Lloyds customers have the opportunity to snap up one of the more competitive rates on the market with the Club Lloyds Monthly Saver.

Savers earn 6.25 percent gross/AER fixed interest. This is paid after 12 months.

This account is ideal for those who want to save money every month and have instant access to it.

Britons can save £25-£400 every month by one standing order or bank transfer.

Top-ups to the account can be made by bank transfer as long as people don’t exceed the £400 monthly limit.

If someone deposited £400.00 every month for 12 months they will have a balance of £4950.00 after interest is paid.

After 12 months savers will get their interest and the account will change to a Standard Saver.

People can then open a new Club Lloyds Monthly Saver and save for another 12 months.

This needs to reach their account before the 25th of the month.

People can make as many withdrawals as they like and there are no charges for doing so.

They can transfer money out of the account online, but only to another Lloyds Bank account.

The account is only available to Club Lloyds current account holders who have not already opened one of these accounts in the last 12 months.

Britons can open this account if they are a UK resident, 18 years of age or over and Club Lloyds customer.

The money-saving expert team have ranked the Club Lloyds Monthly Saver as one of the “Top existing-customer accounts we’d go for”.

Their analysis found that Skipton BS is the top payer at 7.5 percent, though people can only open the account if they had a Skipton mortgage or savings account on or before May 31, 2023.

For all the other providers, Britons don't need to currently bank with them, they can just open a current account first – then they'll be able to open the regular saver once it's open.

Their website states: “The top payers here are First Direct at seven percent on up to £300 a month, or for unlimited withdrawals, the Club Lloyds account pays 6.25 percent on up to £400 a month.”