Monthly Saver
Save up to £250 a month and get rewarded with a fixed rate of interest for 1 year. Read the summary box before applying.
Features and benefits
Let's break it down
Summary box for the Monthly Saver
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Earn 5.25% gross/AER fixed on balances of £1 or more for 12 months.
Your interest is paid 12 months after you open the account.
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No. This account has a fixed rate of interest. The rate won't change during the term.
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For example, if you deposit £250.00 every month for 12 months, you'll have a balance of £3078.75 after interest is paid.
This assumes:
- you deposit £250.00 in the middle of each month
- you don't withdraw any money or interest.
Interest accumulates daily. Your balance is lower at the start of the term and grows after each monthly deposit. This means your daily interest calculation will also slowly increase. Interest is paid to your account at the end of the term.
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Opening this account
You can open and manage this account:
- online
- on our app
- in branch
- by phone.
You can open this account if you:
- are 16 or over
- are a UK resident
- have a Lloyds Bank current account.
You can only open 1 Monthly Saver.
Online applications must be made in your sole name. You can make it a joint account by going in to branch or calling us after you've opened it.
How to pay into this account
You can save £25 - £250 every month by 1 standing order or a bank transfer. This needs to reach your account before the 25th of the month.
You can top up your savings by bank transfer. This can’t exceed the £250 monthly limit. You can save monthly from £25 to £250.
When you can open another Monthly Saver
You can only open 1 Monthly Saver every 12 months.
If you close the account before the end of the term, you can’t open another one until after the term ends.
If you keep your account open, after 12 months you’ll receive your interest. The account will then change to a Standard Saver. You can then open a new Monthly Saver and save for another 12 months. You can top up your savings by bank transfer. This can't exceed the £250 monthly limit. You'll need to set up a new standing order to this Monthly Saver account. This needs to be between £25 and £250 each month. Remember to cancel your old standing order unless you want to keep saving into the Standard Saver.
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Yes. You can make as many withdrawals as you like. There are no charges for doing so. You can transfer money out of the account online, but only to another Lloyds Bank account.
Bear in mind you may not be able to replace what you withdraw. This is because of the monthly deposit limits.
After 12 months, the account will change to a Standard Saver. Before this happens, we'll contact you to explain your options and next steps.
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Savings terms explained
Gross rate means we won’t remove tax from the interest we pay on money in your account. It's your responsibility to pay any tax you may owe to HM Revenue and Customs (HMRC).
AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account that shows an interest rate, you'll see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.
For more definitions, view our glossary.
Open a Monthly Saver
Please read the summary box and the terms and conditions (PDF, 48KB) before you start.
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Do you want to apply offline?
If you’d prefer to speak to someone, give us a call or visit your nearest branch.
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