|Requirements||Must have a Club Lloyds Current Account|
Save £25 to £400 per month via standing order
|Benefit:||Decent interest rate that is fixed for 12 months|
Regular savers are savings accounts where you make monthly deposits within a range defined by the the bank and are unable to access it for twelve months. After the twelve months, you get your money back along with a decent amount of interest.
I opened a Club Lloyds Monthly Saver at the beginning of 2020 because it boasted a decent 2.5% interest rate. I’ve been banging the maximum £400 deposits into it every month.
Unfortunately, it is now only offering 1%, so there may be better regular saver products on the market. It does, however, beat any current instant-access savings product on the market.
The Club Lloyds Monthly Saver should not be confused with the Lloyds Monthly Saver, which has a lower interest rate (currently 0.75%) and a lower maximum monthly deposit (currently £250). To open a Club Lloyds Monthly Saver, you must have a Club Lloyds current account.
Setting up is easy; simply apply, then set up a monthly standing order for the required amount. My experience of Lloyds customer service and their online banking app and website has always been great.
You can withdraw cash out of the account without penalty, however you will still be restricted to the same monthly deposits. So if you deposit £400 in one month, then withdraw the £400 again, you will not be able to deposit another £400 in that month. You will also forgo any interest that £400 could have earned until the end of the 12 month term.
The Club Lloyds Monthly Saver used to be a decent product but currently only offers about half the interest rate of the market leaders. Luckily, when I opened mine, I got 2.5% but unless things change by the time mine matures, I may be changing where I put my money next year.
|Good points||Not-so-good points|
|Decent customer service and online access|
Reasonable fixed interest rate
|Better interest rates on other regular savers products|
You must have a Club Lloyds Current Account