Lloyds TSB International Bonus Saver Account

We recently ran a report for expatriates to discover whether it was indeed possible to have instant access to savings offshore, and still enjoy a better rate of interest than onshore savers.  We examined the fact that many banks claim to offer instant access but actually penalise you if you instantly access your money.

We did highlight the fact that you can get better rates of interest offshore, but that you do have to shop around carefully and compare the market as many banks are vying for savings business at the moment.  Well, we’ve come across one bank that is offering a genuine instant access account for expatriate/offshore savers, and yes, it offers a decent rate of interest too.

It’s the Lloyds TSB International Bonus Saver Account and it’s ideal for anyone based overseas who needs a straightforward savings account for their everyday needs, and who would like to benefit from a healthy introductory bonus.  In this article we’ll take a look at the perks of the account, discuss who it’s suitable for potentially, and who it’s not suitable for!

Lloyds TSB International is the offshore arm of the well-known high street bank, but if you bank with them already and have just hopped overseas and are now an expatriate, believe it or not, the account is not for you!  The account has been set up by Lloyds TSB to attract new customers – the bonus is available for those bringing new business and new money to the bank

The Bonus Saver Account is instant access, you can get at your money 24 hours a day through either online banking or via the bank’s Offshore PhoneBank.  You can also make deposits at any time, and so it doesn’t matter how much or how little you want to squirrel away, as soon as you have some extra pounds, or euros in your pocket you can add it to your balance and be paid interest on it.

Interest is paid monthly, and you can choose to have a euro or sterling based account.  The introductory bonus for the sterling account is for 12 months and interest is up to 2.50% gross (2.52% AER) and the minimum opening deposit is £5000.  The euro account’s bonus rate is only for 6 months, but it pays up to 2% gross (which is 1.51% AER)…the minimum opening balance is €5000.

If you’re looking to lock your money in for a longer period then there are better products available, if you’re earning in anything other than euros or pounds there will be products out there in your currency probably that will prevent you losing out on currency fluctuations, and if you’re already a Lloyds TSB customer or you live in the Isle of Man of the Channel Islands, then this account is not for you.

But, if you want a very flexible savings account that pays a good level of interest for the current climate, an account that you’re not locked into and into which or from which you can have access to your money at any time, the Lloyds TSB International Bonus Saver Account is probably worth a look.  Remember though, we are not financial advisers and before you make any significant decisions affecting your wealth status, it is suggested that you seek independent and qualified financial advice.  If you want to find an adviser in your area, get in touch and we’ll gladly give you the contact details of such an individual who covers your area.