London, United Kingdom (PressExposure) April 02, 2009 -- Lloyds TSB announces that it will be increasing rates on its Fixed Rate Cash ISA by up to 1 per cent.
Available from 24th March 2009, the rate on the Lloyds TSB Fixed Rate Cash ISA is guaranteed for 12 months from the date of account opening. Accounts can be opened with a minimum deposit of Â£3000 and will accept transfers from previous tax years.
Colin Walsh, managing director savings and investment at Lloyds TSB said: "This latest rate increase is just one example of how we are working to help savers make the most of their money in today's difficult economic climate. Given the current low rate environment, it is more important than ever to make use of your tax free allowance and we would encourage savers to take action before the tax year end on April 5th."
Existing customers who already hold a balance within the improved tiers will also see their rate increase from the 24th March. This means customers who have a balance of Â£9000 or more will earn a guaranteed rate of 3 per cent for 12 months.
Research from the bank shows that almost half of savers would prefer a fixed rate, in today's uncertain economic climate.
Colin Walsh continued: "The ISA market has been active for ten years now and many savers have built up a substantial tax free nest egg. Unlike a number of the headline ISAs on the market, our product allows customers to transfer in their previous ISA savings, so they can earn a competitive rate on the maximum balance."
More information on the Lloyds TSB Fixed Rate ISA is available through branches of Lloyds TSB or online.
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