Lloyds TSB bolsters savings range
In response to demand for its savings products, Lloyds TSB has launched two new savings accounts, each offering customers the opportunity to earn up to 6.00 per cent interest on their savings.
Easy Saver 2012 - a rate that grows over time
The new Easy Saver 2012 account tracks the Bank of England base rate until 31st December 2012 on a tiered rate up to 6.00 per cent. Accounts can be opened with a minimum balance of £1 and there are no penalties for withdrawals on the account.
The account offers customers instant access to their savings and the tiered rate is designed to help consumers maintain their savings habit over the long term. The Easy Saver 2012 account is available until 7th December 2008.
One Year Term Deposit - guaranteed return on your savings
The new one year term deposit rate allows customers to earn a guaranteed return of 6.00 per cent on investments of £2000 or more.
The rate is guaranteed for the term of the deposit and customers can opt to earn interest on a monthly or annual basis, enabling them to use their savings interest to boost their monthly income.
Saving trends in the current climate
Janet Pope, director of savings and investments at Lloyds TSB said: "In an uncertain economic environment, security is a top priority for savers. Our term deposit range has proved extremely popular, as the guaranteed return gives customers the security to plan ahead, knowing exactly how much interest they will receive and when they will get it."
Janet continues "Whilst some savers may want to ring fence funds in a term deposit account, others want instant access to their cash. The Easy Saver 2012 encourages customers to build their nest egg over time, safe in the knowledge they can access funds at any point if they need it."
A safe haven for savings
The new Easy Saver 2012 account can be managed through any Lloyds TSB branch or via the telephone network. Existing Lloyds TSB customers can manage their account using internet banking and funds can be transferred instantly between savings and current accounts via the new mobile banking service.
Janet Pope continues: "We continue to see strong demand from customers for our deposit products as our savings range offers customers great rates combined with the accessibility of our 1,900 strong branch network and familiarity of a high street brand. Recently, we have seen a significant increase in deposits and in the last week alone, double the average numbers of term deposit accounts have been opened."
Lloyds TSB has just been voted the UK's safest bank (sixth in the world) by Global Finance magazine.
The new accounts can be opened at any Lloyds TSB branch or by calling 0845 730 1400. Further details of the Lloyds TSB savings range can be found at lloydstsb.com/savings