Lloyds Group current account
Lloyds Group offers a small number of current accounts, with it’s most common being referred to as the Lloyds “classic” account.
Unlike many other providers, Lloyds does offer a decent rate of interest on their current accounts – so long as you use the Vantage current account.
This requires paying in £1,000 per month, and so long as you have a balance of between £5,000 and £7,000, you can qualify for an interest rate of 4% AER.
This is by far the most rewarding current account on the market at present, and is definitely worth consideration for those who qualify.
Features
* Free banking with the UK’s most popular current account provider* – no charge for everyday transactions when you’re in credit.
* A Lloyds TSB Visa debit card in over 500,000 places in the UK, 27 million outlets worldwide and online.
* Manage your money 24 hours a day through Internet Banking and PhoneBank®.
* Get 4.00% AER (3.93% Gross) interest for balances from £5,000 up to £7,000 on your current account by adding Vantage to your account.
* Grace period if you go over your limit. You’ll have until 3:30pm the same day to pay in enough money to cover your payments and avoid overdraft fees.
* Switching to us is easy – We can help take the stress out of changing your bank account by moving Direct Debits and standing orders from any existing accounts to your Lloyds TSB current account.
* Access to one of the biggest banking networks in the UK with over 1,800 branches and 58,000 LINK cash machines (you may be charged for using non-Lloyds TSB machines).
* Commission-free foreign currency and non-sterling American Express® Travellers Cheques.
* Earn interest straight away on cheques paid into your account**.
Interest rates
If you pay in £1000 a month or more, you can add Vantage or Plus to your Classic Account for free.
With Vantage you get up to 4.00% AER (3.93% Gross) for balances from £5,000 up to £7,000 paid monthly to supplement your income. All you need to do is, stay in credit during the month, and pay in at least £1,000, for example your salary, each month.
You’ll earn the standard interest rate for your account when you don’t meet the Vantage conditions and on any money in your account from £7,000 onwards.
More information: Lloyds current accounts