LLOYDS TSB CURRENT ACCOUNTS

Who is Lloyds TSB?

Lloyds TSB was created in the 1980s by the merger of Lloyds Bank and the Trustee Savings Bank. It is now part of the Lloyds Banking Group, one of the UK’s largest financial services companies. The Group includes major brands such as Halifax and Bank of Scotland. Lloyds TSB also runs Cheltenham & Gloucester and Scottish Widows.

What types of current account does it provide?

The Lloyds TSB Classic account is the bank’s standard current account. It is free if you are in credit and is available online, over the telephone and via a banking app for use on smartphones, providing account holders with round-the-clock access to their money.

There is a £10 overdraft buffer, so you don’t pay any charges if you go overdrawn by £10 or less.

Internet users can access Money Manager, a free service that helps customers keep track of their expenditure by breaking down what they spend into categories such as entertainment, food and travel.

The Classic account does not pay interest. However, the bank has responded to growing competition in the current accounts market by introducing Vantage, which is an option for Classic account holders. If you pay at least £1000 every month in the Vantage account and stay in credit, you can earn interest on the whole balance up to £5000.

The rates vary according to the size of the balance. You can earn 1.50% Annual Equivalent Rate (AER) before tax on a balance of between £1 and £1000 and up to 3% AER before tax on balances between £3000 and £5000.

Lloyds TSB also offers a range of Added Value accounts, which carry a monthly fee and offer a range of benefits.

The Silver account costs £9.95 a month and includes European travel insurance for the account holder and his or her partner, AA breakdown cover and mobile phone insurance.

The Gold account fee is £12.95 a month and comes with worldwide travel insurance, AA breakdown cover and mobile phone insurance, plus a mobile phone data back-up service. In addition, you get a £100 interest and fee-free planned overdraft.

The benefits of the Platinum account are the same as for the Gold account, but with enhanced AA cover and a £250 free planned overdraft facility. The fee is £17 a month.

The Premier account has a £25 monthly fee and provides top-of-the-range travel insurance and AA breakdown and recovery services, along with mobile phone insurance, home emergency cover and a £500 free planned overdraft facility.

Lloyds TSB also offers a range of youth accounts for people under the age of 19, as well as for students and graduates. These accounts include favourable terms for planned overdrafts and money management tools.

The bank also has Islamic accounts run according to Shariah principles.

What are the advantages of using Lloyds TSB current accounts?

Lloyds TSB offers a comprehensive range of current accounts to cater for a wide range of needs and preferences. Its extensive branch network and online banking facilities mean it is also accessible and convenient for most people.

Why should you use MoneySupermarket to compare Lloyds TSB current accounts?

Many people never think of changing their current account because they assume all accounts are much the same – and they believe the switching process itself will be time-consuming and complicated. However, as the introduction of the Vantage option by Lloyds TSB illustrates, current accounts are becoming more attractive, so it is important to use a comparison service such as MoneySupermarket to see what is available.

Lloyds TSB, in common with most other leading banks, also runs a switching service to take the hassle out of moving your current account and making it even more important to check out the products and services on offer.