Lloyds Bank Savings Guide
Which savings account you pick depends on your circumstances. If you need to get hold of your cash then an easy access account will be the most suitable. This allows you to dip into your savings when needed, rather than tying up for cash for a specific period, and top up your balance when you like.
Alternatively, you could benefit from a higher rate by opting for a fixed-rate savings account. This will give you the security of a certain rate over a period of, for example, a year, but will restrict access to your cash.
For any UK taxpayer, the first port of call for savings should be a cash ISA, paying tax-free interest on balances. However, these come with rules including how much you can put in these accounts each tax year.
When choosing a Lloyds Bank savings account, make sure to select the best one for your circumstances.
The first £75,000 (as of January 2016) of any savings held with Lloyds Bank is protected by the Financial Services Compensation Scheme (FSCS). Remember that this protection applies per bank, not per banking institution. However, while HBOS comes under the Lloyds Banking Group umbrella, it comes under a separate license, so any savings with HBOS brands will be protected separately up to £75,000 per person.