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

Who this account is for

  • It's only available to Lloyds Bank current account holders who have not already opened one of these accounts in the last 12 months.
  • You need to be aged 16 or over and a UK resident.
  • Ideal if you want to save money every month and have instant access to it.

The benefits

  • Earn 1.25% gross/AER fixed interest. This is paid after 12 months.
  • The interest rate is fixed so it won't change during the 12 month term.
  • You can withdraw your money when you like without charge.

How it works

  • Save £25 - £250 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 £250 monthly limit. 
  • You can only have one Monthly Saver in your sole name or held jointly.
  • After 12 months you'll get your interest and the account will change to a Standard Saver. You can then open a new Monthly Saver and save for another 12 months.

Summary box for the Monthly Saver

  • Earn 1.25% gross/AER fixed on balances of £1 or more for 12 months.

    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 £3018.75 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. 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.


  • 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:

    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. 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.

    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 and the account will change to a Standard 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 Standard 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 a Standard 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.

Apply for a Monthly Saver

You can open an account if you:

Please read the summary box and the terms and conditionsopens in a new tab (PDF, 74KB) before you start.

Please note, from 1st November we are making changes to some of our terms and conditions and updating them to make them easier to understand. For more information, please read the Guide to Changes (PDF, 115KB).


Apply to open a Monthly Saver online in about five minutes

Open nowfor a monthly saver

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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