Money News
In the battle for current account customers, Lloyds TSB has unveiled a tempting new offering but for "brand new customers only". The bank is offering an interest rate of 6.4 % on its 'plus' range of current accounts on balances up to £2,500.
The deal, which is available to customers who join Lloyds TSB before 9 October 2007 and opt for a 'plus' account, offers 6.4 % AER (6.22% gross variable) credit interest for 12 months, from the date the current account is opened.
To qualify for this rate of interest, customers need to pay in £1,000 a month. After the 12 month offer period ends, the interest rate will drop back to 4.25%. Customers can opt for 'plus' on nearly all Lloyds TSB accounts, including Classic, which has no fee, and the Select, Gold, Platinum and Premier added value accounts which come with a wide range of benefits including AA breakdown cover, travel insurance and mobile phone insurance for a monthly fee.
Lloyds TSB is hoping to make it easier for new customers to switch to its bank accounts with a dedicated switching team that can arrange the transfer of all standing orders and direct debits and will liaise with employers and pension providers to coordinate the transfer of funds to new accounts. As well as these services, the team will help customers organise the closure of old accounts and arrange the transfer of your account balance.
03 September 2007 © Moneyextra.com
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