Lloyds is a well known name on Britain’s high streets, and hundreds of thousands of customers use their services each year. Due to the financial uncertainty brought about by the COVID-19 crisis, many people will be looking to secure their funds. And making money grow is always a bonus particularly in turbulent times.
Another option available with a higher interest rate is the 2 Year Fixed Rate Cash ISA.
This account is for those who are 16 or over, who haven’t already saved in a cash ISA this tax year.
The account must be opened with £3,000 or more, and Britons can save up to £20,000 a year in accordance with ISA rules.
It enables savers to earn 0.30 percent tax free for the two year period, which is fixed providing security for those locking money away.
This interest can be paid monthly, or every 12 months after the account is opened.
A Fixed Bond account can also provide a solid interest rate for those who are happy to put money away without withdrawals.
The account currently operates at a 0.20 percent fixed interest rate for two years, and must be opened with £2,000 or more.
Savers will have 10 days from the account opening to make a deposit, but once this time has expired, no further deposits are allowed.
Finally, if Britons do want easier access, they may opt for the Easy Saver account through Lloyds.
This account is ideal for those looking for a flexible account with no charges, but for this, the interest rate is slightly lower at 0.01 percent.
The good thing, however, is that it is perfect for those who are just embarking upon their savings journey, as it can be opened with just £1.
Interest rates have taken a hit recently due to the Bank of England’s decision to lower the base rate.
However, it is hoped that as the economy recovers and certainty returns to the market, that interest rates will recover, allowing Britons better opportunities to make their savings grow.