Lloyds TSB offers a range of current, savings and online accounts, investments, personal loans and mortgages. Other services include private banking, international mortgages and a number of insurance products.
Savings and investments
Lloyds TSB offers a range of current accounts, business accounts and Internet banking services. Savings accounts including the eSavings Account, Easy Saver Account, Monthly Saver and the Advantage Saver. The Cash ISA Saver offers tax-free savings up to the annual limit for cash ISA contributions (£5,340 for 2011/12). Other ISA products are the UK Tracker Fund ISA, which tracks the performance of the FTSE 100 index and the Stocks and Shares ISA, both permitting tax-free investment up to £10,680 per year. Another offering is the Open Ended Investment Company (OEIC) which allows participation in a diversified fund of investments operated by the Scottish Widows. Another possibility is a Personal Investment Plan which allows the customer to make additional investments, including the possibility of a life cover.
Lloyds TSB offers fixed rate mortgages where the fixed interest rate period runs for two, three or four years and then reverts to the Homeowner Variable rate. In the case of tracker mortgages, the interest rate tracks the base rate for a period of eighteen months or two years, after which it reverts to the Homeowner Variable rate. For people buying a house rather than remortgaging, where 75% or less of the value of the home is being borrowed, the customer may choose between an interest only or repayment mortgage. If, however, more than 75% of the cost of the house is borrowed, only a repayment basis is possible. A product fee and early repayment charges may apply. New home buyers may be eligible for Home Harmony, which is a lifestyle management advice service.
Credit cards offered by Lloyds TSB include the Platinum MasterCard, the Airmiles Duo Credit and the Airmiles Duo Premier Credit cards which offer airmiles and favourable rates for balance transfers. The Advance Credit Card, which is only available to new customers, carries a lower interest rate. There is an introductory offer of 0% on purchases for the first six months. Personal loans and home improvement loans are offered up to £25,000 for a term of one to seven years, at competitive interest rates which are however significantly higher than mortgage interest rates. Graduate loans are available up to £10,000 for terms of one to five years. Insurance packages include home and car insurance and other possibilities including pet, caravan, travel, life and critical illness insurance. Other services from Lloyds TSB include business banking and various private banking solutions. Lloyds TSB International offers international mortgages and offshore accounts.