Lloyds TSB offering the highest ever interest rate

Lloyds TSB is offering the highest ever interest rate of 6.4% on its ‘Plus’ range of current accounts. The promotional offer will earn new customers, who open a Plus account with the bank, 50% extra interest on top of Lloyds TSB’s existing Plus account rate of 4.25%.

Those who want to take advantage of the offer will need to join Lloyds TSB before 9 October 2007 and select a Plus account. They will receive 6.4% AER (6.22% gross variable) credit interest for one year, from the date the account is opened, on balances as high as £2,500.

To be eligible for the higher rate of interest, new customers must pay in £1,000 a month. After the 12 month offer period ends, customers will still earn a reasonable rate of 4.25%.

A spokesperson for Lloyds TSB highlighted that they have continuously increased the interest they pay their customers since launching Plus 4 years ago and they are encouraging people to investigate the level of interest they currently receive on their current account.

At Lloyds TSB, customers can opt for ‘Plus’ on nearly all their accounts, including Classic, which has no fee and the Select, Gold, Platinum and Premier added value accounts which come with benefits such as AA breakdown cover, travel insurance and mobile phone insurance.

The bank added that it has a switching team which organises the transfer of all standing orders and direct debits and liaise with employers and pension providers to coordinate the transfer of funds to new accounts to make it easier for those wanting to switch.

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