Club Lloyds Monthly Saver review

How to access one of the highest paying regular saver accounts

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How much does the Club Lloyds Monthly Saver pay?

The interest rate on this account is now 6.25% AER, making it one of the highest-paying savings accounts available. The rate is fixed for 12 months.

However, the 6.25% rate is only for those who open the account after 2 March 2023. If you opened it before this you’ll get the rate on offer at the time, most recently 5.25%.

How does the Club Lloyds Monthly Saver work?

Since it’s a monthly or “regular” saver, that doesn’t mean you can whack a load of cash in there to rake in the interest.

For a start, there’s a monthly limit of £400 that can be added each month for a year. So the most you can add to the account is £4,800. There’s also a minimum of £25 a month, though you can skip months if you choose. If you do, you won’t be able to carry over any unused allowances.

Unlike with most regular savers you can withdraw the money during the year without penalty, though you won’t be able to add it back in.

The account also closes after 12 months, which is when the interest is paid. The money will then be moved into a standard Lloyds savings accounts, so you’ll want to transfer that to a better paying account at the time.

How much could you make in a year?

Who can get a Club Lloyds Monthly Saver?

The account is only available to customers who have not already had one of these monthly savers in the last 12 months. This means if you have one at a lower rate you’ll need to wait until that matures before opening up a new one at the latest interest rate.

You’ll also only be able to open one of these savings accounts if you have a Club Lloyds current account. This account comes with a £3 monthly fee though you can avoid that by depositing £2,000 into the account each month (it doesn’t need to stay there).

You’ll also get a choice of one Lifestyle Benefit each year. This can be one of the following:

• 6 Vue or Odeon cinema tickets
• 12 Rakuten movie rentals
• One annual magazine subscription
• One annual Gourmet Society membership

You can read more about the account and these freebies in my Club Lloyds account review.

Opening a Club Lloyds Monthly Saver

Once you have the account, you can simply open the Club Lloyds Monthly Saver from your online or app banking.

The first payment needs to be made within 28 days of opening the account. After this you’ll need to add the money by the 25th of each month.

You can add cash by standing order (not a bad idea to ensure you don’t forget), or just transfer it from a different account.

You can only open one of these in your name, even if you have both a solo and join Club Lloyds account.

Club Lloyds Monthly Saver summary

How does it compare?

At the time of writing this is the second highest paying regular saver, beaten only by First Direct’s 7% paying account. However as you can pay more into this account each month you’ll make more interest in a year.

It’s worth noting that Lloyds also has another monthly saver you can open in addition which pays 5.25%, with a monthly deposit limit of £200.

You can see other regular saver rates here.