Lloyds Banking Group is launching a new online tool that will enable customers to shop around for a new current account without affecting their credit file.
By entering some personal details, including financial commitments, into a short online form a soft credit search is conducted to confirm which accounts would be available alongside any associated overdraft limits that could be offered - without leaving a permanent footprint on the consumer's credit file.
The tool also provides people who may not currently qualify for a current account or overdraft access to personal finance guides which offer tips and resources to help improve credit scores.
Stephen Noakes, managing director retail customer products, Lloyds Banking Group says: “This new tool offers people the chance to understand what accounts they can switch to in a simple and straightforward way without having to worry about the knock on effect to their credit score. Customers will now have even more confidence to switch their current account by knowing what accounts they will be eligible for and the overdraft they can take with them before applying.”
He says that since the launch of the UK's Current Account Switching Service, over 490,000 customers have moved their business to Lloyds Bank, Halifax and Bank of Scotland.