Content

The Council’s current main banking
relationship is with National Westminster plc (NatWest) who provide
money transmission services and credit facilities. The current
market for local authority banking is limited to three banks
NatWest, Lloyds and Barclays. The internal cost associated with
moving to a new supplier can be excessive and may in some cases be
higher than the annual contract value, with other similar size
authorities estimate the cost of change to be up to £30,000.
We have worked with Focus on Banking to benchmark the current and
proposed NatWest tariffs against those likely to be proposed by
Lloyds and Barclays at tender to help ensure terms provide value
for money.