Lloyds TSB launches comparison site

Lloyds TSB is taking on comparison websites with the launch of its own price-checking website.

The website, www.lloydstsbcompare.com will let customers compare gas, electricity, telephone and broadband providers, as well as motor and travel insurance.

In addition, the site has supermarket and petrol price checkers, bringing several services under one roof.

Lloyds TSB claims the website will launch as the number one car insurance comparison site, as rated by research company Defaqto, taking the top spot from TescoCompare.com.

The bank said the website will be open to all, not just Lloyds TSB customers, and is the first comparison website launched by a bank.

Helen Wylde at Lloyds TSB Compare said: "Customers have told us they're worried about meeting spiralling household bills this winter. Our research shows that 80 per cent of households are already feeling the impact of rising bills, and nearly all expect the situation to get worse.

"Through lloydstsbcompare.com, we're hoping to give customers all the tools they need to cut their household bills."

Despite the pressure from rising bills, one in three (36 per cent) households has never switched energy providers – yet those who have used a comparison site to switch have benefited from average annual savings of £284.

If all 26 million households in the UK were to switch their bills, Britain could save a collective £7 million, Lloyds TSB said.