Lloyds Bank to provide summaries

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The Independent Online
THE END OF the tax year is looming. Do not forget, therefore, to ask for details of the interest on your bank and building society accounts. Only a few savings institutions send out year-end interest statements automatically, writes Sue Fieldman.

Lloyds Bank is joining the ranks of the automatic providers. From next month Lloyds will be sending a summary of the interest earned during the past tax year to customers who have interest-bearing accounts.

There will be a separate summary for each account. They will be dispatched with the first bank statement after 6 April 1993.

Lloyds says that the service will benefit the 30 per cent of its customers who complete tax returns.

There is no charge for the summaries. With a pathetically low interest rate of 0.15 per cent net on current account balances under pounds 1,000, it could be a little embarrassing for Lloyds to charge. The cost of the summary could be more than interest earned.

However, it is a matter of conjecture how long it will send out free statements. Lloyds says it is the first time that a big bank has provided the service automatically for its customers. The other main high street banks will send year-end statements, but you have to ask. There is no charge.

Halifax Building Society will also produce a summary on request. And this year for the first time it will automatically send one to all investors with balances over pounds 5,000.

Abbey National, now a bank, sends out summaries automatically on its saving accounts. Current account customers have to ask.

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