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Lloyds Bank

Lloyds savings accounts

Find out more about the savings accounts offered by Lloyds.

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Felix Thompson
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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.

Lloyds instant access savings accounts

Table: sorted by interest rate, promoted deals first
Updated daily
Name Product Account type Withdrawals Min. opening balance Interest rate Apply link
Lloyds Bank – Club Lloyds Saver
Lloyds Bank
Variable
Instant access
£1
0.2% AER variable
Lloyds Bank – Club Lloyds Saver
Lloyds Bank
Variable
Instant access
£1
0.2% AER variable
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Cash ISAs

Table: sorted by interest rate, promoted deals first
Updated daily
Name Product Account type Withdrawals Min. opening balance Interest rate Apply link
Lloyds Bank – 2 Year Fixed Rate Cash ISA
Lloyds Bank
Cash ISA
Instant access (penalty applies )
£3,000
1% AER fixed for 2 years
Lloyds Bank – 2 Year Fixed Rate Cash ISA
Lloyds Bank
Cash ISA
Instant access (penalty applies )
£3,000
1% AER fixed for 2 years
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Fixed-rate bonds

Table: sorted by interest rate, promoted deals first
Updated daily
Name Product Account type Withdrawals Min. opening balance Interest rate Apply link
Lloyds Bank – Fixed Bond
Lloyds Bank
Fixed
Withdrawals not permitted
£2,000
0.8% AER fixed for 2 years
Lloyds Bank – Online Fixed Bond
Lloyds Bank
Fixed
Withdrawals not permitted
£2,000
0.8% AER fixed for 2 years
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What saving options does Lloyds offer?

  1. Instant access
  2. Fixed-term
  3. ISAs
  4. Junior savings

What is a cash ISA?

A cash ISA is a savings account where you don’t pay tax on the interest you earn. There’s a limit on the amount you can deposit into ISAs each year, which is set by the government.

What savings accounts do Lloyds offer?

Instant access

  • It has several instant access accounts to choose from.
  • Unlimited deposits and withdrawals.
  • Open with as little as £1.
  • Or pay in a minimum of £25 a month with a monthly saver.
  • Manage these accounts online, over the phone or in a branch.

Fixed-term savers

  • Typically offer better interest rates than instant access.
  • No withdrawals allowed.
  • Open with a minimum deposit of £2,000.
  • Interest paid yearly or monthly.
  • Choose the online fixed-term saver and manage the account online.
  • Or choose the standard fixed-term saver and manage it in a branch or over the phone.

ISAs

  • Lloyds offers a few different ISA options: the Help to Buy ISA, the Cash ISA Saver and the 2 Year Fixed Rate ISA.
  • Open with as little as £1.
  • Offers both instant access and fixed term.
  • You can withdraw early with the fixed term option but charges apply.
  • Manage all the ISAs online, in a branch or over the phone.
  • With the Help to Buy ISA, you could qualify for a government bonus of up to £3,000 to help you buy your first property.

Children’s savings

  • Two options available: the Junior ISA or the Child Saver.
  • Open both accounts with as little as £1.
  • You can only manage the Junior ISA in a branch.
  • The Child Saver you can manage online, in a branch or over the phone.

How do I decide which account is for me?

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.)

How to open a Lloyds savings account

  • 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.
  • With the exception of the Fixed Bond and the Junior savers.

Does Lloyds offer online or mobile banking?

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

What are the pros and cons of banking with Lloyds?

Pros

  • 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.

Cons

  • Better rates elsewhere? While Lloyds does offer competitive interest rates you can get better elsewhere. They’re certainly not market leading.

Our verdict

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 other reviews first, though, to see how Lloyds savings accounts weigh up against the competition in terms of rates, fees and perks.

FAQs

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.

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