to two months. The main reasons for making transfers include supporting family back in Poland and savings for their own future.

Mark Cockburn, retail network director of Lloyds TSB Scotland, said: “The rapidly expanding Polish community is having a major impact on the UK current account market. In the past 12 months we have experienced a surge in the number of new accounts being opened, with over 120, 000 new current accounts opened by Polish customers just last year.

“The introduction of the new ‘silver’ account is one of a number of steps we have taken to meet the growing demands of the Polish community. We have recruited seven fluent Polish speakers in branches across Scotland. They are based in Aberdeen, Dundee, Edinburgh, Glasgow, Inverness and we are actively recruiting in other centres such as Fife.”

Identification requirements have been simplified to make it easier for new customers to open a current account, and customers now only need one form of photo identification to do so, removing the requirement for proof of address like utility bills.
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Last Updated ( Wednesday, 25 April 2007 )
 
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