canal.jpg

Bill Kidd MSP ensures fairer deal for young savers

Lloyds now offering competitive interest accounts for Scottish customers

Children living in Scotland will now be able to benefit from the best junior ISA rate on the UK market and higher interest savings accounts after Bill Kidd MSP called on HBOS Lloyds Banking Group to stop discriminating against customers based on residency.

 

Halifax customers based in Scotland were told they could get access to the Junior ISA but only if they travelled to England as there are no longer any Halifax branches in Scotland – so Scottish-based customers had been missing out on the best junior ISA rate on the UK market.
It was also found that Halifax customers benefited from a high 6% interest children’s savings account option while the young saver account offered to Bank of Scotland customers only earned 2% interest.

 

After lodging a motion in the Scottish Parliament condemning these practices, Bill Kidd MSP was contacted by HBOS Lloyds Banking Group and they have now agreed to grant Scottish customers access to the Halifax Junior ISA online or in Bank of Scotland branches, as well as raise the rate of interest on the Bank of Scotland and Lloyds TSB Scotland Young Saver products with no monthly cap on amounts credited to these accounts.

 

Mr Kidd, SNP MSP for Glasgow Anniesland, said:

 

“Previously we had the ridiculous situation where customers living in Scotland were being penalised because they don’t live south of the border.
“I found it especially troubling as this inequitable policy affected young customers, children who we are trying to teach from a young age to save and invest in their futures.

 

“The number of people I spoke to about this prompted me to raise this issue in the Scottish Parliament, and thankfully Lloyds listened.

 

“I am delighted that Lloyds has now agreed to reverse this discrimination and open up the Halifax Junior ISA to all customers online, as well as work on ways to guarantee a competitive rate of interest for young savers regardless of where they live.

 

“This is a victory for all Scottish customers which will ensure that children in Scotland are entitled to products of equal value to those available to children in the rest of the UK.”

 

English Chinese (Simplified) French German Italian Polish Romanian Spanish Urdu
DESIGN_BY