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
Earn 1.00% 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.
No. This account has a fixed rate of interest so the rate won't change during the term.
For example, if you deposit £250.00 every month for 12 months, you will have a balance of £3015.00 after interest is paid.
- interest is paid 12 months after you open the account
- you deposit £250.00 in the middle of each month
- 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.
This account can be opened and managed:
- 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 need to have a Lloyds Bank current account.
- you can save £25 - £250 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 £250. The amount that you save each month can vary but needs to stay between the £25 to £250 monthly limit
- you can only have one Monthly Saver and this must be opened in your sole name. The account can be opened online, on our app, in branch and over the phone. You can make it joint by going into branch or calling us after you've opened it
- 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 Monthly Saver and save for another 12 months. Once you have opened your next Monthly Saver we’ll send you the sort code and account number. 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 Easy Saver.
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.
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.