Monthly Saver
Save up to £250 a month and you'll be rewarded with a fixed rate of interest for one year.
Please read the summary box before applying
Summary box for the Monthly Saver
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Earn 5.25% gross/AER fixed on balances of £1 or more for 12 months.
Your interest is paid 12 months after you open the account.
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No. This account has a fixed rate of interest. The rate won't change during the term.
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For example, if you deposit £250.00 every month for 12 months, you will have a balance of £3078.75 after interest is paid.
This assumes:
- you deposit £250.00 in the middle of each month
- you don't withdraw any money or interest.
Interest is calculated each day. Your balance is lower at the start of the term and grows after each monthly deposit. This means your daily interest calculation will also slowly increase. At the end of the term your interest is added into your savings account.
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Opening this account
This account can be opened and managed:
- online
- on our app
- in branch
- by phone.
You can open this account if you:
- are aged 16 or over
- are a UK resident
- have a Lloyds Bank current account.
You can only open one Monthly Saver.
Online applications must be made in your sole name. You can make it joint by going into branch or calling us after you've opened it.
How to pay into this account
You can save £25 - £250 every month by one standing order or a bank transfer. This needs to reach your account before the 25th of the month.
You can top up your savings by bank transfer. This can not exceed the £250 monthly limit. The amount that you save each month can vary but needs to stay between the £25 to £250 monthly limit.
When you can open another Monthly Saver
You can only open one 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. The account will then change to a Standard Saver.. You can then open a new Monthly Saver and save for another 12 months. You can top up your savings by bank transfer. This can not exceed the £250 monthly limit. You will need to set up a new standing order to this Monthly Saver account. This needs to be between £25 and £250 each month. Remember to cancel your old standing order unless you want to keep saving into the Standard Saver.
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Yes. You can make as many withdrawals as you like. 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 a Standard Saver. Before this happens, we'll contact you to explain your options and next steps.
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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.
Apply for a Monthly Saver
You can open an account if you:
- are aged 16 or over
- are a UK resident
- have a Lloyds Bank current account.
Please read the summary box and the terms and conditionsopens in a new tab (PDF, 52KB) before you start.
You can also open an account by calling us on 0345 300 0000. Lines are open 8am – 8pm, seven days a week (Not all Telephone Banking services are available 24 hours a day, seven days a week.) Or, visit us in branch.
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