Lloyds TSB has announced it is to increase the rate paid by its Monthly Saver product.
The rate has been increased significantly by 2.00% and now pays 5.00%.
Its 1.00% conditional bonus, paid in months seven to 12 if 12 monthly payments have been made, is withdrawn.
The increase is great news for savers. The account offers the additional benefits of unlimited withdraws without notice or penalty and contributions can be amended if need be.
The product has been awarded four out of five Moneyfacts stars.
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