........and ditch their current account for one that costs £60 a year

Lloyds bank customers are being encouraged to ditch their free current account for an alternative that can charge up to £60 a year. Ordinary Vantage current account holders being offered the new Club Lloyds deal, but who stick with their old account, are also having interest rates cut. The free add-on, which currently pays 2.37 per cent after tax (2.96 per cent before) on sums between £3,000 and £5,000, will pay a paltry 1.19 per cent (1.49 per cent) from July 1. Balances between £1,000 and £3,000 currently earn 1.58 per cent (1.98 per cent), but this will fall to 0.4 per cent (0.5 per cent). And instead of 1.19 per cent (1.49 per cent) on less than £1,000, no interest at all will be paid. Vantage customers have been sent letters tempting them to switch to the new..........Read more here