Lloyds ramps up account competition

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Competition in the current account market has been ramped up further as Lloyds Bank unveiled a new product with a 4% rate of interest and confirmed it is putting its paid-for packaged accounts back on sale in branches.

The new Club Lloyds current account will pay a tiered interest rate of up to 4% on balances up to £5,000 and will give customers access to a range of other perks including savings and mortgage deals, cinema tickets and restaurant discounts.