Lloyds 'Instant Interest' on Cheques

Bank announces it will pay interest on cheques while waiting for them to clear

26th April 2006

Lloyds TSB has announced it is to start paying interest on cheques deposited into their customers current accounts immediately upon receipt, rather than waiting the current 3 days for clearance.

While it's understood that the value of the cheques will be unavailable for withdrawal until they have cleared, the interest earned on them will be applied effective from the date of deposit.

The bank says this could give its customers the equivalent of 150 days of extra interest earnings every year.

HSBC introduced instant interest for electronic payments last year, but other major banks say they have no plans to introduce similar policies.

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