Lloyds Bank is offering one of the best savings rates around in a bid to attract new customers.

The banking giant is offering a 6.25% rate, despite the recent base rate cut by the Bank of England.

The rate applies to its regular savings account, which comes with a few requirements.

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In order to take advantage of the competitive rate, savers need a minimum deposit of £25 and must be Club Lloyds current account holders.

Customers must also ensure they deposit a certain amount into the account every month, reports the Daily Express .

This can be between £25 and £400 for the 12-month term.

While there is no limit on withdrawals, savers will ne

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