Lloyds BankClub Monthly Saver (6.25%)
£58 Free Cash
Value
£58
Lloyds Bank is one of the UK's oldest and largest high street banks, with roots dating back to 1765 and over 26 million customers today. It's part of Lloyds Banking Group, which also owns Halifax and Bank of Scotland, and runs one of the country's biggest branch networks. The app is the day-to-day workhorse for most customers, with around 21.5 million people now using it to manage their money.
Customers
26m
UK accounts
Founded
1765
261 years old
App Store
4.8 ★
2.4m reviews
Google Play
4.7 ★
380k reviews
Live offers
1
Worth £58
Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN 119278). Eligible deposits are protected by the Financial Services Compensation Scheme up to £120,000 per person.
Lloyds Bank at a glance
Already a Club Lloyds customer? The Lloyds Club Monthly Saver pays 6.25% AER fixed for 12 months on deposits up to £400, and Quidsy currently has it live for £58 profit. You'll need an open Club Lloyds account first, so this is a top-up trick rather than a cold start.
Updated:
Current Lloyds Bank offers
Review notes· 5 min read
Lloyds Bank details
Lloyds Bank is one of the UK's oldest and largest high street banks, with roots dating back to 1765 and over 26 million customers today. It's part of Lloyds Banking Group, which also owns Halifax and Bank of Scotland, and runs one of the country's biggest branch networks. The app is the day-to-day workhorse for most customers, with around 21.5 million people now using it to manage their money.
Lloyds is a sensible pick if you like the idea of a traditional high street bank but still want a decent app, branch access for the trickier stuff, and a name you've heard of since you were a kid. It suits families, first-time account openers, and anyone who's wary of app-only neobanks.
It's also worth a look if you're doing a few bank switches across the year, because Lloyds (and its Halifax and Bank of Scotland siblings) tend to come and go from the switching scene with offers worth £150 to £200. The Club Lloyds account adds monthly lifestyle perks like cinema tickets, although there's a £5 fee that you can waive by paying in £2,000 a month.
Is Lloyds Bank safe?
Yes, Lloyds Bank is one of the safest places to keep your money in the UK. It's authorised by the Prudential Regulation Authority and regulated by the FCA and PRA (FRN 119278), and your eligible deposits are covered by the Financial Services Compensation Scheme up to £120,000 per person. Lloyds is also classed as a systemically important UK bank, which means tougher capital rules and extra Bank of England oversight on top of the standard regime.
That said, "safe" isn't the same as "spotless". The FCA fined Lloyds £3.97 million in September 2025 for the way it treated customers in financial difficulty, and the bank paid more than £17 million in compensation to around 126,000 people as part of the remediation. Lloyds has also set aside roughly £2 billion to cover motor finance commission redress that the FCA finalised in April 2026.
In March 2026, a botched overnight app update caused Lloyds's mobile banking app to briefly display other customers' transaction data to around 447,000 people across the Lloyds, Halifax and Bank of Scotland apps. No customer has been identified as suffering a financial loss, and the bank paid roughly £139,000 in goodwill payments to the 3,625 customers most affected.
The ICO and FCA have both asked questions, but your FSCS-protected deposits weren't touched by the glitch.
None of that touches your day-to-day deposits, which still sit behind FSCS protection and 250-plus years of operating history. But it's a useful reminder that "old high street bank" doesn't automatically mean "always gets things right".
Who is Lloyds for?
Lloyds is ideal for people who value having access to physical branches alongside digital banking. Their extensive branch network makes them a good choice if you prefer face-to-face banking for complex matters.
They're particularly well-suited for families and those looking for straightforward current account banking with a trusted high street name. Club Lloyds members also get lifestyle perks like cinema tickets and magazine subscriptions.
What does Lloyds Bank do?
Everyday current accounts
Free Classic Account for standard banking, plus the paid Club Lloyds account with extra perks for higher pay-ins.
One of the UK's biggest branch networks
Useful if you want in-person banking for things like cash deposits, complex queries, or first-time account opening with ID checks.
Mobile app for the day-to-day
Manage accounts, send payments, freeze cards, set savings goals, and use Apple Pay or Google Pay from one of the more polished high-street apps.
Club Lloyds lifestyle perks
Pick one each year from options like six cinema tickets, a magazine subscription, a Disney+ Standard with Ads subscription, or a Coffee Club and Gourmet Society membership for 25% off Caffè Nero and partner restaurants.
Savings, mortgages and credit cards under one roof
Including a Club Lloyds Monthly Saver paying 6.25% AER for existing Club customers, plus regular access to switching offers when they're running.
Pros and cons
What stands out
5 pros- Big, established UK bank with over 250 years of history and 26 million customers
- One of the largest branch networks in the country, useful for in-person banking
- Solid app that covers everyday needs without feeling clunky
- Eligible deposits protected by the FSCS up to £120,000 per person
- Switching offers worth £150 to £200 come and go through the year across Lloyds, Halifax, and Bank of Scotland
Worth knowing
4 cons- Club Lloyds has a £5 monthly fee, only waived if you pay in £2,000 a month
- Standard savings rates aren't market-leading outside the Club Monthly Saver
- Recent FCA fine and motor finance redress show compliance hasn't always been tidy
- No live new-customer switching offer at the moment (the last one ended 30 April 2026)
Lloyds is one of those banks I'd quietly recommend to almost anyone, with one big caveat: time your offer well. As a place to keep your money, it's about as solid as UK banking gets. Big balance sheet, FSCS-covered, regulated up to the eyeballs, and a branch on most high streets if you need to actually talk to someone.
The catch is that the day-to-day product isn't the cheapest or the cleverest. The Classic Account is fine but unexciting, and Club Lloyds only really makes sense once the £2,000 monthly pay-in waives the fee. If you don't hit that, you're paying £60 a year for cinema tickets and a couple of perks you might not use.
Where Lloyds earns its place in a switching rotation is the offer cycle. The £200 switch bonus we tracked through to April 2026 has ended, and there isn't a live new-customer deal right now, but Lloyds (and Halifax and Bank of Scotland under the same group) usually circle back. The Club Monthly Saver at 6.25% AER is also worth knowing about if you're already inside the ecosystem.
For now, I'd keep Lloyds on the shortlist and wait for the next switch offer to land. When it does, it's an easy yes.
Recent ended Lloyds Bank offers
- £190
£200 Free Cash
Ended 30 Apr 2026
Lloyds Bank FAQs
Lloyds Bank makes most of its money from net interest income, which is the gap between what it pays savers and what it charges borrowers on mortgages, loans, credit cards, and overdrafts. It also earns fees from current accounts (like the £5 Club Lloyds fee), commercial banking, wealth and pensions products, and insurance. As part of Lloyds Banking Group, which describes itself as the largest UK retail and commercial financial services provider, it lent around £17 billion to over 70,000 first-time buyers in 2025.
As of May 2026, the Lloyds Club Monthly Saver pays 6.25% AER fixed for 12 months, well above standard high-street savings rates. It's worth checking the Lloyds website for the current rate before you apply, as the bank refreshes it periodically. The account is available to existing Club Lloyds or Lloyds Premier current account customers, and you can deposit between £25 and £400 a month into it. Once the 12 months are up, your savings roll into a standard easy-access account at a much lower rate, so it's worth setting a reminder to move them out.
Next step
Choose your route with Lloyds Bank
£58 Free Cash is the strongest live Lloyds Bank route we have listed right now.