Account name | Lend a Hand Savings Account |
|---|---|
Interest rates (AERs) | Interest rate fixed for 42 months followed by a variable rate which tracks 0.50% below the Bank of England Base Rate. Interest paid monthly and must be paid into an eligible Lloyds TSB savings or current account. View full interest rates. |
Tax status | Interest arising on the Savings Account will be paid net of income tax at the basic rate (20%). If the deposit holder is a non taxpayer, interest can be paid gross on the completion of the appropriate documentation (Form R.85) issued by HM Revenue & Customs. |
Conditions for bonus payment | Not applicable. |
Withdrawal arrangements | No access to funds until the account is closed. |
Access | You won’t be able to withdraw money until your account has been closed and your savings transferred to the account into which your interest has been paid. The Lend a Hand Savings Account cannot be closed until the legal charge (or guarantee in Scotland) has been released and the initial 42-month fixed-rate savings period has ended. This applies even in the case of an emergency. The legal charge (or guarantee) will only be released on full repayment of the loan by the borrower or after the end of the initial 3-year fixed-rate period of the mortgage provided that the value of the loan expressed as a percentage of the property has fallen below 90%. |
View Lend a Hand Savings Account important information.
Explanation of terms
AER means Annual Equivalent Rate. AER illustrates what your interest rate would be if interest was paid and compounded each year and allows you to easily compare different offers.
