Lloyds TSB has announced that it will be introducing some changes to the tiered interest rates on the Vantage current account, which will come into effect on 27 June 2011.
According to bank, Vantage offers customers a better return as the rates of interest vary and are based on a tiered system, which depends on the daily balance. In addition, it doesn't drop to a 'standard rate' after an introductory term.
Customers with lower balances will see a jump in rate from 0.1 per cent to 1.5 per cent. As of June 27, there will be three interest rate tiers (instead of four). The tiered rates for balances between £1-3k earning 2 per cent and balances between £3-£5k earning 3 per cent will remain the same. The top tier rate of 4 per cent on balances over £5k will be removed.
Philip Robinson, Lloyds TSB comments: "With Vantage, customers can earn up to 3 per cent AER on their current account. We are simplifying rates and broadening accessibility to customers, most notably those with lower balances. Customers have the potential to earn up to £148 each year by opting for the right current account ."
Lloyds TSB is to change the interest rates on its Vantage current account
Financial Services > e-banking > Banking news
Lloyds TSB is to change the interest rates on its Vantage current account
Thu, 31 Mar 2011
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