Easy Saver

Summary box for the Easy Saver

1. What is the interest rate?

Earn 0.10% gross/AER variable 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?

Yes. As this account pays a variable rate of interest it can change over time. We’ll always let you know of any planned changes to the rate. Our terms and conditions (PDF) explain when and how we do this. For example, we might review the interest rate if the Bank of England base rate changes.

3. What might the future balance be?

For example, if you deposit £1000.00 when you open the account, the balance after 12 months will be £1001.00.

This assumes:

• the interest rate stays the same for 12 months
• interest is paid 12 months after you open the account
• you make your deposit on the day you open the account and you don't add more money after that
• you don't withdraw any money or interest.

4. How do I open and manage my account?

This account can be opened and managed:

• online
• on our app
• in branch
• by phone.

Bear in mind:

• you must be aged 16 or over and a UK resident to open an account
• you must open this account in your sole name. You can make it joint by going into branch or calling us after you've opened it
• you can open the account with £1. There is no maximum amount
• you can have up to five Easy Saver accounts and name each one
• after 12 months, your account will change to a Standard Saver. Before this happens, we’ll contact you to explain your options and next steps.

5. Can I withdraw money?

Yes. You can make as many withdrawals as you like from this account and there are no charges for doing so. You can withdraw your money in any of our branches.

You can transfer money out of the account online but only to another Lloyds Bank account in your name.

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.

For more definitions, view our glossary.

Open an Easy Saver

You can open an account if:

• you're aged 16 or over and a UK resident.

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