Lloyds Bank offers Britons 1.5% interest rate - but key eligibility criteria to consider
LLOYDS Bank is popular with British savers, and the provider is currently offering a particularly attractive interest rate.
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Lloyds Bank is a familiar name on Britain’s high streets, but also helps savers manage their money remotely through online or mobile banking. Amid the news the Bank of England has told British banks to prepare for negative interest rates in the future, some savers may be concerned about what this means for their money. As a result, many will be looking for a safe haven, with a strong interest rate to help their money grow and to lock this in while possible.
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With limited options available on the market, some may find joy with Lloyds, amongst other banks, who are still offering current account holders the chance to grow their funds.
The Lloyds Bank account named Club Lloyds is providing a healthy 1.50 percent interest rate, which is likely to entice Britons.
One of the key benefits to this account is that the interest rate is fixed, and so will not change during the term.
In addition, Britons will be able to withdraw their money as and when they choose, without incurring any charges.
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Savers will be able to put away £25 to £400 every month through one standing order to help build up their funds.
The interest on this Club Lloyds account is paid out 12 months after the account is opened, and is payable on balances of £1 or more.
For instance, if a person deposits £400 every month for 12 months, they will have saved £4,800.
But with interest, the balance will be £4,836.00 after interest is paid as long as a person does not withdraw any money or interest.
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While withdrawals are permitted, transfers can only be made into another Lloyds Bank account.
However, Britons should also bear in mind they may not be able to replace what they withdraw due to the monthly deposit rules.
Although the 1.5 percent interest rate is likely to be an attractive one in the current climate, there are also key eligibility criteria to bear in mind before an account can be opened.
Savers must be 18 or over and a UK resident if they wish to open this Club Lloyds monthly saver.
In addition, the account is only made available to Club Lloyds current account holders.
These individuals must not have opened one of these accounts within the last 12 months to be eligible for a new one.
The Club Lloyds bank account can be opened and managed in a variety of ways.
This includes online, on the Lloyds app, in branch, or by phone.
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Lloyds Bank has made the process of opening this kind of an account an easy one.
All savers will need to do is log-on to the official Lloyds Bank website and fill in relevant details.
Britons are advised to register for Internet Banking before application to ease the process and save time.
Do you have a money dilemma which you'd like a financial expert's opinion on? If you would like to ask one of our finance experts a question, please email your query to personal.finance@reachplc.com.
