Lloyds Bank has confirmed it is offering a new leading savings rate of 8% for customers who save regularly each month. The bank, which has branches in Birmingham, has introduced a new Monthly Saver account designed to reward customers for consistent saving habits.
How the Monthly Saver Works
Customers can deposit between £25 and £250 each month into the account. Savers who put away the maximum amount of £250 per month can earn £120 in interest over 12 months, based on the total £3,000 saved. To benefit from the 8% rate, deposits must be made by the 25th of each month.
Eligibility and Requirements
To open the account, customers must have a Lloyds current account and be aged 16 or over (born before 2010). UK residents who have not opened another Lloyds Monthly Saver within the last 12 months are eligible. The minimum initial deposit is £25, and customers can hold only one Monthly Saver (or one Club Lloyds Monthly Saver) in any 12-month period, either in sole or joint names.
What Happens After 12 Months
After 12 months, the interest is paid into the account, and it automatically converts to a Standard Saver. However, customers can immediately open another Monthly Saver if they wish.
Additional Rewards for Customers
Simon Caddick, Savings Director at Lloyds, said: “Our new Monthly Saver is one of many ways we reward our customers for having their day-to-day banking with us. We’ve also got a prize draw running where customers can win one million pounds as well as a prize draw, exclusive to students, to win almost £10k – the equivalent of a year’s tuition for many. We mean it when we say we want customers to feel like they’re getting something back when they bank and save with us.”
