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The council’s current banking contract
with Lloyds Bank expires on 31st July 2024, and officers have
considered options moving forward.
Changing a main bank account is a costly and disruptive process
that is normally only considered where there is clear benefit to be
gained by the organisation.

A review of the service was undertaken in 2018 for both quality and
value-for-money using external consultants, Focus-On-Banking. They
concluded that the service provided was competitively priced when
compared to other leading banks and that
service quality could be improved by maintaining regular contract
monitoring meeting. Service quality has since improved and the
council has a good relationship with the bank.

The council does not have the resources to undertake a full
external review of the current service in 2024, and officers
recommend that the current service level does not warrant the
potential cost and disruption of changing banks.

Officers have reviewed the potential frameworks for procuring
banking services and propose that Card Processing Advisory Service
Limited (CPRAS) via CPRAS Framework Direct Award Call Off Agreement
will be the most cost-effective procurement method.
CPRAS have been able to offer rates with Lloyds that will offer a
potential £5k net saving per annum (£6k gross saving
prior to Framework Management charge) based on current usage
levels. In addition to this, the council will qualify for 12 months
free banking, creating a larger saving in the first year of
contract.