28 August 2008
Lloyds TSB has launched a new current account offering customers tiered interest rates of up to 5% AER on balances as high as £7,000. The fee free Vantage account is available to both new and existing customers, providing they pay in at least £1,000 per month and remain in credit. Lloyds TSB claims the new offering is the only current account which pays high credit interest on account balances over £5,000 without charging a fee. "With many banks slashing their interest rates or not giving customers any interest at all unless they pay a fee, we are confident that this account will prove popular," said Catherine McGrath, Director of Current Accounts at the bank. Research carried out by Lloyds TSB shows that three-quarters of banking customers are attracted to current accounts which pay more interest depending on the amount of money saved. Meanwhile, a survey from Alliance & Leicester Current Accounts reveals that 58% of current account holders have never switched providers.
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