+£58
Club Monthly Saver (6.25%)17 mins
Lloyds BankClub Monthly Saver (6.25%)
£58 Free Cash•17 mins
£58 Free Cash
+£58What is Lloyds Bank?
Lloyds Bank is one of the UK’s oldest and largest retail banks, founded in 1765 in Birmingham. Part of Lloyds Banking Group, they’re a household name with branches across the country and a long track record in personal banking.
Their Club Lloyds current account comes with lifestyle perks like cinema tickets, magazine subscriptions, and access to exclusive savings rates, including this Monthly Saver. Club Lloyds costs £5/month, but the fee is waived if you pay in £2,000 or more each month.
You’ll need a Club Lloyds or Lloyds Premier current account to open this Monthly Saver. If you don’t already have one, we’d recommend doing the Lloyds bank switch first. You’ll pick up a switching bonus and get the current account you need in one step.
Launched
1765
Customers
26m+
Google Play
4.7 (375k)
★★★★★★
Key Terms
Profit
+£58
Interest rate
6.25% AER
(fixed)
Monthly depositUp to £400
Term12 months
Total max deposit
£4,800
(12 × £400)
Requires: A Club Lloyds or Lloyds Premier current account (free with £2,000/month pay-in)
Withdrawal terms: Unlimited free withdrawals. Withdrawn money cannot be re-deposited if it would exceed the £400 monthly limit.
Step by Step Guide
Chris's overview
Optional·2 min read
The Lloyds Club Monthly Saver pays a fixed 6.25% on up to £400 a month for 12 months. That’s around £58 more than you’d earn in a standard easy-access account on the same deposits.
You can withdraw at any time with no penalties. The rate is fixed for the full 12 months, so no surprise changes. Any money withdrawn can’t be re-deposited if it takes you over the £400 monthly cap.
You need a Club Lloyds or Lloyds Premier current account to open this. If you've already done the Lloyds bank switch, you're all set. If not, do that first and you'll pick up the switching bonus too. Club Lloyds costs £5/month, but the fee is waived if you pay in £2,000/month.
If Lloyds is your main bank with a salary of £2,000+, you’re all set. If not, set up a monthly transfer of £2,000 into Lloyds, move £400 to the saver, and transfer the remaining £1,600 back. Once the standing orders are in place, it runs on autopilot.
1
Open a Lloyds Club Monthly Saver
10 mins
- You’ll need a Club Lloyds or Lloyds Premier current account. If you don’t have one, open a Club Lloyds account first.
- Log in to Lloyds online banking or the mobile app
- Navigate to Savings and open a Club Lloyds Monthly Saver
- Your 12-month term starts from the date Lloyds receives your first deposit
2
Make your first transfer
5 mins
- Transfer your chosen amount (£25 to £400) into your new Club Monthly Saver
- Deposits must reach your account before the 25th of each month
- You can pay in by standing order or bank transfer from your Club Lloyds current account
Transfer up to £400 each calendar month
2 min
- Deposits are per calendar month and must arrive before the 25th, so transfer early (ideally the 1st) to earn interest for the full month.
- Automate it: set up a standing order from your Club Lloyds current account to your Monthly Saver for the 1st of each month.
- Prefer doing it manually? Set a monthly reminder instead.
- You can deposit any amount from £25 to £400 per calendar month.
3
Withdraw your balance365d
2 mins
Your 12-month term ends
- After 12 months, your balance plus all earned interest is available in your account
- Lloyds will convert the account to a Standard Saver at a lower rate, so move your money to the best available savings account
- You can then open a new Club Monthly Saver for another 12 months
Offer Complete
Done? Tick off each step above to see your total.
Lloyds Bank Full Review
Completed the offer? Awesome! Here's our full review on why Lloyds Bank could work well for you going forward.
Lloyds Bank is one of the UK's oldest and most established high street banks, with roots dating back to 1765. As part of Lloyds Banking Group (which also owns Halifax and Bank of Scotland), they serve over 26 million customers and operate one of the UK's largest branch networks.
Is Lloyds Bank safe?
Yes, Lloyds Bank is fully regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). Your deposits are protected up to £120,000 by the Financial Services Compensation Scheme (FSCS).
Lloyds is a systemically important bank in the UK, meaning it's subject to additional regulatory oversight. They've been operating for over 250 years and are one of the country's most recognizable financial institutions.
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.
Top 5 Lloyds Features
1
Extensive Branch Network
One of the largest branch networks in the UK, giving you easy access to in-person banking when you need it.
2
Mobile Banking App
A well-designed app for managing your accounts, making payments, and tracking spending on the go.
3
Club Lloyds Perks
Monthly lifestyle benefits including cinema tickets, magazine subscriptions, and more for Club Lloyds members.
4
Savings Round-Ups
Automatically round up purchases to the nearest pound and save the difference into a savings account.
5
Current Account Switch Service
Easy switching with CASS - all your payments, Direct Debits, and salary move automatically within 7 working days.
Pros and Cons
Pros
- ✓Established, trusted high street bank with over 250 years of history
- ✓Extensive branch network for in-person banking
- ✓Good mobile app with modern features
- ✓FSCS protected up to £120,000
- ✓Regular switching bonuses available
Cons
- ✗Club Lloyds has a £5 monthly fee (waivable with £1,500+ pay-in)
- ✗Interest rates on savings are not market-leading
- ✗Some features require the paid Club Lloyds account
Chris's Verdict
Lloyds is a solid choice if you want the security of a traditional high street bank with the convenience of modern digital banking. While they're not the most innovative, they're reliable and their switching bonuses make them worth considering.
The £5 Club Lloyds fee is easily offset by the switching bonus, and you can downgrade to a free account afterwards. If you're doing multiple bank switches, Lloyds is definitely one to have in your rotation.