Opening monthly savers in different banks
I recently had a monthly saver with Lloyd Banks that is coming to an end. I want to continue saving however you can't have another monthly saver with the bank. I found that you can open accounts with other banks who offer a similar service. I plan to do that in order to continue saving and getting benefits from the monthly saver.
Apart from the bank's reputation, is there anything else I should consider before opening an account?
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The interest rate is of course a big one to consider, as well as the terms and conditions of the account. As you probably found with Lloyds, monthly saver accounts typically have fairly strict terms attached around minimum and maximum payments each month. The exact amounts will vary between banks, and some banks allow you to roll over an unused allowance one month into the next month (e.g. if the maximum was £500 / month, but in one month you only paid in £400, the following month you'd be allowed to pay in £600).
You would also be wise to make sure the bank is covered by the FSCS, which guarantees that in the event of the bank failing, you will be compensated for the loss of any money you had in the bank (up to £85,000). Most UK banks and building societies will be covered by this, but some international banks or newer online-only banks may not be.
You might want to have another good hard read of the T&Cs of the monthly saver at Lloyds Bank. I have had several of them over the years. They have recently written to me offering me another one when my old one runs out in the next few days.
Each Monthly Saver runs for 12 months. At the end of 12 months, the Monthly Saver converts to an Easy Saver. You can only open one Monthly Saver per year.
Which means that the moment one Monthly Saver has matured, you can start another one.
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