moneysupermarket.com: Lloyds’ improved current account deal

Commenting on Lloyds’ improved current account deal, offering 6.4 per cent on its ‘Plus’ range of accounts, Kevin Mountford, head of savings at price comparison website moneysupermarket.com, said: “This improved offering shows the current account price war is alive and kicking.

“While the new deal from Lloyds is not the best paying account on the market, it reflects the fact providers are keen as ever to attract new current account customers and are prepared to up the stakes to secure them.

“However, people need to be aware this deal is only available for a limited period and is restricted to new customers. This could well be a tactical move by Lloyds to secure additional accounts ahead of the year-end and of any findings coming out of the OFT review and pending high court decision.

“Although HBOS has run high profile current account campaigns for some time now, Lloyds should be applauded for breaking away from the traditional ‘big four’ brands and going down the price-led route. It is a competitive in-credit current account rate, however, consumers also need to look beyond this to ensure other features suit their circumstances.”