Lloyds Banking Group is set to launch a new online tool that will allow customers to shop for a new current account quickly without affecting their credit file.

The new tool, deemed to be the first of its kind to be provided by a UK bank, is mobile optimised facilitating eligibility account check anywhere and at any time.

With the help of entering personal details, such as financial commitments, into a short online form a soft credit search is carried out to unveil which accounts from the respective bank would be available as well as any associated overdraft limits that could be provided.

Besides, in case of people who at present, may not be eligible for a current account or overdraft, the online tool offers access to personal finance guides to help improve credit scores.

Lloyds Banking Group managing director retail customer products Stephen Noakes commented: "Our focus very much remains on providing easier ways for customers to choose the right account for them. 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."