Lloyds has made a change for millions of customers – and anyone who’s in a “couple” will benefit. The high street bank has teamed up with Lumio, the innovative money app, aimed at transforming how people manage their shared finances.
Lloyds said it will work together to make financial management for couples simpler, efficient and more collaborative. The app allows couples or other people who manage a household budget together, to manage their finances in a shared space, track and automatically split shared expenses and save together towards common financial goals.
It will be rolled out between May and August to selected Lloyds customers that jointly manage bills, who will be invited to trial the app on a first come first serve basis and enjoy free access to Lumio Couples Pro, Lumio’s premium package, typically priced at £39.99 per year.
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Charlie Richardson, Founder of Lumio said: “Modern couples have fallen into an account gap and Lumio provides these couples with a solution that makes it easier for them to spend independently but retain financial clarity and alignment as a couple.”
Tamara van den Ban, Customer Propositions Director at Lloyds, said: “Lumio offers an easy way to manage money together, making every day financial tasks stress-free for people who need to do this together – whether that be couples, siblings or flatmates.
“We believe that collaboration is key to delivering exceptional services and enhancing our capabilities and we are excited for what our partnership with Lumio will bring to better address our customer needs.”
More than 40,000 Lumio couples already benefit from having joint oversight of shared spending, account activity and any shared balances.
Customers can also split expenses with a real-time IOU tracker, reducing any potential tension as both parties have access to an automated, accurate record of expenses and payments due.
