Features & benefits
If you have children aged between 11 and 18 who are looking for a bank account that’s flexible and easy to use, then our Island Future account is ideal. Your child can pay in and take out money whenever they want
at their local branch and apply for a Lloyds TSB Cashpoint® card so that they can withdraw money from our cash machines.
- You can apply for a Cashpoint ® card to withdraw funds from Cash machines with a unique PIN (Personal Identification Number).
- Interest Rate is variable.
- Interest calculated on your balance daily and paid into your account twice a year without tax being deducted.
- Cashpoint ® cards can be used at any machine showing the LINK badge and can be used to print mini-statements from some of our Cashpoint ® machines.
- At age 16, standing orders and direct debits can be set up free of charge.
- At age 16 you can apply for a Debit card to purchase goods in many shops.
- Simple transfer of savings into a new account when you are aged 19 and either working or going into higher education.
- When you open the account with £10 or more, we will deposit £15 into your new Island Future Account*.
Island Future Account Interest Rates
Current Interest Rates
Interest rates are correct as at 01 April 2009
| Interest on Credit Balances (paid half yearly) |
% Per Annum Gross Rate* |
% Per Annum AER** |
| £1+ |
0.10 |
0.10 |
Previous Interest Rates
Interest rates are from 02 March 2009
| Interest on Credit Balances (paid half yearly) |
% Per Annum Gross Rate* |
% Per Annum AER** |
| £1+ |
0.15 |
0.15 |
*GROSS RATE: The contractual rate of interest payable before deduction of income tax at the rate specified by law.
**AER - AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advert for a savings product will contain an AER - Annual Equivalent Rate - you can compare more easily what return you can expect from your savings over time.
Charges & fees.
Avoiding overdraft charges.
Our Grace Period means that you have until 3.30pm (UK time) to pay in money to avoid any overdraft fees you may incur that day.
- If you pay in enough to clear your overdraft you will not pay any fees.
- If you only clear an Unplanned Overdraft you will still pay a Monthly Overdraft Usage Fee.
The money needs to be immediately available to use, so you could transfer money from another personal account you have with us via Internet Banking or Telephone Banking or pay in cash over the counter in branch.
Overdraft fees
We will charge you the following fees for all overdrafts, whether Planned Overdrafts or Unplanned Overdrafts:
| Overdraft amount. |
Fee. |
| Up to £10. |
No fee. |
| Above £10. |
£5 monthly fee.
Only payable if you're overdrawn by more than £10 or your agreed overdraft limit. |
We will not charge you any other fees for a Planned Overdraft but you will normally be charged interest on the amount borrowed.
Unplanned overdraft
If we agree to your request for an Unplanned Overdraft, we will charge you the following fees:
| Fee. |
Amount. |
Description. |
| Daily Fee. |
Unplanned Overdraft balance is |
You will pay a daily fee for using an Unplanned Overdraft. The amount of the fee will be worked out at the end of each day (including weekends and bank holidays) on the balance of your Unplanned Overdraft.
We will charge you a maximum of eight daily fees in a monthly billing period. |
| £10 or less. |
£0 (Buffer applies). |
| More then £10 but less then £25. |
£5 a day. |
| £25 or more. |
£10 a day. |
Returned item.
Where you do not have enough available money to make a payment and we do not agree to give you or extend an Unplanned Overdraft, you will not be able to make that payment.
We will write to tell you we have declined your request. We will charge you the following fee:
| Returned item Fee. |
| £10 for each item. We will charge you up to a maximum of three Returned Item Fees a day. This fee will not be charged if the amount of the payment that we decline is £10 or less. |
Using other services*.
| Stopped cheque. |
Free. |
| Special cheque presentation. |
£15. |
| Returned cheque. |
| If a cheque pay into your account is returned to us unpaid by another bank or branch. |
Free. |
| Statements |
We will send you regular account statements free of charge.
If you order an extra statement at a Lloyds TSB Cashpoint. |
Free. |
| Duplicate statements. |
£5 per request. |
| Banker's draft (sterling). |
£15. |
| Holding envelopes and parcels. |
This service is no longer available. Existing users please contact the branch.
01534 845436 or 01534 845269 Jersey
01481 706317 Guernsey
01624 697113 Isle of Man
01481 822340 Alderney
|
| When we buy from you Sterling American Express or other currency travellers cheques which you bought from us. |
Free. |
| When we buy travellers cheques or foreign currency from you. |
1.5%(min £3). |
| If you have a Premier or Executive Gold Debit Card. |
Free. |
| If you have a Student or Graduate account. |
Free. |
| When you buy travellers cheques or foreign currency using a Lloyds TSB Premier, Platinum, Gold or Classic Credit Card. |
Free. |
* Please note the information in this section applies to customers with sterling accounts only. Please contact us if you have a Euro account or US dollar account.
** An administration charge may be made for excessive requests.
*** Charges include VAT where applicable.
Cashpoint® and debit card charges*.
| When you take out cash. |
| From Lloyds TSB Cashpoint. |
Free. |
LINK machines.
All link machines will give you an advance, on-screen warning about any charges that may apply. This warning will tell you who’s making the charge. You will then be given the option to continue or cancel the transaction. |
Lloyds TSB does not levy a charge but the owner of the machine may. |
| From non-LINK cash machines in the British Isles and worldwide displaying the Visa sign, or over the counter at another bank or any other outlet displaying the Visa sign. |
Debit Cards – 1.5% of the amount with a minimum transaction charge of £2 and a maximum of £4.50.
Cashpoint Cards – 1.5% of the amount (minimum £1.50) per transaction.
Please note there is no maximum transaction fee. |
| When you use your card to buy foreign currency or travellers cheques. |
| From our branches. |
No handling charge. |
| From any other bank, travel agent, bureau de change or other outlet displaying the Visa sign. |
1.5% of the amount with a minimum transaction charge of £2 and a maximum of £4.50. |
| All transactions abroad. |
| Cash withdrawals and purchases made in a currency other than sterling (including those made online or on the phone) are also subject to: |
2.99% subject to foreign exchange administration fee. |
| Mini statements. |
Free. |
| Requesting a receipt. |
Free. |
* Please note the information in this section applies to customers with sterling accounts only. Please contact us if you have a Euro account or US dollar account.
Administration fees.
We’ll be happy to respond when you ask us for help with managing your day-to-day banking – at no charge.
But, if we have to spend a significant amount of time on a specific area, then, like professional advisers, we may charge a fee. If this seems likely, we will agree it with you before you are committed.