Monthly payment

Apple does not offer the option to pay for one's iCloud storage subscription annually, only monthly. However, you could purchase a sizable iTunes gift card and load the balance to your account. This will in turn be used to pay for your iCloud storage subscription so you won't have to worry about the monthly payments.

BiteMe_2020 wrote:

Monthly will be okay, but I would still like to put it on Automatic Bill Pay through my bank. Is it possible?

These are the payments options available for your Apple ID - Payment methods that you can use with your Apple ID - Apple Support.

"Automatic bill pay though" your "bank" is not one of the acceptable payment options you can use with your Apple ID - Payment methods that you can use with your Apple ID - Apple Support.

Hello there! Unfortunately, you cannot pay for iCloud Storage on an annual plan, only monthly. Sorry for any inconvenience.