Relationship Managed Service
We combine modern banking with a long-standing tradition of exceptional service, offering you the flexibility and choices you need to manage your finances effectively.
Island Monthly Saver
Save money regularly with no withdrawal penalties.
Features and benefits
- Earn 5.75% (Gross / AER) fixed interest. This is paid after 12 months.
- Save £25 to £400 every month by one standing order or bank transfer. This needs to reach your account before the 25th of the month. You can top up your savings by bank transfer as long as you don’t exceed the £400 monthly limit.
- Instant access to your savings.
- The interest rate is fixed for the term, so won’t change during the term.
- You can withdraw your money when you like without charge.
- After 12 months you will get your interest and your account will change to an Island Standard Saver. You can then open a new Island Monthly Saver and save for another 12 months.
- You can only have one Island Monthly Saver in your sole name or held jointly.
This product is designed for customers living in the Channel Islands or the Isle of Man and is provided by Lloyds Bank Corporate Markets plc a wholly owned subsidiary of Lloyds Banking Group plc.
Information on our savings accounts for customers in the United Kingdom.
Eligibility
- You need to be aged 18 years or older and be ordinarily resident in the Channel Islands or Isle of Man.
- You must hold a current account with Lloyds Bank International.
- You must not have opened a Monthly Saver in the last 12 months.
Interest rates
Earn 5.75% Gross / AER fixed on balances of £1 or more for 12 months.
Your interest is paid 12 months after you open the account.
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Sending fundsWhen making an International Payment there are two charging methods:Split Charges: Recipient and Correspondent banks abroad may charge a fee for receiving payments which will be paid by the recipient if you choose to share charges. Pay all Charges: A Correspondent Bank Fee will be payable for international payments where you choose to pay the charges for the recipient, if you are permitted to do so based upon the destination of the payment and the type of account that you hold. The Correspondent Bank Fee replaces all Correspondent bank charges. The recipient bank may still charge its customer a fee but we cannot provide information about such a fee. The amount of the Correspondent Bank Fee depends on the location of the recipient bank.
International moneymover service:When making an International Payment there are two charging methods:Split Charges: Recipient and Correspondent banks abroad may charge a fee for receiving payments which will be paid by the recipient if you choose to share charges. Pay all Charges: A Correspondent Bank Fee will be payable for international payments where you choose to pay the charges for the recipient, if you are permitted to do so based upon the destination of the payment and the type of account that you hold. The Correspondent Bank Fee replaces all Correspondent bank charges. The recipient bank may still charge its customer a fee but we cannot provide information about such a fee. The amount of the Correspondent Bank Fee depends on the location of the recipient bank.
Service
Charges
Service
Through Currency Internet Banking
Charges
Free
Service
Through International PhoneBank, in branch, or in writing
Charges
Free
Service
Through Standing Order
Charges
Free
Service
To your other accounts held with Lloyds Banking Group
Charges
Free
Correspondent bank fee:When making an International Payment there are two charging methods:Split Charges: Recipient and Correspondent banks abroad may charge a fee for receiving payments which will be paid by the recipient if you choose to share charges. Pay all Charges: A Correspondent Bank Fee will be payable for international payments where you choose to pay the charges for the recipient, if you are permitted to do so based upon the destination of the payment and the type of account that you hold. The Correspondent Bank Fee replaces all Correspondent bank charges. The recipient bank may still charge its customer a fee but we cannot provide information about such a fee. The amount of the Correspondent Bank Fee depends on the location of the recipient bank
Service
Charges
Service
Zone 1 (USA, Canada and Europe)
Charges
£12
Service
Zone 2 (Rest of the world)
Charges
£20
For the purposes of the Correspondent Bank Fee, Europe is defined as all EEA countries plus Jersey, Guernsey, Isle of Man, Monaco, San Marino and Switzerland.
Electronic Funds Transfer (CHAPS payments within the British Isles):
Service
Charges
Service
CHAPS payment
Charges
£25
Cash withdrawals and deposits into the US Dollar Account and/or Euro Account:
Service
Charges
Service
Cash withdrawals and deposits
Charges
2% on the Sterling equivalent of each currency, minimum £3 per currency and £10 administration fee.
These accounts are not designed to be used for receipt of notes or coins. If you need this service, please contact your International Banking Team.
Recalling a payment:
Service
Charges
Service
Recalling a payment
Charges
£20 per payment.
We cannot guarantee the cancellation as funds may already have been paid to the beneficiary. You could receive less than the original amount of the payment, due to adverse exchange rate movements
Receiving funds
Electronic bank transfer from another financial institution:
Amount
Charges
Amount
Any amount
Charges
Free
Cheque collections:
Amount
Charges
Amount
Cheques up to £100
Charges
£5
Amount
Cheques of £100 and above
Charges
25p per £100 (minimum £15, maximum £80 per cheque)
Cheque negotiation to Sterling account:The correspondent bank may also levy a charge based on the value of the cheque.
Amount
Charges
Amount
Cheques up to £100
Charges
£5
Amount
Cheques of £100 and above
Charges
25p per £100 (minimum £15, maximum £80 per cheque)
Amount
Cheques in a foreign currency drawn in a different country (not UK)
For example : US Dollars drawn in France
Charges
As above, but minimum £10 per cheque.
Cheque negotiation to currency account:The correspondent bank may also levy a charge based on the value of the cheque.
Amount
Charges
Amount
Cheques in the same currency as the account
Charges
£2 per cheque
Amount
Cheques requiring currency conversion
Charges
£4 per cheque
Other standard services
Service
Charges
Service
Supplying copies of previous bank statements
Charges
Free
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Frequently asked questions
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Earn 5.75% gross / AER fixed on balances of £1 or more for 12 months.
Your interest is paid 12 months after you open the account.
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No. This account has a fixed rate of interest so the rate won't change during the term.
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For example, if you deposit £400.00 every month for 12 months you will have a balance of £4944.00 after interest is paid.
This assumes you deposit £400.00 in the middle of each month and you don’t withdraw any money or interest.
Interest is calculated each day. As your balance is lower at the start of the term and grows after each monthly deposit, your daily interest calculation also slowly increases. At the end of the term your interest is added into your savings account.
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Opening this account
This account can be opened and managed:
- online
- in branch
- by phone.
You can open this account if you:
- are 18 or over
- are a Channel Islands or Isle of Man resident
- have not opened an Island Monthly Saver in the last 12 months.
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You can save £25 - £400 every month by one standing order or a bank transfer. This needs to reach your account before the 25th of the month.
You can also make a bank transfer to top up your savings as long as the total amount of your deposits does not exceed the monthly limit of £400. The amount that you save each month can vary but needs to stay between the £25 to £400 monthly limit.
When you can open another Island Monthly Saver
You can only open one Island Monthly Saver every 12 months.
If you close the account within 12 months of opening it, you won’t be able to open another one until after the anniversary date.
If you keep your account open, after 12 months you’ll receive your interest and the account will change to an Island Standard Saver Account. You can then open a new Island Monthly Saver and save for another 12 months. Once you have opened your next Island Monthly Saver we’ll send you the sort code and account number.
You will need to set up a new standing order to this Island Monthly Saver. This needs to be between £25 and £400 each month. Remember to cancel your old standing order unless you want to keep saving into the Standard Saver.
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Yes. You can make as many withdrawals as you like and there are no charges for doing so. You can transfer money out of the account online, but only to another Lloyds Bank account.
Bear in mind you may not be able to replace what you withdraw. This is because of the monthly deposit limits.
After 12 months the account will change to an Island Standard Saver. Before this happens, we'll contact you to explain your options and next steps.
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AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.
GROSS RATE – Gross rate means we will not deduct tax from the interest we pay on money in your account. It’s your responsibility to pay any tax you may owe to your appropriate tax authorities.
How to apply
Use our contact form or call us to make an appointment.
Savings
See how else we can help you save.
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