Club Lloyds Monthly Saver

Summary box for Club Lloyds Monthly Saver

1. What is the interest rate?

2.50% gross/AER for any balances over £1.

Your interest is paid a year after you open the account.

2. Can Lloyds Bank change the interest rate?

No.
This account has a fixed rate of interest. So after you open the account the rate won't change during the 12 month term.

3. What might the future balance be?

For example, if you deposit £100.00 every month for 12 months you will have a balance of £1215.00 after interest is paid.

This assumes:

• your interest rate is 2.50% gross/AER fixed for 12 months
• you don’t withdraw any money and interest isn’t paid out of the account
• you deposit £100.00 in the middle of each month.

4. How do I open and manage my account?

This account can be opened and managed:

• Online
• In branch
• By phone

Opening this account

You can open this account if you:

• are 18 or over and a UK resident
• have a Club Lloyds current account or a Club Lloyds Added Value Account (Silver, Gold, Platinum or Premier)
• have not already opened a Club Lloyds Monthly Saver in the last 12 months.

Online applications can only be made in your sole name, if you’d like the account to be made joint this can be done over the phone or in branch.

Managing this account

• Save one deposit of £25-£400 every month by standing order. This needs to be before the 25th of the month.
• You can only have one Club Lloyds Monthly Saver in your sole name or held jointly.
• If you close the account within 12 months of opening you won’t be able to open another one until after the anniversary date.

5. Can I withdraw money?

Yes. You have instant access to your money.
Please note, if you withdraw money you will not be able to replace it. This is because you can only make the one deposit of £25-£400 each month by your standing order.

If you'll like to transfer money out of the account online, you can only transfer  it to another existing Lloyds Bank account.

After 12 months you'll receive your interest and your account will change to an Easy Saver. Before this happens, we'll contact you to explain your options and next steps.

6. Additional information

Gross rate means we won’t deduct 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 & Customs (HMRC).

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.

For more definitions, view our glossary.

Open a Club Lloyds Monthly Saver

You can open the account if you:

• are 18 or over and a UK resident,
• have a Club Lloyds current account,
• haven't already opened one of these accounts in the last 12 months.

Please read the summary box and the terms and conditions (PDF) before you start.

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