Lloyds TSB Announce that Coy Couples are missing out on Current
on: October 17, 2008, 6:50 am
Press Release Author: Amy Mankelow
Release Summary: Lloyds TSB has revealed that over a quarter of
British couples could be missing out on higher credit interest
rates by not pooling their current account cash
Release Body: Lloyds TSB has released new figures
that show while nearly three quarters (72 per cent) of couples
do have a joint bank account, over a quarter choose not to join
forces financially despite the fact that in doing so, they could
make their money work harder for them.
those couples who don't have a joint bank
account, two in five (39 per cent) say they either "don't
trust their partner to spend responsibly" or "don't
want their partner knowing what they earn or spend their money
couples who do have a joint bank
account say they have one for practical reasons - 90 per cent
say it helps them manage household bills and expenses, while 88
per cent also think that as a couple they should share money.
Over half (55 per cent) say it helps them to save money together.
McGrath, director of current accounts at Lloyds TSB said;
"In these testing financial times, it's never been more
important to make your money work as hard as it can for you. But,
up until now, there has been no real financial incentive for couples
to pool their current account cash. The Lloyds
TSB Vantage account * has changed this. It is the only fee
free current account on the high street which pays up to 5 per
cent credit interest on balances up to £7,000*, making Vantage
ideal for joint accounts, where two incomes are going in each
whilst two in five couples have some reservations when it comes
to sharing their money with their partners, 90 per cent say they
would happily "share information on their debts".
it appears these reservations come second to an opportunity to
make more money, as nearly half (46 per cent) of those without
a joint current
account, say they would get one if they could earn a better
rate of interest.
Hodson, a Fellow of the British Association for Counselling and
Psychotherapy, comments: "I think some couples
get married with their fingers crossed when it comes to that bit
about 'endowing thee with all my worldly goods' and they want
to keep enough cash for themselves to escape if necessary."
Lloyds TSB Bank plc and Lloyds TSB Scotland plc are authorised
and regulated by the Financial Services Authority and signatories
to the Banking Codes.
TSB offer a full range of financial services including savings
and investments, insurance and fee free current
TSB Bank plc Registered Office: 25 Gresham Street, London EC2V
7HN. Registered in England and Wales no.2065.
Notes to editors:
Research was conducted by ICM between 5-7 September 2008 online
with 584 married or cohabiting couples.
Vantage can be added to Classic which has no fee and Silver, Gold,
Platinum and Premier which offer customers a range of benefits
for a monthly fee. ** If a customer doesn't pay in £1,000
that month, goes overdrawn or uses their overdraft during the
month, they will earn the standard interest rate of 0.1% AER that
Details: Amy Mankelow
Lloyds TSB Press Office
25 Gresham Street
020 7356 2021