If you are coming to the end of your mortgage, credit card or loan payment holiday, we will contact you before it ends, there is no need to call us. You can use our coronavirus support tool to find the right solution for your needs and confirm what you would like to do in a few simple steps.
Ideal if you want to save money every month and have instant access to it.
Earn 1.50% gross/AER fixed for 12 months from account opening.
The interest rate is fixed so it won’t change during the term.
You can withdraw your money when you like without charge.
How it works
Save £25 - £400 every month by one standing order. 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.
You can only have one Club Lloyds Monthly Saver in your sole name or held jointly.
After 12 months you'll get your interest and the account will change to an Easy Saver. You can then open a new Club Lloyds Monthly Saver and save for another 12 months.
Summary box for Club Lloyds Monthly Saver
1. What is the interest rate?
Earn 1.50% gross/AER fixed on balances of £1 or more for 12 months from account opening.
Your interest is paid 12 months after you open the account.
2. Can Lloyds Bank change the interest rate?
No. This account has a fixed rate of interest so the rate won't change during the term.
3. What might the future balance be?
For example, if you deposit £400.00 every month for 12 months you will have a balance of £4836.00 after interest is paid.
interest is paid 12 months after you open the account
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.
4. How do I open and manage my account?
This account can be opened and managed:
on our app
Bear in mind:
you must be aged 18 or over and a UK resident to open an account
you must not have opened a Club Lloyds Monthly Saver in the last 12 months
you can only have one Club Lloyds Monthly Saver and this must be opened in your sole name. The account can be opened online, on our app, over the phone and in branch. You can make it joint by going into branch or calling us after you've opened it
you can save £25 - £400 every month by one standing order. 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
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
after 12 months you’ll receive your interest and the account will change to an Easy Saver. You can then open a new Club Lloyds Monthly Saver and save for another 12 months. Once you have opened your next Club Lloyds Monthly Saver we’ll send you the sort code and account number. You will need to set up a new standing order to this Club Lloyds Monthly Saver account. 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 Easy Saver.
5. Can I withdraw money?
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 Easy Saver. Before this happens, we'll contact you to explain your options and next steps.
6. Additional information
Savings terms explained
Gross rate means we won’t deduct tax from the interest we pay on money in your account. You will need 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.