High interest rate on current accounts up for grabs
Posted 2008-06-8
Lloyds TSB announced today a new six per cent current account following increasing competition between leading banks.
Customers who open a Plus account before July 13th will receive six per cent AER (5.84 per cent gross variable) on balances as high as £2,500.
To qualify for the account customers need to deposit at least £1,000 a month and after 12 months the bank will offer a competitive four per cent AER.
Those without the £1,000 a month required to qualify will have to make do with a standard current account, which offers 0.1 per cent AER.
Catherine McGrath, director of current accounts, Lloyds TSB, said: "While many of our competitors are cutting the interest they pay to customers on their current accounts, were bucking the trend offering one of the best deals on the market."
"By upping the interest we pay on our Plus accounts everyone will be able to make the most of their current account balance."
Alliance & Leicesters Premier Direct current account and Abbeys Preferred In Credit Option account offer more interest than Lloyds new Plus account, but they both expect a minimum monthly deposit to qualify.
July 13th, 2008 at 3:48 am
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