Tag Archives: Fixed Rate Cash ISA

Banks, Checking & Savings, Financial Services, ISAs, Money, Personal Finance

Lloyds TSB Announces That It Will Be Increasing Rates On Its Fixed Rate Cash ISA By Up To 1 Per Cent

Available from 24th March 2009, the rate on the Lloyds TSB Fixed Rate Cash ISA is guaranteed for 12 months from the date of account opening. Accounts can be opened with a minimum deposit of £3000 and will accept transfers from previous tax years.

Colin Walsh, managing director savings and investment at Lloyds TSB said: “This latest rate increase is just one example of how we are working to help savers make the most of their money in today’s difficult economic climate. Given the current low rate environment, it is more important than ever to make use of your tax free allowance and we would encourage savers to take action before the tax year end on April 5th.”

Existing customers who already hold a balance within the improved tiers will also see their rate increase from the 24th March. This means customers who have a balance of £9000 or more will earn a guaranteed rate of 3 per cent for 12 months.

Research from the bank shows that almost half of savers would prefer a fixed rate, in today’s uncertain economic climate.

Colin Walsh continued: “The ISA market has been active for ten years now and many savers have built up a substantial tax free nest egg. Unlike a number of the headline ISAs on the market, our product allows customers to transfer in their previous ISA savings, so they can earn a competitive rate on the maximum balance.”

More information on the Lloyds TSB Fixed Rate ISA is available through branches of Lloyds TSB or online.

Rate increase applies to 2009 Fixed Rate Cash ISA launched on 16th
February 2009. Rates on 2008 Fixed Rate ISA remain unchanged.

About Lloyds TSB: 
Lloyds TSB offers customers a wide range of current accounts, savings accounts, insurance, personal loans and credit cards, designed to meet different customers’ needs. Lloyds TSB Bank plc and Lloyds TSB Scotland plc are authorised and regulated by the Financial Services Authority and signatories to the Banking Codes. Lloyds TSB Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. 

Via EPR Network
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Banks, Checking & Savings, Financial, Investment, ISAs, Money, Personal Finance

New Fixed Rate Cash ISA By Lloyds TSB

Lloyds TSB has announced the launch of a new Fixed Rate Cash ISA, offering savers the opportunity to earn a competitive tax free rate up to 3.20 per cent.

Available from 16th February 2009, the new Fixed Rate Cash ISA rate is guaranteed for 12 months from the date of account opening. Accounts can be opened with a minimum deposit of £3000 and will accept transfers from previous tax years.

Janet Pope, savings and investments director at Lloyds TSB said: “In this unpredictable rate climate, savers are moving towards fixed rate products. The security of knowing exactly how much you will earn on your savings is invaluable in today’s uncertain environment. This product is ideal for those looking to get a guaranteed, tax free return on their nest egg.”

Nearly half (46 per cent) of ISA holders questioned by the bank say they will be opting for a fixed rate in the 2009/2010 tax year, with only 11 per cent willing to take a chance on a variable rate ISA. Just seven per cent of savers believe that interest rates will rise in the next 12 months, but almost a quarter (22 per cent) anticipate further cuts.

Janet Pope continued: “Now is not the easiest time to be a saver, as interest rates are at an historic low. This makes it more important than ever to utilise the tax free allowance available, but with the 2008/2009 tax year end looming on April 5th, six out of ten ISA holders have not yet taken full advantage.”

The findings show that 63 per cent of ISA holders have yet to use the full £3600 available to them, with a further 40 per cent admitting they do not have an ISA despite having savings elsewhere.

Research conducted by ICM online with 2000 UK adults in February 2009
A minimum deposit of £3000 is required
Customers may only make one deposit for the 2009/2010 tax year

About Lloyds TSB:
Lloyds TSB offers customers a wide range of current accounts, savings accounts, insurance, personal loans and credit cards, designed to meet different customers’ needs. Lloyds TSB Bank plc and Lloyds TSB Scotland plc are authorised and regulated by the Financial Services Authority and signatories to the Banking Codes. Lloyds TSB Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065.

Via EPR Network
More Financial press releases