Lloyds TSB are now part of Lloyds Banking group after adding the HBOS brands to their group.
Lloyds TSB offer many financial products through their branches as well as online through their website.
The ISA (Individual Savings Account) is a good way to save as you can use your tax free allowance each year to add to your savings without the tax man taking money from the interest you earn.
Lloyds TSB offer a cash ISA saver, this gives you the option to set regular payments from your current account, and with the opening balance at just £1 you can save as much or as little as you can afford. The interest rate is currently 2% AER (correct at 7.1.10) variable, which includes a 1% introductory bonus. Withdrawals can be made, with the minimum withdrawal just £1 and interest is paid yearly on the 31st March.
The other ISA option from Lloyds TSB is the fixed rate cash ISA, this gives you a fixed interest rate for 12 months from when the account is opened. The minimum opening balance is £3,000, with balances up to £8,999 earning 2% AER, if you have more to invest tiered interest rates go up to 2.5% AER (rates correct at 7.1.10). The account is instant access but any withdrawal within the fixed period (12 months) will loose 90 days interest. ISA's from other providers can be transferred to Lloyds TSB.
Please check current rates before tasking out this product.
Lloyds TSB is the only bank I have ever been with. When I was 11 and was getting more pocket money than I could spend I opened an account with them. I chose Lloyds Bank as it was then called because my parents had always banked with them and had never had a complaint. All their services from the friendly staff in the bank itself to Lloyds TSB online has been first class. My pay goes into my account on Thursday. Every Thursday morning I log onto Lloyds TSB and check that the pay is correct. The service works brilliantly and is even updated more than once a day. When I bank a cheque in the morning and log onto Lloyds TSB in the afternoon the money is already in my account. When I was a student and wanted to open a second account there was no fuss and everything was done to the standards that they should be. I have no doubt that I will be banking with Lloyds TSB until the day I die.
Lloyds TSB I have been banking with Lloyds for a few years now and I have seen the changes in the way they do business over that time. That black horse has run some miles I can tell you. Banking with Lloyds is not the same since it became Lloyds TSB. When I first started banking with them I was working for a company that paid my wages into the bank monthly, that was the reason I opened the bank account in the first place I must admit. I was offered a cheque book and cheque guarantee card to go with my bank account, that meant I could overdraw by fifty quid near the end of the month. To me that meant I could go shopping a few days before pay day and pay by cheque, great I was always struggling for a pint of milk and a loaf of bread near pay day. I was beginning to like this bank. I had run up an overdraft of £200 within six months, then the dreaded day came and I was laid off from work. I had no income but a giro cheque; it was quite a worry. I went to see the bank manager and explained the situation to him and he was most understanding, we agreed a set figure to pay off the overdraft and of course I had to give up my cheque guarantee card. I stuck to the agreement for a year, and then I had an opportunity to start up in business, but I needed a bank loan. I drew up a business plan of sorts, and went to see my friendly Black Horse Bank Manager. I overheard the staff calling him ‘The Great White Shark’ I was not feeling very hopeful. I needed £3500.00 on a business loan, and I had no chance of getting it, banks didn’t lend to nobodies like me. Still, he was very amiable, he looked at my plan asked me what collateral I had etc. and all I could say was, ‘All I have is my word.’ I owned nothing, I had been on the dole for a year, I was in rented accommodation not ‘A Good Bank Manager Bet,’ but he took a chance on me for some re
ason. It must have been the way I looked him straight in the eye. Ten years down the line I am still with Lloyds TSB. I am still in business, not a big high flier, but I have a mortgage now, and a pension plan all through Lloyds TSB. I’m doing allright. BUT………….. I really do appreciate the opportunities Lloyds have given me, but I have to speak my mind. Well I am a member of DooYoo after all. Every time I go to see anybody at Lloyds whether it be to organise a direct debit or to talk about my overdraft, all I seem to get is a polished sales talk and an insurance sales pitch. I used to deal with a bank manager that acted like a bank manager, you know the man that sat behind the desk frowned and then agreed to help you. Nowadays it is not the ‘Great White Shark’ that helps me. It is a slick yuppie looking guy with a bright blue shirt and co-ordinating tie. He is there for one reason and one reason only, to sell me insurance, to set me up with a pension, or change my endowment policy into an ISA. I wonder if this new breed of bank manager would be so understanding if I ended up on the dole again and had to pay my business loan off at two quid a week. I very much doubt it. Come Back the Great White Shark!!!!!!!!!!!!!