The Lloyd Bank Club Lloyds Monthly Saver allows you to save between £25 and £400 each month, for a year, and earn an interest rate of 1.50% on your money. As well as offering a good level of interest, this account also allows you to make withdrawals free of charge during the 12 month term. However, any money that you withdraw cannot be replaced later, as you’re restricted by the £ 400 maximum monthly deposit — so it’s better to not make withdrawals if possible.
What I like about Lloyd Bank Club Lloyds Monthly Saver
- Competitive interest rate – The account offers a competitive fixed interest rate of 1.50% on balances of £1 or more for 12 months from the time of account opening.
- Minimum monthly deposit – The account allows holders to save as little as £ 25 each month. You can put a little away each month and receive a decent interest at the end of the year.
- Unlimited withdrawals – The Club Lloyds Monthly Saver allows you to make unlimited withdrawals without charge. This means that if you ran into a financial problems for which you need immediate cash, you can access your money easily and free of charge.
What could be improved?
- Availability – The Club Lloyds Monthly Saver is only available to Club Lloyds current account holders who have not opened this particular account in the last 12 months. This unfortunately locks out interested consumers who are not Club Lloyds current account holders as well as those who closed the account within 12 months of opening for financial reasons.
- Replacement of withdrawn money – If you withdraw money from your account, you will not be able to replace it as you are only allowed to make one deposit of £25- £400 each month by standing order. The only way you might be able to replace the withdrawn amount is if it is less than the £400 maximum monthly deposit.
How does it stack up?
The interest rate offered by The Club Lloyds Monthly Saver may not the best when compared with some other regular saver competitors, but it is still quite good for this type of account. The account is likely to appeal to people who are looking to put away a little money each month and earn a reasonable interest from it at the end of the year.
The fact that account holders can make as many withdrawals from it without any charge helps differentiate it from other regular saver accounts, and could make it a good choice if you think you might need to access your money within the year.
How to apply?
Application for the account can be done online. The process is much faster if you are already a Lloyd Banks’ customer and are registered for Internet Banking.
Opening the Club Lloyds Monthly Saver is subject to you holding a Club Lloyd current account, being 18 years and over and a resident of the UK. When applying, you should have relevant details and documents in place (such as a history of your addresses) to confirm that you meet the required terms and conditions.
Is the Club Lloyds Monthly Saver right for you?
If you’re looking to save a little amount every month for a reasonable interest rate, this could be a good account for you. For those who prefer easy access saving accounts for their lack of withdrawal restrictions, the Club Lloyds Monthly Saver is a great alternative as it not only allows unlimited withdraws with no extra charges but also a higher level of interest.