lloyds bank savings plan

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Lloyds Bank savings accounts

Lloyds bank offers a broad range of savings accounts with interest rates up to 6.25%..

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How do i decide which account is for me, how to open a lloyds savings account, does lloyds offer online or mobile banking, what are the pros and cons of banking with lloyds, bottom line, frequently asked questions.

Savings account types

We compare the following savings accounts

Lloyds Bank was founded over 250 years ago in Birmingham, England. Today, the Lloyds banking group is part of the “big four” banks in the UK and it has branches across England and Wales.

It offers an array of savings accounts for all types of savers. We look at Lloyds’ different options in detail and explain which account might be best for you.

Easy access

Fixed-rate bonds

Regular savings accounts, easy access savings accounts.

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Business savings accounts

Overview of lloyds bank savings.

Didn’t find the account type you were looking for? Check our other guides:

• Lloyds Bank current accounts
• Lloyds Bank student and graduate accounts
• Lloyds Bank kids accounts

Firstly, you need to decide what you’re looking for in a savings account. How often are you planning to draw out money? How much money can you afford to save each month?

You need to work out what you need before comparing the different offers available for certain types of savings accounts. Once you have done that, it’s useful to look at:

• Interest rates
• Fees (If there are any.)
• Access to cash (If you need quick access, for instance.)
• Rewards and loyalty schemes (If you’re into add-ons or switching bonuses.)
• With all Lloyds’ savings accounts you must be 16 or older.
• You must also be a resident in the UK for tax purposes.
• Most of the accounts discussed can be opened at a branch, online or over the phone.

Yes, Lloyds offers online and mobile banking services, so you can bank with ease wherever you are. Well, at least somewhere with Internet connection.

• Online banking. With most of Lloyds’ savers you can access your account online. Lloyds offers a mobile app too.
• Flexibility. Lloyds offers several savings account options, so there’s bound to be one suited to your needs.
• Preferential interest rates for existing customers. If you are a Club Lloyds customers, then you may be able to access slightly better interest rates on some Lloyds savings accounts.
• Better rates elsewhere? While Lloyds does offer competitive interest rates you can get better elsewhere. They’re certainly not market leading.

Whether you want to lock away your money for a fixed amount of time, or need to be able to access it whenever required, Lloyds offers a range of savings accounts and other options to help you manage your money.

Don’t forget to check our top savings rates round-up first, though, to see how Lloyds savings accounts weigh up against the competition in terms of rates, fees and perks.

Is Lloyds safe?

Lloyds is covered by the FSCS , so your savings are protected for up to £85,000 with the bank. In addition, Lloyds Bank plc is authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Savings ratings

Our customer satisfaction scores ("Customers say") are based on a survey of 2,224 customers carried out in December 2022.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use . When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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Felix Thompson

Felix Thompson is a freelance writer at Finder. He covers everything from digital banking to car insurance and, whatever the topic, he aims to make it easy for consumers to get straight to the best deal. Felix has a postgraduate qualification in international journalism and is also a broadcast journalist. In his spare time, he loves to cycle.

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Lloyds increases savings rates to 6.25% – but you will have to pay a monthly fee to get it

Although some banks are upping their returns, no easy access account can match the 4 per cent base rate.

Lloyds Bank has increased the returns on one of its savings accounts to 6.25 per cent, up from 5.25 per cent, alongside hiking other savings rates by as much as 1.3 per cent.

New customers joining its Club Lloyds Monthly Savers account will receive a return of 6.25 per cent as well as a switching bonus of £200 for those moving to a Club Lloyds Silver or Club Lloyds Platinum account, before 7 March.

However, customers will have to pay a £10 monthly fee for the Silver Account and a £21 monthly fee for the Platinum account as well as an additional £3 a month Club Lloyds fee.

This will be waived if you pay in £1,500 or more each month. From 1 April 2023 you’ll need to pay in £2,000 or more.

Lloyds is also increasing its monthly saver from 4.5 to 5.25 per cent and its one and two year fixed rates to 3.9 per cent.

While the monthly saver rate of 6.25 per cent is one of the best, First Direct’s 1st Account still beats it with 7 per cent interest and a welcome switching bonus of £175.

Coventry Building Society has also launched a competitive two-year fixed deal this week, offering a rate of 4.35 per cent alongside a new Limited Access Saver account, where savers can utilise six penalty free withdrawals a year, paying 3.1 per cent.

Providers have been steadily upping their interest rates since the base rate increased to 4 per cent in February, however, no easy-access savings account can match that. The highest currently is with Chip which offers 3.15 per cent.

Any offers over 4 per cent require savers to lock their money away for long periods of time.

Banks have recently been called out for not raising their savings rates high enough.

MPs criticised the UK’s four largest banks yesterday for failing to pass higher interest rates on to savers, accusing them of “taking advantage of… loyal customers to increase profits and CEO pay”.

More from Saving and Banking

The best savings accounts on the market

Below are the best regular savings accounts currently on the market, according to analysts, Moneyfacts.

• NatWest – 6.17 per cent
• Royal Bank of Scotland – 6.17 per cent
• Nationwide Building Society – 5 per cent
• TSB – 5 per cent
• Hinckley & Rugby Building Society – 4.75 per cent
• Lloyds Bank – 4.5 per cent
• Halifax – 4.5 per cent
• Bank of Scotland – 4.5 per cent
• Furness Building Society – 4.3 per cent
• Coventry Building Society – 4 per cent

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The Telegraph

Lloyds chief swings the axe as honeymoon period ends

Posted: December 2, 2023 | Last updated: December 2, 2023

Charlie Nunn spent last week bouncing from an investment summit with Prime Minister Rishi Sunak, to a high-powered London bank conference and then jetting off to Cop28 in Dubai.

Yet amid the glad-handing, the Lloyds Bank boss still found time for the more mundane parts of the job.

On Tuesday afternoon, he could be found sitting in a drab office guiding City analysts through a set of plans to boost Lloyds’ corporate business.

Nunn, who has led the group for two years , is trying to build momentum for a turnaround plan now entering its crucial phase.

The 52-year old took the reins from Antonio Horta-Osorio, the man credited with saving Lloyds from the brink during the financial crisis before hatching the goal of “helping Britain prosper”.

Now, Nunn must convince the City he has the plan for the next decade.

After a year aided by rising interest rates that have given the lender a fair wind at its back, 2024 is set to be tougher. Interest rates may well start to fall and higher wage inflation kicks in. Nunn must pick up the pace of change.

“We’re very much into the execution part now,” says Benjamin Toms, an RBC Capital Markets analyst who follows the bank. “At the beginning they went a bit slower and now they’re probably going a bit faster.”

Quickening can be seen in news that Lloyds plans to axe as many as 2,800 middle manager roles as part of an overhaul, which also includes shutting 45 Lloyds, Halifax and Bank of Scotland branches.

Nunn will shuffle most staff affected by the middle management cuts into new roles focusing on digital.

Still, the plan has prompted disquiet from unions. Lloyds workers’ largest trade union, Accord, said it would fight any job losses and push to make sure people who are moved are properly trained for their digital roles.

Nunn, a former HSBC executive who spent time at McKinsey, first laid out his plans to transform Lloyds in February 2022, saying he wanted the bank to move beyond its core business of savings and mortgage lending and develop new revenue streams.

Acquisitions of vehicle leasing business Tusker and funds platform Embark have given the bank a funnel of new customers, and there is speculation that Lloyds could swoop for Tesco Bank’s five million customers.

Nunn wants Lloyds to start cross-selling more of these sorts of products to its existing 30 million customers. Lucrative wealth management and pension products are high on the list.

Investor reaction to the strategy has so far been somewhat tepid. Lloyds’ share price is near enough where it was on the day Nunn started, with the stock moved more by economic factors than corporate ones.

Some of Lloyds’ top shareholders are fully behind him, even if the payoff is yet to come.

David Samra, managing director of Artisan Partners International Value Team, one of the bank’s largest US shareholders with a $650m (£514m) stake, told The Telegraph: “We think the share price should be double where it is.

“The strategy to reinvest back into business to develop products and services that they can sell to their customers that generates fees is the right thing to do.

“The outcome, despite management’s enthusiasm, is yet to become visible. But the objective is correct.”

For it to be a success, Nunn will have to overcome the bank’s poor track record of cross-selling. Lloyds tried to pull off a similar move in the late 90s with a £7bn deal to buy mutual Scottish Widows, which offers pensions and life insurance, but the benefits were never fully realised.

“Lloyds has tried to sell wealth management products to UK consumers for 30 years and it’s never worked before,” says Ed Firth, an analyst at Keefe, Bruyette & Woods.

Firth, who has covered banks for nearly 25 years, said the wealth management strategy was undermined by Lloyds paying just 1.4pc on its easy-access savings account when rates were 5.25pc.

“How do you expect your customers to trust you with wealth management products? I think Charlie instinctively would agree but I don’t think he’s actually managed to change the culture at Lloyds,” he says.

Lloyds disputed that customers get poor value on their products , pointing to savings products that offer up to 4.2pc with instant access. A spokesman said the bank had increased rates on 15 occasions alone this year.

Ultimately, Firth believes “the wealth management strategy stuff is a distraction”.

“I would like to see a braver recognition of the real challenges and how he plans to address them,” he says.

The rise of more nimble digitally focused lenders such as Monzo, Starling and Chase means there are more sweeping challenges on the horizon. Firth believes a key priority must be to build a cloud-based computer system that the bank can run on, allowing it to be nimbler.

Still, Cambridge-educated Nunn, who picked up £3.7m last year, has more time to show his strategy is paying off.

He is liked in the City, in no small part because of his focus on costs. Lloyds has one of the best cost-to-income ratios of all the big banks.

“In a commodity business like banking, you need to be low cost, and the focus on cost again is the exact right thing to do,” says Samra at Artisan Partners International Value Team.

“We like the management and the chairman of the board. We think they’re all excellent people.”

Despite some reservations, Firth also believes Nunn is a “breath of fresh air” compared to other bank bosses.

“Most of the banks, all they’re talking about is share buybacks and return on equity targets whereas you can actually get Charlie to talk about what customers are looking for and what they need.”

Lloyds is still making healthy profits and solid revenues.

However, despite the positive numbers, shares are still down 7pc this year and it trades at a discount to book value.

Taken one way, it could be interpreted as a poor report card for Nunn. However, Samra argues it is more to do with the regulatory straightjacket placed on banks.

“A regulatory balance needs to be achieved,” he says. “I applaud a lot of the regulation that has come in since the financial crisis but you can’t do that forever.

“Whatever profits banks can generate never make it back into the hands of the shareholders. As a result, you end up with these discounted valuations.”

Nunn himself last week warned politicians off a windfall tax on bank profits, no doubt with one eye on the possibility of an incoming Labour government. The Lloyds said there was “nervousness” among international investors about backing UK banks.

Lloyds has a policy of buying back about £2bn of its shares each year but the lender has an additional £2.5bn of excess capital it could choose to hand back, according to Jefferies.

The complex sale of Telegraph Media Group could also help Lloyds recoup its £1.16bn loan to the Barclay family, opening up the possibility of a special dividend.

However, cash handouts can only work for so long. Ultimately, Nunn must show that his vision for how to run the core business is the right one.

Toms at RBC Capital Markets says: “We’re starting to see some green shoots come through. Lloyds has invested at the right time.”

Like a gardener sowing seeds in winter, Nunn, his shareholders and the City at large are waiting for the flowers to bloom.

A Lloyds spokesman said: “To achieve the ambitious strategy we launched in February 2022 and to meet our customers’ evolving needs, we are transforming our business.

“Making big changes means not only creating new roles and upskilling colleagues in some parts of the business but also having to say goodbye to talented colleagues who have been a part of the Group’s success in the past. Where that is unfortunately the case, we will do everything we can to support them.”

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Interest earned on cash held within funds at Lloyd’s and that are managed by Lloyd’s is paid on a semi-annual basis. Interest is accrued to a date in June and December and is paid away in accordance with members’ instructions within a week of this date. This process is the same for GBP, USD, AUD , CAD and EUR.

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Household Bills

Lloyds to scrap passbook savings accounts.

Critics say the plan will enable the banking giant to justify closing more branches and that the move will hit the elderly the hardest.

According to BTU union, Lloyds Banking Group is planning to get rid of 3.1 million passbook savings accounts in a bid to reduce the number of counter transactions.

A passbook savings account is a traditional savings account that comes with a physical notebook to keep track of transactions.

The union said that Lloyds will be writing to customers from 30 October 2023 telling them that their passbook accounts will be phased out and that customers will be given two months’ notice of the change.

About 2.6 million of the passbook accounts affected are held by Halifax customers and include Monthly Saver, Liquid Gold, Saver Reward, Extra Income Saver, Bonus Gold, 60 Day Gold, Passbook Saver, Save4it and Variable ISA Saver.

These passbook accounts will be replaced by the Instant Saver, Instant ISA Saver and the Kids’ Saver accounts all of which offer mobile banking and ATM cards.

The Lloyds and Bank of Scotland saving passbook accounts that are being withdrawn are Instant Gold, Flexible Savings, Service Account, Saver Reward, Liquid Gold, Bonus Gold, 60 Day Gold, Extra Income Save and Monthly Saver.

These accounts will be replaced with Flexible Savings Account, Service Account, Instant Access Savings Account, ISA Save and Children’s Saver.

BTU said Lloyds will try to justify its actions to staff and customers on the grounds of improving customer service. But the union described this as “a lie”, adding that “it’s about stopping pesky customers from going into branches to pay money into or withdraw money from their passbook accounts. And when the customer footfall drops, which it will, Lloyds will use that as an excuse to close hundreds more branches across the network in 2024.”

The union accused Lloyds of “getting rid of customer transactions by forcing customers down the digital/self-serve channels” and described it as “sickening” that branch staff will be given the job of persuading passbook holders the move is a good thing, but that many staff will lose their jobs.

‘A blow to digitally-excluded customers’

James Daley of campaign group Fairer Finance described the scrapping of Lloyds’ passbook savings as “a massive blow for millions of customers who are digitally excluded and don’t do their banking online”.

Lloyds Banking Group has shut 1,300 branches since 2015. Some 79 branches have closed this year , with another 76 due to close by Christmas.

A Lloyds Banking Group spokesperson said: “Passbooks haven’t been available to new customers since 2015 and we have alternative ways for them to easily manage and keep track of their account. Since July, we have been speaking to customers in some of our branches about the change, helping us to understand any personalised support that they, or others, may need.

“We’ll soon be writing to all passbook customers to let them know what happens next and the date their account will change. Customers can continue to manage their account at the branch counter, and request a Cashpoint card, alongside the option to receive regular free paper statements.”

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Save as much or as little as you like with our exclusive savings account for Club Lloyds customers.

Please read the summary box before applying

Who this account is for.

• It's only available to Club Lloyds current account holders .
• You need to be aged 18 or over and a UK resident.
• Ideal if you want to be flexible with when and how much you save.

The benefits

• Earn up to 2.20% AER/gross variable interest. The rate depends on your balance. See summary box for details. 
• You can make it joint by going into branch or calling us after you've opened it.
• You can have up to five Club Lloyds Saver accounts.

How it works

• Open with just £1.
• You can transfer money out of the account online but only to another Lloyds Bank account in your name. You can withdraw your money in branch.
• After 12 months, your account will change to a Standard Saver .

Summary box for the Club Lloyds Saver

What is the interest rate expandable section.

The interest rate is variable. Choose to have your interest paid each month or after a year. The rate applies to the full balance.

Can Lloyds Bank change the interest rate? expandable section

Yes . As this account pays a variable rate of interest it can change over time. We’ll always let you know of any planned changes to the rate. Our terms and conditions (PDF, 52KB)   explain when and how we do this. For example, we might review the interest rate if the Bank of England base rate changes.

What might the future balance be? expandable section

For example, if you deposit £1000.00  when you open the account, the balance after 12 months will be £1017.00 .

If you deposit £25000.00 when you open the account, the balance after 12 months will be £25437.50 .

If you deposit £100000.00 when you open the account, the balance after 12 months will be £102200.00 .

This assumes:

• the interest rate stays the same for 12 months
• interest is paid 12 months after you open the account
• you make your deposit on the day you open the account and you don't add more money after that
• you don't withdraw any money or interest.

How do I open and manage my account? expandable section

This account can be opened and managed:

You can open the account if you’re:

• aged 18 or over
• a UK resident
• a Club Lloyds customer.

To be a Club Lloyds customer, you must have one of the following current accounts:

• Club Lloyds.
• Club Lloyds Silver.
• Club Lloyds Gold.
• Club Lloyds Platinum.
• Club Lloyds Premier.
• Club Lloyds Mayfair Current Account.
• Club Lloyds Mayfair High Interest Cheque Account.
• Club Lloyds Private Banking Premier Current Account.
• Club Lloyds Private Banking Account.

If your Club Lloyds current account is a Mayfair or Private Banking account, you cannot open this account online. Please call us on 0345 300 2750 to apply. Lines are open 8am – 8pm, seven days a week. Not all Telephone Banking services are available 24 hours a day, seven days a week.

Online applications must be made in your sole name. You can make it joint by going into branch or calling us after you've opened it.

You can open the account with between £1 and £9 million.

You can have up to five Club Lloyds Saver accounts and name each one.

Can I withdraw money? expandable section

Yes . You can make as many withdrawals as you like from this account and there are no charges for doing so. You can withdraw your money in any of our branches.

You can transfer money out of the account online but only to another Lloyds Bank account in your name.

After 12 months, your account will change to a Standard Saver . Before this happens, we’ll contact you to explain your options and next steps.

Additional information expandable section

Savings terms explained.

Gross rate means we won’t deduct tax from the interest we pay on money in your account. You will need to pay any tax you may owe to HM Revenue & Customs (HMRC).

AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.

For more definitions, view our glossary .

Apply for a Club Lloyds Saver

You can open this account if you are:

Please read the summary box and the terms and conditions (PDF, 52KB) before you start.

Apply for annual interest

If you want your interest to be paid once a year

Apply for monthly interest

If you want your interest to be paid once a month

You can also open an account by calling us on 0345 300 0000 . Lines are open 8am – 8pm, seven days a week (Not all Telephone Banking services are available 24 hours a day, seven days a week.) Or,  visit us in branch .

Have you thought about investing?

Our investment options could provide a higher return than saving. Choose from our investment accounts.

Find the right account for you

Take a look at our range of savings accounts to see which suits you best.

• Compare all our savings accounts

Helping you save confidently

Learn how to build a savings habit with our savings articles.

• Top savings tips
• Save for the short and long term
• Savings for children
• See all our savings articles

Financial Services Compensation Scheme

Eligible deposits held with us are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS) , the UK’s deposit guarantee scheme.

• Visit our FSCS page About the FSCS

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