05/08/03

New graduates will be able to choose the type of account they want from Lloyds TSB this year, and will even have the option to 'go Gold'. The Bank's 2003 graduate package will offer a choice of two accounts - Graduate and Graduate Gold - that have both been designed with the different needs and aspirations of those fresh out of University in mind.

Graduate is a free account for those who are keen on reducing their overdraft in a sensible and easily manageable way. The account offers an interest-free overdraft of £2,000, which reduces in stages over three years to £1,000. This is to reflect many graduates' concerns over the debt they accumulated as students and their fears of carrying it forward into working life.

For graduates who see themselves as young professionals and are keen to move away from the student image, Graduate Gold is a more sophisticated option. This account offers the main benefits of a Lloyds TSB 'Gold' account, with the extra benefit of an interest-free overdraft of £2,000 for three years. It also offers two per cent credit interest on balances up to £2,000, making the account very graduate-friendly. Globetrotting graduates in particular will like the fact that it offers free annual travel insurance for a maximum trip of 31 days. The account is free to graduate switchers for one year, while existing graduate account customers can convert their account to Gold for a monthly fee of £4.

recognising that graduates are individuals with different circumstances, concerns and aspirations. Our graduate accounts have been designed to help and support graduates while they put their student days behind them and begin their careers."

The years following graduation are not always smooth and circumstances can change considerably, so to ensure flexibility and freedom of choice, graduates can change their type of graduate account at any point, without charge, during their three years on the Lloyds TSB graduate scheme.

Graduates on either account will also be able to apply for a low cost Graduate Loan at 7.8 per cent APR for up to £10,000 repayable over five years, with an optional four-month loan repayment holiday.

Provided by the Lloyds TSB