Island Monthly Saver

Save money regularly with no withdrawal penalties.

Features and benefits
 

  • Earn 6% (Gross / AER) fixed interest. This is paid after 12 months.
  • Save £25 to £400 every month by one standing order or bank transfer. This needs to reach your account before the 25th of the month. You can top up your savings by bank transfer as long as you don’t exceed the £400 monthly limit. 
  • Instant access to your savings.
  • The interest rate is fixed for the term, so won’t change during the term.
  • You can withdraw your money when you like without charge.
  • After 12 months you will get your interest and your account will change to an Island Standard Saver. You can then open a new Island Monthly Saver and save for another 12 months.
  • You can only have one Island Monthly Saver in your sole name or held jointly.

Ready to apply? 

Eligibility

  • You need to be aged 18 years or older and be ordinarily resident in the Channel Islands or Isle of Man.
  • You must hold a current account with Lloyds Bank International.
  • You must not have opened a Monthly Saver in the last 12 months.

 

Interest rates

Earn 6% Gross / AER fixed on balances of £1 or more for 12 months.

Your interest is paid 12 months after you open the account.

Sole customer?

Apply online and we will contact you if we need further information.

Apply now

Joint customer?

Contact us to arrange an appointment in branch.

Make an appointment

More information

If you would like to find out more about this account. Visit us in branch or use the contact form to make an appointment.

Make an appointment
  • Sending fundsWhen making an International Payment there are two charging methods:Split Charges: Recipient and Correspondent banks abroad may charge a fee for receiving payments which will be paid by the recipient if you choose to share charges. Pay all Charges: A Correspondent Bank Fee will be payable for international payments where you choose to pay the charges for the recipient, if you are permitted to do so based upon the destination of the payment and the type of account that you hold. The Correspondent Bank Fee replaces all Correspondent bank charges. The recipient bank may still charge its customer a fee but we cannot provide information about such a fee. The amount of the Correspondent Bank Fee depends on the location of the recipient bank.

    International moneymover service:When making an International Payment there are two charging methods:Split Charges: Recipient and Correspondent banks abroad may charge a fee for receiving payments which will be paid by the recipient if you choose to share charges. Pay all Charges: A Correspondent Bank Fee will be payable for international payments where you choose to pay the charges for the recipient, if you are permitted to do so based upon the destination of the payment and the type of account that you hold. The Correspondent Bank Fee replaces all Correspondent bank charges. The recipient bank may still charge its customer a fee but we cannot provide information about such a fee. The amount of the Correspondent Bank Fee depends on the location of the recipient bank.

    Service

    Charges

    Service

    Through Currency Internet Banking

    Charges

    Free

    Service

    Through International PhoneBank, in branch, or in writing

    Charges

    Free

    Service

    Through Standing Order

    Charges

    Free

    Service

    To your other accounts held with Lloyds Banking Group

    Charges

    Free

    Correspondent bank fee:When making an International Payment there are two charging methods:Split Charges: Recipient and Correspondent banks abroad may charge a fee for receiving payments which will be paid by the recipient if you choose to share charges. Pay all Charges: A Correspondent Bank Fee will be payable for international payments where you choose to pay the charges for the recipient, if you are permitted to do so based upon the destination of the payment and the type of account that you hold. The Correspondent Bank Fee replaces all Correspondent bank charges. The recipient bank may still charge its customer a fee but we cannot provide information about such a fee. The amount of the Correspondent Bank Fee depends on the location of the recipient bank

    Service

    Charges

    Service

    Zone 1 (USA, Canada and Europe)

    Charges

    £12

    Service

    Zone 2 (Rest of the world)

    Charges

    £20

    For the purposes of the Correspondent Bank Fee, Europe is defined as all EEA countries plus Jersey, Guernsey, Isle of Man, Monaco, San Marino and Switzerland.

    Electronic Funds Transfer (CHAPS payments within the British Isles):

    Service

    Charges

    Service

    CHAPS payment

    Charges

    £25

    Cash withdrawals and deposits into the US Dollar Account and/or Euro Account:

    Service

    Charges

    Service

    Cash withdrawals and deposits

    Charges

    2% on the Sterling equivalent of each currency, minimum £3 per currency and £10 administration fee.

    These accounts are not designed to be used for receipt of notes or coins. If you need this service, please contact your International Banking Team.

    Recalling a payment:

    Service

    Charges

    Service

    Recalling a payment

    Charges

    £20 per payment.

    We cannot guarantee the cancellation as funds may already have been paid to the beneficiary. You could receive less than the original amount of the payment, due to adverse exchange rate movements

    Receiving funds

    Electronic bank transfer from another financial institution:

    Amount

    Charges

    Amount

    Any amount

    Charges

    Free

    Cheque collections:

    Amount

    Charges

    Amount

    Cheques up to £100

    Charges

    £5

    Amount

    Cheques of £100 and above

    Charges

    25p per £100 (minimum £15, maximum £80 per cheque)

    Cheque negotiation to Sterling account:The correspondent bank may also levy a charge based on the value of the cheque.

    Amount

    Charges

    Amount

    Cheques up to £100

    Charges

    £5

    Amount

    Cheques of £100 and above

    Charges

    25p per £100 (minimum £15, maximum £80 per cheque)

    Amount

    Cheques in a foreign currency drawn in a different country (not UK)

    For example : US Dollars drawn in France

    Charges

    As above, but minimum £10 per cheque.

    Cheque negotiation to currency account:The correspondent bank may also levy a charge based on the value of the cheque.

    Amount

    Charges

    Amount

    Cheques in the same currency as the account

    Charges

    £2 per cheque

    Amount

    Cheques requiring currency conversion

    Charges

    £4 per cheque

    Other standard services

    Service

    Charges

    Service

    Supplying copies of previous bank statements

    Charges

    Free


This product is designed for customers living in the Channel Islands or the Isle of Man.

Information on our savings accounts for customers in the United Kingdom.
 

Frequently asked questions

  • Earn 6% gross / AER fixed on balances of £1 or more for 12 months.

    Your interest is paid 12 months after you open the account.

  • No. This account has a fixed rate of interest so the rate won't change during the term.

  • For example, if you deposit £400.00 every month for 12 months you will have a balance of £4944.00 after interest is paid.

    This assumes you deposit £400.00 in the middle of each month and you don’t withdraw any money or interest.

    Interest is calculated each day. As your balance is lower at the start of the term and grows after each monthly deposit, your daily interest calculation also slowly increases. At the end of the term your interest is added into your savings account.

  • Opening this account

    This account can be opened and managed:

    • online
    • in branch
    • by phone.

    You can open this account if you:

    • are 18 or over
    • are a Channel Islands or Isle of Man resident
    • have not opened an Island Monthly Saver in the last 12 months.
  • You can save £25 - £400 every month by one standing order or a bank transfer. This needs to reach your account before the 25th of the month.

    You can also make a bank transfer to top up your savings as long as the total amount of your deposits does not exceed the monthly limit of £400. The amount that you save each month can vary but needs to stay between the £25 to £400 monthly limit.

    When you can open another Island Monthly Saver

    You can only open one Island Monthly Saver every 12 months

    If you close the account within 12 months of opening it, you won’t be able to open another one until after the anniversary date.

    If you keep your account open, after 12 months you’ll receive your interest and the account will change to an Island Standard Saver Account. You can then open a new Island Monthly Saver and save for another 12 months. Once you have opened your next Island Monthly Saver we’ll send you the sort code and account number.

    You will need to set up a new standing order to this Island Monthly Saver. This needs to be between £25 and £400 each month. Remember to cancel your old standing order unless you want to keep saving into the Standard Saver.

  • Yes. You can make as many withdrawals as you like and 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 an Island Standard Saver. Before this happens, we'll contact you to explain your options and next steps.

  • AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will 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.

    GROSS RATE – Gross rate means we will not deduct tax from the interest we pay on money in your account. It’s your responsibility to pay any tax you may owe to your appropriate tax authorities.

How to apply

Use our contact form or call us to make an appointment.

Savings

See how else we can help you save.

Branch finder

Find your local team in Jersey, Guernsey or the Isle of Man and arrange a visit.