Lloyds TSB increases monthly saver rate to 5 per cent

From today, Lloyds TSB will be increasing the rate on its popular Monthly Saver account to 5 per cent.

Savers can enjoy this competitive fixed rate for twelve months on regular monthly deposits between £25 and £250. If customers find they have additional funds to save, they can increase the amount on their monthly standing order at any time during the 12 month period, up to the maximum monthly deposit of £250.

Colin Walsh, managing director of Savings and Investment at Lloyds TSB said, "Given the uncertainty around us, getting into a savings habit has never been more important. This is why we want to make it as easy as possible for our customers to build a nest egg and provide the added incentive of a competitive rate."

Should the need arise customers can also benefit from instant access to their savings, without incurring any withdrawal penalty.

Colin Walsh continues: "We know some savers want the reassurance of being able to access if they need to, so this product allows customers to dip into their funds without penalties."

Lloyds TSB Current Account holders can open a Monthly Saver account either in branch or through telephone banking.

To help savers make the most of their money Lloyds TSB has a dedicated savings hub at lloydstsb.com/savvysaver, full of advice, information and useful planning tools. Users can also submit and share their own savings tips, to help other savers maximise their cash.