Lloyds TSB announces new Isa offer

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Lloyds TSB announces new Isa offer

Lloyds TSB launched a new fixed-rate cash individual savings account (Isa) today, with an interest rate of up to 6.5 per cent.

Customers also have the option to raise their interest rate with a 1.5 per cent AER tax free bonus, if they invest an equal or greater amount in a separate Scottish Widows investment Isa.

Approximately 40 per cent of people in Britain already have a cash Isa, research from the bank revealed, with a third of those saying that they would be willing to transfer their Isa in order to get a better rate.

Eight out of ten Isa holders anticipated that the base rate would fall in 2008 and therefore said they would prefer to have a guaranteed fixed rate on their cash saving, as opposed to one linked to the base rate.

Liz Hogbin, savings and investments director at Lloyds TSB, suggested that in the current uncertain financial climate "most savers will value the security that a fixed rate offers".

She also hoped that the 1.5 per cent bonus offer would encourage customers to "dip their toe in the stock market".

Alliance and Leicester also launched a new cash Isa today with a rate of 6.25 per cent gross per annum AER, including a one per cent bonus until May 31st 2009.

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