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Phillipa
Veteran Investor
Joined: 05 Feb 2005
Posts: 419
Cash Points ££ 3383.78
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 Posted: Tue May 23, 2006 9:39 pm Post subject: Lloyds TSB 8% Regular Saver Account ! |
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LLOYDS TSB has become the latest high-street bank to try to grab customers from rivals with a eye-catching savings account paying 8% for two years !
The Monthly Saver account will be available to new and existing customers from tomorrow. The rate is fixed for two years and is worth 6.4% after the basic 20% savings tax, which is a better rate than you can earn on a tax-free cash Isa. Higher-rate taxpayers earn 4.8%, slightly less than the best Isas.
The maximum initial deposit is £750, and thereafter £250 per month.
At the end of the term your money will automatically be transferred to a lower-paying savings account. Called the Guaranteed Tracker, it promises to pay a rate no lower than 2.1% below the Bank of England base rate. That means it currently pays 2.4%. |
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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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| Posted: Sun Jul 09, 2006 5:54 pm Post subject: |
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There was an article on the account in the times - key points being -
The Monthly Saver account will be available to new and existing customers from tomorrow. The rate is fixed for two years and is worth 6.4% after the basic 20% savings tax, which is a better rate than you can earn on a tax-free cash Isa. Higher-rate taxpayers earn 4.8%, slightly less than the best Isas.
However, the bank restricts you to paying in just £750 in the first month and £250 thereafter
Lloyds also insists you set up one of its current accounts before you can open its Monthly Saver. But you can do that with a minimum of £1, and Lloyds will not require you to pay in your salary or pension.
Paul Pester at Lloyds TSB said: “Anyone who opens a current account, even with just £1, will be able to benefit from Monthly Saver.”
Customers may receive letters encouraging them to use their current account more often, but Pester said they will still qualify for the 8% rate if they do nothing. |
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