Lloyds TSB has announced that it has increased the rate on its popular Monthly Saver account to 5 per cent.
Lloyds TSB Monthly Saver account holders can enjoy this competitive fixed rate for twelve months on regular monthly deposits between £25 and £250. If customers find they have additional funds to save, they can increase the amount on their monthly standing order at any time during the 12 month period, up to the maximum monthly deposit of £250.
Colin Walsh, managing director of Savings and Investment at Lloyds TSB said, "Given the uncertainty around us, getting into a savings habit has never been more important. This is why we want to make it as easy as possible for our customers to build a nest egg and provide the added incentive of a competitive savings rate."
Should the need arise customers can also benefit from instant access to their savings, without incurring any withdrawal penalty.
Colin Walsh continued: "We know some savers want the reassurance of being able to access if they need to, so this product allows customers to dip into their funds without penalties."
Lloyds TSB Current Account holders can open a Monthly Saver account either in branch or through telephone banking.
To help savers make the most of their money Lloyds TSB has a dedicated savings hub at Savvy Saver, full of advice, information and useful planning tools. Users can also submit and share their own savings tips, to help other savers maximise their cash.
Notes to editors:
- Funds withdrawn from the account cannot be replaced
- Standing Order on the account can be changed at any point during the twelve month period.
- This product is subject to availability
About Lloyds TSB:
Lloyds TSB offers customers a wide range of current accounts, savings accounts, insurance, personal loans and credit cards, investment and cash ISA accounts designed to meet different customers' needs.
Lloyds TSB Bank plc and Lloyds TSB Scotland plc are authorised and regulated by the Financial Services Authority and signatories to the Banking Codes.
Lloyds TSB Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065.
Media Relations Manager
Lloyds TSB Press Office
25 Gresham Street
020 7356 2021
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