Incentive Saver important information
Our agreement with you is made up of general conditions (contained in the Personal Banking terms and conditions leaflet) and additional conditions. These include the conditions below and the Banking Charges guide. If there is any overlap or conflict between the additional conditions and the Personal Banking terms and conditions, the additional conditions apply.
Incentive Saver Account is an internet-based restricted savings account available if you have a current account with us. It lasts for a year, has a variable interest rate, and you earn interest in any month you do not make a withdrawal. It is provided by Lloyds TSB Bank plc or Lloyds TSB Scotland plc, depending on which bank your current account is with.
- ELIGIBILITY
1.1 To have the Account you must be 16 or over and have a current account with us.
1.2 You can only open the Account through Internet Banking and you can only have one Account in either your sole name or held jointly. - DEPOSITS AND WITHDRAWALS
2.1 The Account has a minimum opening balance of £1 and a maximum balance of £50,000.
2.2 You can pay money into the Account in branch, or by transferring money from another account with us or another bank.
2.3 You can only make payments from this Account using Telephone Banking or Internet Banking and the payment must be to a Lloyds TSB current or savings account in your name (in the case of a joint account, in any of your names). You cannot set up standing orders on the Account to make these payments.
2.4 If you make a withdrawal in a month you will not earn interest on the Account in that month. A month is taken from the date of account opening, and will fall on the same date each calendar month (or the next working day if this is a non-working day or there is no such date in any particular month). - INTEREST
3.1 The Account interest rate only applies to balances of £1 to £50,000. This means that if your balance is over £50,000 only the first £50,000 will earn interest.
3.2 The interest rate is variable. You will find our current interest rates for the Account in our UK branches, online at www.lloydstsb.com or by phoning us on 0845 300 0032.
3.3 We will pay any interest you earn on the Account monthly.
3.4 You can ask us to pay interest into a different account with us. Please call into any of our branches to arrange this. - CLOSING YOUR ACCOUNT
4.1 Your Account will end on the first anniversary of opening the Account and we will convert it into an Easy Saver (or similar account if the Easy Saver is no longer available). Your account number will remain the same. You can close this Account at any time without losing the interest you have already earned. - COOLING OFF
5.1 If you are not happy with your choice of account or service, you can cancel it within 30 days of opening the account or taking the service. We will then help you to move to another account we offer or will return your money to you with any interest you have earned
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