Lloyds Bank savings rates — compare every account, plus switch offers and guides

Who they are

Lloyds Bank is a major British retail and commercial bank with a significant presence across England and Wales, and has traditionally been regarded as one of the "Big Four" clearing banks. It was established in Birmingham in 1765 and expanded considerably during the 19th and 20th centuries, acquiring several smaller banks along the way. Lloyds Banking Group plc, the wider parent, was formed through the acquisition of HBOS by Lloyds TSB in 2009 and is one of the UK's largest financial services organisations, with 30 million customers and 65,000 employees. Today Lloyds Bank sits alongside Halifax and Bank of Scotland under that same umbrella - which matters for savers, as explained below.

Savings accounts

Lloyds is not where you go for a headline easy access rate. The standard Easy Saver and Club Lloyds Saver pay variable rates that sit well below the best on the market, and the Cash ISA Saver is similarly uncompetitive. That is fairly typical for a big high street bank.

Where Lloyds genuinely stands out is the regular saver range. Both the Club Lloyds Monthly Saver and the standard Monthly Saver pay 8.00% AER fixed for 12 months - the highest widely available regular saver rate right now. The catch is the £250 monthly deposit cap: max it out and you deposit £3,000 over the year, but because money only drips in gradually, you earn roughly £120 in interest rather than the £240 the headline might suggest. Still, £120 for setting up a standing order is not to be sniffed at, and 8% is a strong rate on every pound while it sits there. You need a Club Lloyds current account to access the better-named version.

For those who want to fix for longer, the 2 Year Fixed Rate Cash ISA pays 4.10% AER and the 1 Year version pays 4.00%, both requiring a £500 minimum. The Online Fixed Bonds follow a similar pattern - the 2 Year pays 4.00% and the 1 Year pays 3.80%. The Lend a Hand Fixed Savings Account is worth a separate look at 5.00% fixed, though eligibility conditions apply. For children, the Junior Cash ISA pays 2.35% and the Child Saver 2.25% - both lag behind what specialist building societies offer for this age group.

All Lloyds Bank savings accounts carry FSCS protection up to £120,000 per person. One important detail: Lloyds Bank plc and Bank of Scotland plc hold separate banking licences, so deposits held with each are protected independently. Halifax shares its licence with Bank of Scotland, so balances across those two brands count together toward a single £120,000 limit.

Is it right for you?

Lloyds makes most sense if you already bank there, want the convenience of keeping savings under one roof, or are specifically after the 8% regular saver. For easy access savings or cash ISAs, the rates on offer will not compete with the best buys elsewhere. If you are a higher earner, the Premier account currently comes with a £500 switch bonus - one of the largest on the market - which could tip the balance if you were considering switching anyway.

As always, the live rates shown on this page are the most up-to-date figures - check them before you apply, as savings rates can and do change quickly.