Lloyds TSB deal could ease money worries

Thursday, June 24 2010

UK citizens with cash concerns may be wise to consider taking up an offer by Lloyds TSB, which allows current accounts to be set up with reduced overdraft charges.

The good news extends to those already signed up to the bank, as it promises its new overdraft structure will apply to both new and existing accounts.

Lloyds TSB has made a number of changes to its system, including the introduction of a free buffer zone of £10 – meaning those who venture into their overdraft by mistake will not be charged for it.

When a fee is required, it will be limited to £5 and can only be applied once a month, rather than every time an overdraft is used.

Mike Regnier, personal current account director at the bank, says: "We have made a whole range of improvements to our charging structure, including a significant reduction in fees. All customers who use an unplanned overdraft facility will pay less under the new structure."

Lloyds TSB, in its former guises as Lloyds Bank and TSB, has worked in the banking sector since 1765 and 1810 respectively.