Current account customers missing out on credit interest

UK current account customers seem to be missing a trick when it comes to earning credit interest on their account. At a time when people are finding creative ways to make their money go further, lack of knowledge on current account interest rates seems to be widespread, according to research commissioned by Lloyds TSB.

Despite the historically low Bank of England interest rate, the research reveals how current account holders are not making their money go further on interest paying current accounts. Almost two thirds (64%) of respondents do not know what their current rate of interest is.

However, nearly half of respondents (42%) would be motivated to switch to an account paying a better rate of interest, and of those that would switch to a better interest rate four out of five of them are motivated by long term rates.

The cost of apathy for UK current account holders could amount to as much as £148 on an annual basis or £444 over a three year period.

The Lloyds TSB Vantage current account is three years old this month, and customers have been receiving competitive interest rates since 2008. The current account pays up to 3% interest on in-credit balances; furthermore these rates aren't just for a limited period.  In addition to this, customers with balances less than £1,000 can benefit from the newly introduced 1.5% interest on lower balances.

Jatin Patel, Current Account Director at Lloyds TSB comments: "Most people have a current account yet not everybody is aware of the earning power that exists. Interest earning current accounts such as Vantage can help consumers make their money go further and earn up to 3% with minimal effort. The rates offered aren't just for new customers or for limited periods so account holders considerably benefit over the long term."

To benefit from Vantage, customers only need to credit their account with £1,000 each calendar month and stay in credit during their monthly billing period.  Interest is calculated daily, is credited monthly and is not an introductory offer.

New customers can use our dedicated Welcome Team to switch to LTSB and benefit from Vantage.