Lloyds TSB in the Middle East has enhanced its versatile Bonus Saver Account which allows customers to save in the four main currencies of the dollar, sterling the euro and the dirham.
The Bonus Saver 3 account is the latest addition to the Bank’s expanding range of savings accounts and claims to offer one of the most attractive rates of return currently available in the United Arab Emirates.
It pays a bonus of 0.75% for the first six months from account opening on top of an attractive basic savings rates that are tiered depending on the amount deposited and increases savings capacity each month as the more you save the more you earn with the higher rates of tiered interest.
‘At Lloyds TSB in the Middle East we are committed to understanding our customers’ financial situation and banking requirements through maintaining an open and ongoing dialogue with them. This allows us to deliver quality products that address their specific needs, underpinned by service excellence,’ said Richard Musty, managing director of Lloyds TSB in the Middle East.
‘A market as international as Dubai requires a banking service that reflects its diverse population. Our research has shown that the Sterling, US Dollar, Euro and UAE Dirham are amongst the most popular choices for expat savings and so, with this in mind, we have developed a competitive savings product that allows customers to save in a choice of currencies within the same account,’ he added.
Meanwhile, research in the UK shows that mutuals offer the best deals on debit cards used abroad. Many British expats keep their UK bank accounts but can face big charges if they use their cards overseas.
Research by Moneynet shows that while consumers may get confused and upset over the cost of credit card charges and currency purchases, it’s the debit card market where we see the widest variation in charging tariffs.
The building societies are offering the most consumer friendly tariffs, but it’s the banks that charge a fixed fee for debit card purchases that customers need to be most wary of, according to Andrew Hagger of Moneynet.
The purchase transaction fees range from £1 at Lloyds TSB to £1.50 at the Halifax, regardless of the size of the debit card transaction and are in addition to the 2.75%/2.99% foreign loading fees.