Lloyds Bank offers customers ‘exclusive account’ where savers get over 5 percent | Personal Finance | Finance
Lloyds Bank customers could get access to an exclusive savings account which could help make saving easier. The Club Lloyds Monthly Saver allows customers to benefit from 5.25 percent gross/AER fixed interest.
Customers can withdraw their money when they like without charge.
The 5.25 percent AER is fixed for 12 months and will be applied to the balance on the anniversary of the account opening.
The Club Lloyds Monthly Saver is a regular, fixed-rate savings account, meaning customers are encouraged to frequently put money away for a fixed, high-rate return at the end of the account’s term.
Customers can save between £25 and £400 every month by one standing order or bank transfer.
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The funds must have reached the account by the 25th of the month to count towards the deposit for that month.
Individuals can top up their savings by bank transfer as long as they don’t exceed the £400 monthly limit.
It should be noted that people can only have one Club Lloyds Monthly Saver in their sole name or jointly.
If a person deposited £400 every month, after 12 months they would have a balance of £4,926, if they did not withdraw any funds.
A person will not be able to replace the funds they withdraw because of the monthly deposit limits.
After the account matures at 12 months, the person will be paid their interest and the account will become a Standard Saver, which currently has 0.9 percent interest.
The customer then has the option to open another Club Lloyds Monthly Saver and put aside savings for another 12 months.
To be a Club Lloyds customer, you must have one of the following current accounts:
- Club Lloyds.
- Club Lloyds Silver.
- Club Lloyds Gold.
- Club Lloyds Platinum.
- Club Lloyds Premier.
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Giles Coghlan, a chief market analyst at HYCM, spoke about what he believes the central Bank should focus on in regard to the economy.
He commented: “The head says grind inflation into the ground and raise interest rates hawkishly.
“For the longer-term health of the economy, historically speaking, this is the best thing to do.
“However, the heart says go a bit easy as people are struggling and many people striking are only doing so as they can’t meet basic needs.”