Lloyds TSB pays 5% on monthly saver

Lloyds TSB has increased the interest rate on its monthly saver account to 5%.

The rate is fixed for 12 months and is available to account holders who deposit between £25 and £250 per month.

Penalty-free withdrawals can be made from the account at any time.

Colin Walsh, Lloyds TSB managing director of savings and investments, said given the current financial climate, 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 rate,” Walsh said.

The Monthly Saver account is available to Lloyds TSB current account holders only, and can be opened in branch or over the telephone.

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