Lloyds TSB Scotland Personal Current Account altered

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Lloyds TSB Scotland Personal Current Account altered

Interest will now be paid on cheques deposited in the Lloyds TSB Scotland Personal Current Account from the moment they are paid in, the bank has stated today.

It claims it is the first bank in the UK to introduce such a facility, which will pay immediate interest on cheques up to £1,000 as well as enabling instant access to the cash.

On the basis that its customers paid in over 55 million cheques worth £32 billion last year, Lloyds TSB claims that account holders stand to receive over 150 days' extra interest per year.

The changes follow a survey carried out by Lloyds TSB, which revealed that 90 per cent of UK current account customers dislike the fact that they do not receive immediate interest on cheques and 60 per cent believe that the bank makes a profit from customers' money while cheques go through the clearing process.

Susan Rice, chief executive of Lloyds TSB Scotland, said: "Letting our customers earn more interest – up to 150 days extra – is our way of showing we are continually looking to improve our services and make our customers feel even more valued."

Lloyds TSB Scotland Personal Current Account customers with overdrafts could also benefit from the change, as they will be able to reduce the amount of interest they are paying on their overdraft once they have deposited their cheque.

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