Lloyds TSB has launched one of the best savings account deals around in the form of its new Monthly Saver, paying eight per cent on deposits of between £25 and £250.
The rate is guaranteed for two years after the account is opened, with an initial opening deposit of anything up to £750.
Unlike many saving accounts paying equivalent rates, the Monthly Saver has been designed as a “no strings” account with few of the restrictions levied elsewhere.
The account is available to both new and current Lloyd’s customers and is not linked to any other products such as a current account.
Customers also have instant access to their cash. Lloyds have set a maximum deposit amount of £6,500 over the two year period however, earning up to £594.68 in interest.
If a customer makes a withdrawal or misses a payment, they will not be able to replace that month’s maximum deposit at a later date.
“We have designed our Monthly Saver with the customer in mind,” claimed Paul Pester of Lloyds TSB.
“We looked at what our competitors are offering and found their products too restrictive.
“Many only offer the high rate of interest for 12 months, others don’t allow withdrawals and some, like the Alliance and Leicester account, is only available to new customers.”
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