Lloyds cuts rate to 1.5pc

THE interest paid to Club Lloyds current account customers has been cut from 2 pc to 1.5 pc.

The Lloyds Bank account pays interest on the first £5,000 in the account. Those with that amount will see £25 less annual interest.

To open an account, you must deposit at least £1,500 a month or pay a £3 charge monthly.

Bank of Scotland, also part of the Lloyds Banking Group, has made the same rate reduction for Vantage customers.

A Lloyds spokesman says: ‘We regularly review our accounts, making changes as appropriate.’