Summary box for Easy Saver
1. What is the interest rate?
It’s a variable rate, as shown in the table below
- Your interest is paid annually on the anniversary of the account opening.
2. Can Lloyds Bank change the interest rate?
As this account pays a variable rate of interest the rate can change over time. For example we might review the interest rate if the Bank of England bank rate changes. We’ll always let you know of any planned changes to the rate. Our terms and conditions explain when and how we do this.
3. What might the future balance be?
Below is an example of what the future balance might be, after interest has been paid:
||Balance after 12 months
This example assumes that:
- You don’t withdraw any money and interest isn’t paid out of the account
- The interest rate stays the same
- You make your initial deposit payment on the day you open the account
- You don’t make any further deposits
4. How do I open and manage my account?
This account can be opened and managed in branch, by phone or online.
Opening this account
- You must be 16 or over and resident in the UK
- You must open this account in your sole name but can make it joint by going into branch or over the phone once opened
- The minimum opening deposit is £1. There is no maximum opening deposit.
Managing this account
- You can have up to five Easy Saver accounts. You can name each savings pot to help you save for different things.
5. Can I withdraw money?
You can make withdrawals from this account and there are no charges for doing so.
If making an online transfer, it can only be made to an existing Lloyds Bank account.
After 12 months the account will automatically change to a Standard Saver. See Standard Saver interest rates (pdf).
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.
Apply for an Easy Saver account
To set up an account online you'll need to be 16 and resident in the UK.
Please read the summary box and the terms and conditions (PDF) before applying.