Lloyds TSB has become the first bank in the UK to launch ‘on demand’ text message balance updates for its customers. The new Balance on Demand service means that customers can request an up to the minute snapshot of their account, straight to their mobile phone, simply by sending a text message*.

Balance on Demand bolsters Lloyds TSB’s existing range of Mobile Services**, through which customers can monitor and manage their money on a mobile phone. It provides customers with their latest balance, as well as detail of their last six transactions – and the texts can be requested whenever and wherever they are needed.

The new service is available to all customers, as part of Lloyds TSB’s existing range of mobile services – the most comprehensive in the UK. These services have been designed to give customers complete control of their money, and to help them keep fully up to date with their finances.

Customers who sign up to Mobile Banking are able to use their mobile phone to view their account balance; move money securely between their Lloyds TSB accounts; check their last six transactions; and receive a wide range of text alerts to keep them up-to-date with their finances.

The text alerts can be individually set, to help customers manage their accounts, based on their own needs. They include ‘High Balance’ and ‘Low Balance’ alerts which let customers know when their account balances reach, exceed, or fall below certain levels. Customers can then instantly transfer money between a savings account or current account using their mobile phone.

Lloyds TSB has launched the new Balance on Demand service in response to a high level of demand from customers for instant balance updates and the huge popularity of Mobile Banking since its launch last year. Customers using the service are now transferring more than half a million pounds every month***.

Peter Jackson, Managing Director, Consumer Banking, Lloyds Banking Group, said: “Our customers want more control of their money and they want more information to help them make day to day financial decisions on spending and saving.

“With our range of mobile banking services we’re able to give customers the help they need to keep an eye on their accounts, and make the most of their money. And all through a mobile phone.  “The aim is simple. To make it at easy as possible for customers to view their balance, keep on top of their finances day to day, and transfer money when they need to.

“We were one of the first banks to launch mobile banking in the UK, and now we’re the first to introduce Balance on Demand.”

Alastair Lukies, Chief Executive Officer, Monitise plc said, “It is good to work with Lloyds TSB in delivering new services for their customers. We believe that giving people the opportunity to get their balances there and then, simply and easily by mobile is perfect for the times”. 

Customers can sign up for complete ‘Mobile Banking Pack’, including Balance on Demand, for £2.50 per month****.

* To request their balance customers text BAL followed by a space and the last four digits of their current account to 62229. Text requests are charged at the customer’s standard network rate.
** Lloyds TSB Mobile Banking is provided in association with ISB Ltd web application developers and SMS strategic partner, and MONILINK, the UK’s mobile money network, which is a joint venture between Monitise plc, the mobile banking and payments specialists and VocaLink, the operator of the UK ATM network.
*** Data from Lloyds TSB.
****Mobile Banking Pack is free for Premier accounts and Private Banking accounts. Free for Student account holders until August 2010. Some services require Internet Banking.