Bank Account News

Lloyds TSB launches new current account - 03/09/2007

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Lloyds TSB has unveiled the highest ever interest rate it has offered on its Plus range of accounts for new customers opening an account before October 9th 2007.

With 6.4 per cent annual equivalent rate (6.22 per cent gross variable) credit interest for 12 months and a rate of 4.25 per cent after the end of the offer period, Lloyds TSB stated that it expects the new product to prove popular with Britons.

Under the terms of the promotional offer, new customers with a Plus account will receive 50 per cent extra interest on top of the usual Lloyds TSB Plus account rate of 4.25 per cent for 12 months from the date the account is opened and transfer of accounts can be arranged through the bank's dedicated 'switching team'.

Applied to balances as high as £2,500, the higher rate of interest is dependent upon customers paying at least £1,000 a month into the account and the Plus option is available on almost all Lloyds TSB accounts, including Classic, Select, Gold, Platinum and Premier.

Ian Larkin, Lloyds TSB consumer banking managing director, said: "The high street is swamped with deals that look attractive but, the reality is that some are better than others. Customers switching to our Plus account, can feel confident that they're not just getting a great rate for a year, but a great rate for life."

A recent poll by MoneyExpert.com estimated that 30 million people in the UK (66 per cent of the adult population) are not aware of how much they have to pay on their current account when they go into the red and warned of a high level of ignorance over bank charges in Britain.

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