LONDON, UNITED KINGDOM--(Marketwire - Oct 26, 2012) - Lloyds TSB reminds customers that they have until 31st October 2012 to take advantage of its offer to earn credit interest of up to 4% AER variable on its range of current acccouts with Vantage.
The number of customers who have added Vantage to their current account since it launched in July 2008 has now exceeded two million, with over £200 million paid out in credit interest over this period. And at a time when many current account holders in the UK earn little or no credit interest, people are reminded of the benefit of switching to Lloyds TSB and adding Vantage to their account.
With Vantage, customers can earn from 1.5% AER up to 4% AER on balances from as little as £1, as long as the following criteria is met:
- The account has been credited with at least £1,000 during the calendar month;
- The account has remained in credit during the monthly billing period; and
- A minimum of two direct debits have been set up on the account*.
The increased 4% rate is available on balances from £5,000**, and by meeting the required criteria, customers could earn up to £235.80 gross in credit interest over 12 months.
There is no charge for adding Vantage to a Lloyds TSB current account and customers can receive the following tiered interest rates, which will be applied to the entire balance in the account:
|Balance||AER %||Gross %|
|£5,000 - £6,000||4.00||3.93|
The 4% AER/3.93% Gross variable rate is available to new and existing customers who apply for Vantage before 31 October 2012 and will be paid on balances until 31 October 2013.
Jatin Patel, director of current accounts for Lloyds TSB, said:
"These days, there is very little opportunity for people to earn credit interest on their current account, however by adding Vantage to a Lloyds TSB account people can do just that. We have paid out over £200 million in credit interest since Vantage launched in 2008 and our latest offer to earn up to 4% AER demonstrates our ongoing commitment to our customers.
"Customers have until 31st October 2012 to take advantage of this offer and by doing so they can make sure their money works even harder for them over the next year."
Notes to Editors:
* Direct Debits must be set up on the account by 31 October 2012.
** No interest is paid on any balance exceeding £6,000 (£5,000 from 1 November 2013).
The new 4% AER/3.93% Gross tier is available for existing Lloyds TSB current account and Vantage customers via application in branch or by telephone only. Customers who do not currently hold a Lloyds TSB current account can also apply online. All customers must apply before 31 October 2012.
For further details on the range of current accounts on offer at Lloyds TSB, including the free Classic account and the Silver, Gold, Platinum and Premier Added Value Accounts, please visit www.lloydstsb.com/current_accounts.asp.