Lloyds launches banking by mobile

Bank accounts that can be managed via mobile phone have been announced by Lloyds TSB, the first service of its kind in the UK.

Moving money instantly between accounts held with the bank, viewing balances and checking transactions will be possible under the new service.

Customers will also be able to top up their own or other people's pay-as-you-go mobile phones from their current account when the service is launched in October.

Lloyds already offers customers a text alert service when their bank balance falls within £50 of their limit or below, or if a payment such as a standing order cannot be made.

This service will be expanded to also include alerts when balances exceed a certain level, so that the excess can be moved into a savings account. Free weekly texts showing the account balance and the six most recent transactions are also available.

The new mobile banking service meets international security standards. Customers will have to enter a six-digit code before they can view their accounts or move money between them.

They will also have to give their accounts names when registering for the service to ensure no one else can see their account numbers or sort codes.

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