Brits commit to getting fit and fighting the financial flab

For youngsters, September means a new uniform, shiny shoes and a pristine pencil case for the school year ahead but, it seems that the ‘back to school’ feeling never really leaves us no matter what age we are.

New research from Lloyds TSB reveals that millions of ‘grown ups’ use the summer season for contemplation, facing the onset of autumn with renewed conviction to get fit (56 per cent), sort out their finances (36 per cent) and spend more time with their loved ones (34 per cent).

To motivate those who have committed to fight their financial flab, Lloyds TSB is offering people who join the bank and open one of its Plus account before 9 October, 6.4 per cent AER (6.22 per cent gross variable) credit interest for 12 months from the date the account is opened, on balances as high as £2,500. To qualify for the higher rate of interest that Plus has to offer, new customers simply need to pay in £1,000 a month. After the 12 month offer period ends, customers will continue to earn a very competitive rate of 4.25 per cent.

More than a quarter (28 per cent) of those who want to tackle their financial affairs intend to move their current account and over a third (35 per cent) of those want an account that offers them a higher credit interest rate. Three in five of those surveyed who want to tackle their financial affairs (60 per cent) said that they feel confident that they will turn thought into action.

For nearly half (46 per cent) top of the priority list is changing their credit card and nearly a third (31 per cent) want to tackle an uncompetitive insurance policy.

Gladeana McMahon, one of the UK’s leading life coaches said: “Resolutions are not just for Christmas, they can be made at any time of the year and sometimes, committing to making changes mid year feels easier. Having time off work in the summer, or just having a lighter workload, can help people get their lives in perspective and think about the changes they want to make before Christmas comes around.”

Commenting on the research, Ian Larkin, Managing Director, Consumer banking, Lloyds TSB said; “Time and again, people tell us that sorting out their finances is a top priority, but many overlook the difference that a competitive current account can make to their finances. Switching your current account can seem like a daunting prospect but in reality, it couldn’t be simpler.”

Customers can opt for ‘Plus’ on nearly all Lloyds TSB accounts, including Classic, which has no fee, and the Select, Gold, Platinum and Premier added value accounts which come with a wide range of benefits including AA breakdown cover, travel insurance and mobile phone insurance, for a monthly fee.

To help customers switch to Lloyds TSB, the bank has a dedicated ‘switching team’ who arrange the transfer of all standing orders and direct debits and liaise with employers and pension providers to coordinate the transfer of funds to new accounts. As well as these services, the team helps customers organise the closure of old accounts and arranges the transfer of the balance. Customers are updated at every stage of the process and the team aim to complete the entire procedure within just 14 working days.

In addition to offering customers 6.4 per cent AER (6.22 per cent Gross) on its Plus current accounts, Lloyds TSB has a wide range of very competitive savings accounts, including Online Saver which pays 5.25 per cent AER and Monthly Saver which pays 8 per cent AER gross, for one year.

Lloyds TSB also offers its customers instant interest on the cheques they pay in and is the only bank to offer customers a ‘save the change’ facility.

For more information on the Plus accounts, visit lloydstsb.com.