Lloyds Bank is a popular provider, but with the 1.5 percent interest rate account available to eligible savers, many more may flock to take advantage of the offering. The interest rate put forward by the bank comes at a time where savings are ultimately suffering due to the pandemic. In March 2020, the Bank of England made an historic decision to reduce its base rate to 0.1 percent – the lowest in its entire history.
This undoubtedly impacted many savings account offerings, with interest rates tumbling, particularly on easy access accounts.
Some offerings, however, have weathered the storm, and regardless, many savers will be looking for the best options to grow their cash.
There are various accounts available, however, one which may be enticing is an account from Lloyds Bank.
The provider is currently offering an exclusive monthly savings account to help Britons grow their funds amid this difficult time.
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Every month, by standing order, savers will be required to deposit anywhere between £25 and £400 into the account.
Lloyds Bank has added: “This account is ideal if you want to save money every month and have instant access to it.”
It is important to note, however, that this is an exclusive account, meaning it is reserved for Club Lloyds current account holders.
In addition, a person must not have already opened one of these accounts within the last 12 months.
Individuals will need to be aged 18 or over and a UK resident in order to apply.
People are only able to have one Club Lloyds Monthly saver in their name or held jointly.
An account of this kind can be opened and managed in a variety of ways, including online, in branch, via mobile banking or by phone to create ease for savers.
All money deposited will need to reach the account before the 25th of each calendar month, the bank has confirmed.
It will also be possible for Britons to top up their savings via bank transfer if they wish to do so.
However, savers must still be aware of the £400 limit which cannot be exceeded in a calendar month.
The length of the account is for a 12 month period by which the saver will be able to earn interest on all funds deposited.
After this period comes to an end, Lloyds Bank says the account will switch to an Easy Saver.
Britons will then be able to open a new Club Lloyds Monthly Saver and save for another 12 months.