Lloyds TSB Bolster Savings Rang
on: October 20, 2008, 4:49 am
Release Author: Lloyds
Release Summary: Lloyds TSB has launched two new savings accounts
in response to the demand for its savings products
Release Body: Lloyds TSB has revealed the details
of two brand new savings accounts, each offering customers the
opportunity to earn up to 6% interest on their savings.
first of the two new savings
accounts, the Easy Saver 2012, tracks the
Bank of England base rate until 31st December 2012 on a tiered
rate up to 5.5 per cent*. The new account can be opened with a
minimum balance of £1 and there are no penalties for withdrawals
on the account.
account offers customers instant access to their savings
and the tiered rate is designed to help consumers maintain their
savings habit over the long term.
one year term deposit rate is the second of Lloyds TSB's
new savings options. It allows customers to earn a guaranteed
return of 6.00 per cent on investments of £2000 or more.
The rate is guaranteed for the term of the deposit and customers
can opt to earn interest on a monthly or annual basis, enabling
them to use their savings interest to boost their monthly income.
Pope, director of savings and investments at Lloyds TSB
said: "In an uncertain economic environment, security
is a top priority for savers. Our term deposit range** has proved
extremely popular, as the guaranteed return gives customers the
security to plan ahead, knowing exactly how much interest they
will receive and when they will get it."
continued: "Whilst some savers may want to ring fence
funds in a term deposit account, others want instant access to
their cash. The Easy Saver 2012 encourages customers to build
their nest egg over time, safe in the knowledge they can access
funds at any point if they need it."
The new Easy Saver 2012 account can be managed
through any Lloyds TSB branch or via the telephone
network. Existing Lloyds TSB customers can manage their account
banking and funds can be transferred instantly between savings
and current accounts via the new mobile banking service.
Pope continued: "We continue to see strong demand from
customers for our deposit products as our savings range offers
customers great rates combined with the accessibility of our 1,900
strong branch network and familiarity of a high street brand.
Recently, we have seen a significant increase in deposits and
in the last week alone, double the average numbers of term deposit
accounts have been opened."
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
accounts and insurance.
TSB Bank plc Registered Office: 25 Gresham Street, London EC2V
7HN. Registered in England and Wales no. 2065.
Notes to Editors:
* Based on the current Bank of England base rate of 4.5 per cent.
Interest will be compounded annually to the account or can be
taken as a monthly income.
** On the term deposit range. No withdrawals or additional deposits
are allowed during the term of the deposit. The minimum opening
balance is £2000 and the maximum balance is £1 million.
Details: Amy Mankelow
Lloyds TSB Press Office
25 Gresham Street
020 7356 2021