UK Money News
9th June 2008
Banks offering higher rates on current accounts
Competition among current account providers is continuing to benefit customers who can secure increasingly higher returns on their cash, a price comparison site has claimed.
Recently, Nationwide, Halifax and Norwich and Peterborough have all raised rates on their current accounts.
Now, Lloyds TSB has become the latest lender to make its current account offering more attractive by raising the credit interest on its Plus accounts from 3.93 per cent to 5.84 per cent for customers who deposit £1,000 per month or more.
Samantha Owens, head of personal finance at Moneyfacts.co.uk, said the move meant that consumers are now in an advantageous position but highlighted the fact that the best terms are typically only afforded to customers with larger incomes.
She added: "The Plus account range will require customers to pay in at least £1,000 per month in order to receive this highly competitive rate.
"Those without this amount to pay in will have to settle for the standard accounts which currently pay 0.1 per cent."
Those whose incomes do not qualify for these terms are advised to seek out a high paying savings account, Ms Owens recommended.
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