Savers can put £25 to £400 each month into the account by one standing order.

This will need to reach the account before the 25th of the month, the bank states.

It’s also possible to top up the savings via bank transfer, provided this doesn’t exceed the £400 monthly limit.

After 12 months, the saver will get the interest and the account will change to an Easy Saver.

“You can then open a new Club Lloyds Monthly Saver and save for another 12 months,” Lloyds Bank states on its website.

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