27 April 2006
Current account customers with one of the UK's largest banks are now to be paid interest on cheques the moment they arrive in their accounts.
Lloyds TSB said that the move was the first of its kind in the UK and meant that current account customers would benefit on instant interest paid on cheques up to £1,000.
Those who have an overdraft will also benefit from the scheme, as the amount of interest they are paying will be reduced as soon as they receive a cheque into their account.
Terri Dial, group executive director for UK retail banking, said: "Customers feel cheated when they pay in a cheque and don't earn interest straight away. From today, our customers stand to earn over 150 days' more interest and we invite people who are losing interest in their bank to switch to us.
"Listening, understanding and responding to what our customers want is how we plan to run our business."
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