Strategy
Lloyds TSB Private Banking Goes after Deposit Accounts
The UK private banking business of Lloyds TSB is attempting to attract clients by offering a high interest rate on its deposit accounts. ...
The UK private banking business of Lloyds TSB is attempting to attract clients by offering a high interest rate on its deposit accounts.
The bank is offering 5.09 per cent gross per annum for “a higher rate tax payer”, with a minimum investment of £100,000 ($173,607).
This is currently the highest rate of interest paid by a bank in the UK and is more than 1 per cent higher than Lloyds main interest rate for retail customers, its classic plus.
The bank says it is offering an even higher interest rate for clients with more than £500,000. Lloyds said there are no penalties for early withdrawals.
The bank is currently advertising the high interest rates in the UK financial press.
