New 8% Regular Savers: What Lloyds & Bank of Scotland will pay you

Lloyds and Bank of Scotland have both launched regular savers paying 8.00% AER fixed for 12 months — the highest widely available regular saver rates on the market right now.

Both banks sit within Lloyds Banking Group, and the two accounts are near-identical: save between £25 and £250 a month by standing order or bank transfer (arriving by the 25th), earn 8% fixed on the balance, and get your interest paid as a lump sum after 12 months.

The two accounts at a glance

Club Lloyds Monthly Saver — 8.00% AER/gross fixed for 12 months. You'll need a Club Lloyds current account, or a Lloyds Premier account opened on or after 20 May 2025. Club Lloyds carries a £5 monthly fee unless you meet the fee-waiver conditions, so factor that in if you're opening a current account purely to qualify. You must be 18 or over, and you can't open one if you've already had a Club Lloyds Monthly Saver in the last 12 months.

Bank of Scotland Monthly Saver — 8.00% AER/gross fixed for 12 months. You'll need any Bank of Scotland current account, and the minimum age is 16. Same one-account-per-12-months rule applies.

What 8% actually gets you

This is where regular savers catch people out. Max out the £250 monthly limit and you'll deposit £3,000 over the year — but you won't earn 8% on £3,000, because most of that money is only in the account for part of the year.

Your first £250 earns 8% for 12 months. Your last £250 earns it for a few weeks. Both banks' own examples show a closing balance of £3,120 on maximum deposits — so around £120 of interest, not the £240 the headline might suggest.

That's still an excellent return on the money while it's in there, and £120 for setting up one standing order is not to be sniffed at. Regular savers work brilliantly as a home for money you'd otherwise drip into an easy access account — you're earning 8% on every pound for exactly as long as it's deposited. Just don't move a £3,000 lump sum out of a 5% easy access account expecting to double your interest, because you won't.

The FSCS angle

Both banks are covered by the FSCS, which now protects up to £120,000 per person, per banking licence (the limit rose from £85,000 in December 2025). Usefully, Lloyds Bank plc and Bank of Scotland plc are separately authorised firms with separate licences — so deposits with each are protected separately, even though they're part of the same group. Note that Bank of Scotland shares its licence with Halifax, so balances across those two brands count together.

What happens after 12 months

At the end of the term, your interest is paid and the account converts to a standard easy access account paying a far lower rate — the Standard Saver at Lloyds, the Instant Access Savings Account at Bank of Scotland. Diarise the maturity date, move the money somewhere competitive, and open a fresh monthly saver if you want to go again. Both banks let you restart after each 12-month cycle.

How they compare to the rest of the market

At 8% fixed, these two lead the pack among widely available regular savers — but rates in this corner of the market move quickly, and some smaller providers offer strong rates without needing a current account. Check the live table below for the latest regular saver rates:

If you don't bank with Lloyds or Bank of Scotland and don't fancy opening a current account, there are decent no-strings regular savers in the table above — and if you're switching current accounts anyway, it's worth checking whether a switch bonus stacks with access to a linked regular saver.