These days, the highest-rated regular savings accounts offer up to 8%
The accounts on our list are worth checking out if you want to set aside small sums of money every month.
Disclaimer In the event of a bank failure, your savings up to £85,000 are safeguarded by the Financial Services Compensation Scheme (FSCS), which applies to all of the banks we list.
Banks are returning up to 8% on regular savings accounts, so cash savers who are searching for the best rates on their savings may be in for a treat.
You must be a current account holder to access the majority of regular savings accounts, but not all of the banks and building societies listed below require this.
Check out our guide to the best savings rates for additional options. This guide to the top easy-access savings accounts is a good place to start if you want some flexibility with your money.
The top regular savings accounts.
Regular savers come with more restrictions than easy access or fixed-term savings accounts, such as how much you put in a month and access to withdrawals, so make sure to pick one that suits you.
Regular Saver 8 percent AER Principality Building Society Regular Saver 8 percent AER.
What is wrong?
The return on this regular saver is 8%. You have six months to fix your cash, and you can pay as much as £200 per month. To keep the account open, you must maintain 1 in it.
Qualifications.
You are limited to saving up to 1,200 during the six-month period, and you are not allowed to take money out during that time. Additionally, you can close your account early without incurring penalties, and any interest will be added to your account balance.
See First Direct Regular Saver, which has an AER of 7%.
What's happening?
The rate on First Direct's regular saver has doubled, rising from 3 to 5 percent to a respectable 7 percent. Payments into the account can range from £25 to £300 per month, for a total of £3,600 annually.
Qualifications.
In order to take advantage of the 7 percent rate, you must have a current First Direct account. Only a full year will be offered at this rate; after that, it might decrease.
Co-operative Bank Regular Saver - 7 percent AER.
What's going on?
A rate of 7% AER is being offered by the Co-operative Bank. Although the rate is variable and could fluctuate during this time, the account will mature after a year. Save up to £250 every month. The ability to take money out whenever you want is yours.
Qualifications.
You can open this account in-person or online. Learn more about the value of the Co-op regular saver.
6.5% AER is the Nationwide Flex Regular Saver.
The offer is that you can save up to £200 per month and there is no minimum deposit required. The account can be withdrawn up to three times. After your fourth withdrawal, the account's rate will decrease to 2 percent AER variable.
To gain access to Nationwide's regular savings account, you must first open a current account with the bank. Having a FlexPlus, FlexDirect, FlexAccount, FlexStudent, FlexGraduate, FlexBasic, or FlexOne makes you eligible.
The AER for Vernon BS Online Regular Saver is 6.5 percent.
What's happening?
For people who save between £25 and £250 a month, Vernon Building Society offers 6 percent. No withdrawals are allowed, and the rate is set for a year. You can close your account without incurring any fees or notice if you must access it immediately. The website allows you to open an account online.
BL, CH, CW, M, OL, SK, WA, or WN are the only postcodes where the account is accessible. Opening a joint account is not possible.
6.25 percent AER is the Lloyds Bank Club Monthly Saver.
Why is this happening?
Lloyds Bank is giving 6 percent on a monthly maximum deposit of £400. The rate is fixed for a year to provide some certainty. There are no withdrawal limits on this account, so you can be flexible with your money. Your account will become a regular saver after a year.
Eligibility:
There are no limitations on eligibility.
NatWest Digital Regular Saver - 6.17 percent AER.
What's happening?
Only balances up to 5,000 are eligible for the rate, but you can start using the NatWest Digital Regular Saver at 1. For balances over £5,000, the rate drops to 1 percent, so you might be better off opening a different account if you wish to save more than this. You can access your money whenever you want with the regular saver's flexible withdrawal options. This account's rate is subject to change because it is variable.
Eligibility:
To be eligible for this account, you must currently have a NatWest account, and the monthly maximum you can deposit is £150.
AER for the Royal Bank of Scotland Digital Regular Saver is 6.17%.
What is the matter?
With this regular saver, you can deposit up to £150 per month. Additionally, the account lets you add spare change to the Digital Regular Saver each time you make a debit card purchase.
To be eligible for the 6.17 percent interest rate, you can only hold a maximum of £5,000 in this saver. Your interest will be lowered to 1.5 percent if you exceed this amount.
For a year, the 6.17 percent rate remains constant. Following this time frame, the account will shift to an instant access savings account, so it would be wise to compare rates.
Eligibility:
No limitations on eligibility exist.
Market Harborough Building Society Regular Saver with a fixed term and 6% annual percentage rate.
What is the matter?
You can earn 6% interest on your savings with this account if you deposit between £10 and £250 per month. You must deposit at least eleven monthly installments into the account and refrain from taking any cash out in order to qualify for this rate.
The default status of your account will be easy access if you fail to make an installment.
Qualification.
No limitations on eligibility exist.
Six percent AER is the TSB Monthly Saver.
Why is this happening?
If you deposit between £25 and £250 per month into the account, TSB will give you 6% on your savings up to £3,000. Additionally, the saver offers the freedom of limitless withdrawals.
Qualifications.
There are no limitations on eligibility.
How does a standard savings account operate?
There are more considerations to make when opening a regular savings account than with other kinds of savings accounts. Here are some things to watch out for.
The majority of regular savers give their current customers the best rates, so in order to receive the rate, you might need to have an active account. Many consistent savers request a minimum payment each month in order to obtain the best rates. Some only need 25 or even 10 per month, so they might not be very large. Additionally, the amount you can save is limited because there is a monthly maximum. With balances up to 85,000, all of the banks listed in our list of the best regular savers are protected by the Financial Services Compensation Scheme (FSCS). Spreading your funds among your savings and current accounts is a smart idea to make sure you don't have more than 85,000 in any one account. Discover More About the Nationwide Building Society.
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