The best-paying savings accounts are usually regular savers, which are where you pay into them regularly, usually monthly, with rates currently as high as 8%. Here are the top paying ones, and whether you need to be an existing customer with the bank or not to get them.
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What is a regular or monthly savings account?
These “Regular” or monthly saver accounts work differently to normal saving accounts.
For a start, there’s a limit to how much you can save each month, and the interest is calculated on the balance each month. With most, after 12 months the interest is paid and your saver (usually) closed. But you can then open up another and begin again.
These are ideal if you only have a certain amount of money to put aside each month, or to move money every month from a lower-paying easy access account. Here’s Andy’s full guide to how they work.
You can usually only open the top accounts if you have or open a current account with these banks, but that’s no reason to put you off. Look out for bank switching deals for some of these.
Best regular savers
Requires current account
Zopa
AER (variable)
7.10%
Minimum
£1
Maximum
£300 per month
Requires Biscuit by Zopa current account
More details ▼
Additional Info
FSCS Protected: Yes
Account closes: After 12 months
Maximum interest in one year: £137
Carry over unused allowance?: No
Auto-renews?: No
Withdrawals: You can make withdrawals whenever you want, and you can replace the money back into the account up to a maximum of £300 in each month. So if you withdraw £600, you can only put £300 back in.
Details: You only earn this rate on the first. £5,000 in the account, then 1.1% on any amount over £5,000
Requirements
Must have a NatWest current account
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Royal Bank of Scotland Digital Regular Saver
AER (variable)
5.50%
Minimum
£1
Maximum
£150 per month
Requires an RBS current account
More details ▼
Additional Info
FSCS Protected: Yes
Withdrawals: Allowed without penalty
Account closes: No
Maximum interest in one year: £54
Details: You only earn this rate on the first. £5,000 in the account, then 1.1% on any amount over £5,000
Requirements
Must have an RBS current account
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Bank of Scotland Monthly Saver
AER (fixed)
5.50%
Minimum
£25
Maximum
£250 per month
Requires a Bank of Scotland current account
More details ▼
Additional Info
FSCS Protected: Yes
Withdrawals: Allowed without penalty
Account closes: After 12 months
Maximum interest in one year: £83
Requirements
Must have a Bank of Scotland current account
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Lloyds Monthly Saver
AER (fixed)
5.25%
Minimum
£25
Maximum
£250 per month
Requires a Lloyds current account
More details ▼
Additional Info
FSCS Protected: Yes
Withdrawals: Allowed without penalty
Account closes: After 12 months
Maximum interest in one year: £79
Requirements
Must have a Lloyds current account
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TSB Monthly Saver Account
AER (fixed)
5.00%
Minimum
£25
Maximum
£250 per month
Requires a TSB current account
More details ▼
Additional Info
FSCS Protected: Yes
Withdrawals: Allowed without penalty
Account closes: After 12 months
Maximum interest in one year: £71
Requirements
Must have a TSB current account
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Santander Regular Saver
AER (fixed)
5.00%
Minimum
£1
Maximum
£200 per month
Requires a Santander current account
More details ▼
Additional Info
FSCS Protected: Yes
Withdrawals: Allowed without penalty
Account closes: No - it will renew at the new rate if you continue to pay money in after 12 months
Maximum interest in one year: £65
Requirements
Must have a Santander current account
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HSBC Regular Savings Account
AER (fixed)
5.00%
Minimum
£25
Maximum
£250 per month
Requires an HSBC current account
More details ▼
Additional Info
FSCS Protected: Yes
Withdrawals: Not allowed
Account closes: After 12 months
Maximum interest in one year: £81
Carry over unused allowance?: Yes - you can pay up to £3,000 into the account in total
Requirements
Must have an HSBC current account
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Open to all
6-months only
Principality Building Society
AER (fixed)
7.50%
Minimum
£0
Maximum
£200 per month
More details ▼
Additional Info
FSCS Protected: Yes
Account closes: After 6 months. You can close your account before the six months ends. Any interest you’ve earned will be added to the account balance and paid to you.
Maximum interest in 6 months: £25.81
Carry over unused allowance?: No
Auto-renews?: No
Withdrawals: None allowed
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Monmouthshire Building Society
AER (variable)
6%
Minimum
£1
Maximum
£500 per month
More details ▼
Additional Info
FSCS Protected: Yes
Maximum interest in one year: £194.55
Carry over unused allowance?: No
Withdrawals: Allowed without penalty
Interest paid: At the end of the 12 month period
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Halifax Regular Saver
AER (fixed)
5.50%
Minimum
£25
Maximum
£250 per month
More details ▼
Additional Info
FSCS Protected: Yes
Withdrawals: Only allowed with account closure
Account closes: After 12 months
Maximum interest in one year: £89
Carry over unused allowance?: No
Auto-renews?: Yes
Requirements
Money must reach the account by the 25 of the month
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Skipton Building Society Regular Saver
AER (variable)
5.50%
Minimum
£1
Maximum
£200 per month
More details ▼
Additional Info
FSCS Protected: Yes
Withdrawals: Allowed without penalty
Account closes: After 12 months
Maximum interest in one year: £71
Carry over unused allowance?: Yes
Auto-renews?: No
Details: Rate tracks 1.5% above Bank of England Base Rate for 12 months
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Progressive Building Society Online Regular Rainy Day Saver Account
AER (variable)
5.50%
Minimum
£1
Maximum
£300 per month
More details ▼
Additional Info
FSCS Protected: Yes
Withdrawals: Allowed without penalty
Account closes: After 12 months
Maximum interest in one year: £108
Carry over unused allowance?: No
Auto-renews?: No
Details: Rate tracks 1.5% above Bank of England Base Rate for 12 months
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Newcastle Building Society Regular Saver
AER (variable)
5.25%
Minimum
£1
Maximum
£200 per month
More details ▼
Additional Info
FSCS Protected: Yes
Withdrawals: Allowed without penalty
Account closes: After 12 months
Maximum interest in one year: £68
Carry over unused allowance?: No
Auto-renews?: No
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My Natwest regular saver will mature in two months at which time the annual interest on the full amount invested of over £1800 will earn at least £112 in interest the following year even if I do not make any further monthly payments. The update above says the maximum interest is £60 but this limit only applies to the first year as that is the maximum you can earn in that year.
The NatWest/RBS Digital Regular Saver is a bit different from a typical regular saver account. Presumably this website used a fairly basic calculation based on the assumption that these accounts will only be open for 1 year
For Building Societies that want an existing customer history before allowing access to their higher savings rate “Loyalty” Regular Savings accounts.
It is worth your while setting up a minimum amount i.e. £5 into this years Regular Saving account to enable entry into the following years much higher Premium Regular Savings accounts.
You will still be able to retrieve your minimal savings in the 1st year with minimal earnings, but with the added benefit of entry into the Premium Regular Saver accounts for subsequent years, it just takes a bit of foresight and organisation.
My email esaver Account only pays 2% which is the same as when I opened it a year ago.
At 83 I wasn’t aware that the interest would be 2% for a year. I have been with Santander for years because they give money to my account when paying water and electric charges etc.
You have to keep an eye out for updates from Be clever with your cash. There have been two easy access saving accounts with Santander one I still have is 3.98% and they had another up until the 17 Sept ’23 for 5.20% which I also have. You could have opened both online from your account. They are not offering much now so it is best to check out what else is on offer. Easy Access means there is no real restrictions on your account other than you do not get a bank card to go shopping with…
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Yorkshire Building Society regular saver (as accessed through your link above) is now 5.25% pa, not 5.45% pa as you state.
My Natwest regular saver will mature in two months at which time the annual interest on the full amount invested of over £1800 will earn at least £112 in interest the following year even if I do not make any further monthly payments. The update above says the maximum interest is £60 but this limit only applies to the first year as that is the maximum you can earn in that year.
It says “Max interest in one year, £60”
The NatWest/RBS Digital Regular Saver is a bit different from a typical regular saver account. Presumably this website used a fairly basic calculation based on the assumption that these accounts will only be open for 1 year
Yes, I’ve learnt £72.25 in 4 months on this account so the review is incorrect
For Building Societies that want an existing customer history before allowing access to their higher savings rate “Loyalty” Regular Savings accounts.
It is worth your while setting up a minimum amount i.e. £5 into this years Regular Saving account to enable entry into the following years much higher Premium Regular Savings accounts.
You will still be able to retrieve your minimal savings in the 1st year with minimal earnings, but with the added benefit of entry into the Premium Regular Saver accounts for subsequent years, it just takes a bit of foresight and organisation.
My email esaver Account only pays 2% which is the same as when I opened it a year ago.
At 83 I wasn’t aware that the interest would be 2% for a year. I have been with Santander for years because they give money to my account when paying water and electric charges etc.
What’s my Best option now please
Alfie
Depend where you live in area. Nationwide is best option. I do have Santander has low interest isn’t great.
You have to keep an eye out for updates from Be clever with your cash. There have been two easy access saving accounts with Santander one I still have is 3.98% and they had another up until the 17 Sept ’23 for 5.20% which I also have. You could have opened both online from your account. They are not offering much now so it is best to check out what else is on offer. Easy Access means there is no real restrictions on your account other than you do not get a bank card to go shopping with…