Rate raised to 5% on Lloyds TSB monthly saver account

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Rate raised to 5% on Lloyds TSB monthly saver account

The rate of interest has been raised to five per cent for those with a Lloyds TSB monthly saver account, it has been revealed.

Those using the account can now enjoy the new rate for 12 months on regular deposits between £25 and £250 and can easily increase the amount they contribute to it monthly, should they wish to.

Funds can also be withdrawn without any extra penalties being imposed.

Managing director of savings and investment at Lloyds TSB Colin Walsh said developing the habit of saving has never been more important to Brits.

"This is why we want to make it as easy as possible for our customers to build a nest egg and provide the added incentive of a competitive rate," he added.

Lloyds TSB was praised last week by price comparison site MoneySupermarket.com, which described its new first-time buyers' mortgage as well-timed and competitive.

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