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Im an OAP with around £17,000 life savings. What effect does this drop in the bank rate have at Lloyds TSB.?

April 26, 2017Bank Business drop Finance life oap rate savings

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Im an OAP with around £17,000 life savings. What effect does this drop in the bank rate have at Lloyds TSB.?

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Don’t know how much the rate has dropped, but you will lose £170 per year, for every full 1% it has decreased. You should always consider switching, as there may be better deals elsewhere. Note that if you are not in the tax paying range, then you should not have tax deducted.