May 22 2006
Parents hoping to put something aside for their children's future can take advantage of a new flexible savings account from Lloyds TSB.
The high street bank is offering the New Monthly Saver account at eight per cent interest on deposits of between £25 and £250 for two years.
Customers can pay in up to £750 to kick-start their new savings account and then access money whenever they like and change the amount they pay in.
The only drawback is that savers can take money out but once a withdrawal is made or a payment missed, the funds cannot be replaced.
Paul Pester, director of consumer banking at Lloyds TSB said, "We have designed our Monthly Saver with the customer in mind. We looked at what our competitors are offering and found their products too restrictive. Many only offer the high rate of interest for 12 months, others don't allow withdrawals and some, like the Alliance and Leicester account, is only available to new customers."
