Raisin UK makes it easier to apply for deposit protected savings accounts. Our savings service connects you with a range of banks and includes exclusive savings accounts and rates; all curated to help you earn more from your savings:
£10 welcome bonus offer
Wide range of partner banks all offering FSCS protection
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.
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.
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.
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:
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?
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.
Better rates elsewhere? While Lloyds does offer competitive interest rates you can get better elsewhere. They’re certainly not market leading.
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.
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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