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Lloyds bank to raise interest rates on some savings accounts

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Lloyds bank to raise interest rates on some savings accounts
FILE PHOTO: A man enters a Lloyds Bank branch in central London, Britain February 25, 2016. REUTERS/Paul Hackett   -   Copyright  Paul Hackett(Reuters)
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LONDON (Reuters) – Britain’s Lloyds Banking Group will raise interest rates on a number of its fixed and variable rate savings accounts at the end of August, a spokeswoman said on Monday.

The move follows the Bank of England’s decision to raise interest rates above their financial crisis lows earlier this month, with Lloyds the first of Britain’s big four lenders to confirm it will pass the move on to savers.

The bank’s decision includes rate rises of 0.5 percent on Individual Savings Accounts (ISA)and 0.7 percent on fixed rate accounts, in a change the spokeswoman said would affect millions of savers.

Lloyds and Barclays had already said they will increase some of their borrowing rates as a result of the central bank’s move.

(Reporting by Emma Rumney, editing by Silvia Aloisi)

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