Lloyds TSB offers 6 per cent on Plus current account
Lloyds TSB has increased the interest rate on it’s Plus current account from 4 per cent to 6 per cent variable.
This is actually a 2 per cent ‘bonus’ offer, so you get 2 per cent extra for 12 months and the offer is running from 9th June to 13th July 2008. I suppose my only issue with these kind of offers is that the bank is relying on customers not to bother changing accounts after the offer period ends. To be honest who would go through the effort of changing their current account every 12 months? It’s just not viable.
Having said that 4 per cent isn’t a bad rate, it’s just that there are current accounts offering up to 8 per cent at the moment, infact the Alliance and Leicester Premier Direct Current Account offers 8.5 per cent on a minimum balance of just £1.
After the 12 month bonus period ends the interest rate reverts to 4 per cent AER and there are other benefits to take into account. You can opt ofr ‘Plus’ on several Lloyds TSB accounts including Classic which has no fee. Other benefits available on the Gold, Platinum and Premier added value current accounts are AA breakdown cover, travel insurance and mobile phone insurance, however there is a monthly fee for these accounts.
Director of current accounts, Catherine McGrath, Lloyds TSB said: “While many of our competitors are cutting the interest they pay to customers on their current accounts, we’re 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.”
If you’re interested in switching to a Lloyds TSB current account they have a switching team in place who arrange the transfer of all direct debits and standing orders, they also contact employers to set up the transfer of funds into your new Lloyds TSB account.
For further information visit Lloydstsb.com or call 0845 3000 000
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