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 savings accountsLloyds Bank's best easy access rate of 4% is significantly lower than today's market-best rate of 8%.
Cash ISAsLloyds Bank's best cash ISA rate of 4.95% is slightly lower than today's market-best rate of 5.71%.
Fixed-rate bondsLloyds Bank's best fixed-rate bond rate of 4.95% is slightly lower than today's market-best rate of 5.8%.
Regular savings accountsLloyds Bank's best regular savings account rate of 6.25% is lower than today's market-best rate of 8%.
Business savings accountsLloyds Bank's best business savings account rate of 5.08% is slightly lower than today's market-best rate of 5.7%.
Overview of Lloyds Bank savings
|Savings account types include||Easy access, cash ISAs, fixed-rate bonds, regular savers, business|
|Best easy access rate||4%|
|Best cash ISA rate||4.95%|
|Best fixed-rate bond rate||4.95%|
|Best regular saver rate||6.25%|
|Best business savings account rate||5.08%|
|Fixed bond terms||1 year - 2 years|
|Opening options||Branch, website, mobile app, telephone|
Other popular accounts
Didn’t find the account type you were looking for? Check our other guides:
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.
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.
- 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.
Frequently asked questions
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