The best regular savings accounts – earn up to 8%

Save every month for the best interest rates.

The best paying savings accounts are usually in monthly or “regular” saver accounts, with rates currently as high as 9%. 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 my 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.

Current account linked regular savers – up to 7%

These accounts pay a decent amount each month, but to get them you have to have a current account with the corresponding bank. It’s possible to have more than one current account so you’re able to open new ones up if you’re not already a customer, but you will be credit checked. Look out too for any switching deals.

First Direct Regular Saver (7%)

Account name
Regular Saver
Max interest in one year£135
Interest rate7% AER (fixed)
Max monthly deposit£300
Min monthly deposit£25
Carry over unused allowance?Yes
Account closesAfter 12 months
Auto renewsNo
WithdrawalsAny withdrawal closes the account and reduces the interest paid
RequirementsMust have a First Direct current account

Nationwide Flex Regular Saver (6.5%)

Account name
Nationwide Flex Regular Saver
Max interest in one year£84
Interest rate6.5% AER (variable)
Max monthly deposit£200
Min monthly deposit£0
Carry over unused allowance?No
Account closesAfter 12 months
WithdrawalsYes, but more than three withdrawals a year and the rate drops
RequirementsMust have a Nationwidecurrent account

Club Lloyds monthly saver (6.25% AER)

Account name
Club Lloyds Monthly Saver
Max interest in one year£161
Interest rate6.25% AER (fixed)
Max monthly deposit£400
Min monthly deposit£25
Carry over unused allowance?No
Account closesAfter 12 months
Auto renewsNo
WithdrawalsYes, but money can’t be replaced beyond that month’s allowance
RequirementsMust have a Club Lloyds current account
Money must reach the account by the 25 of the month

You need to have a Club Lloyds current account to get this regular saver. This comes with a freebie such as six cinema tickets. Here’s my review.

You’ll also be able to open the standard monthly saver on top (details below).

Natwest / RBS Digital Regular Saver (6.17%)

Account nameDigital Regular Saver
Max interest in one year£60
Interest rate6.17% AER (variable) up to £5,000
1% on balances over £5,000
Max monthly deposit£150
Min monthly deposit£1
Max amount earn interest on£5,000
Account closesNo
WithdrawalsEasy access with no penalty
RequirementsMust have a Natwest or RBS current account

This account offers a massive rate but with a few restrictions. The biggest is you can only save £150 every month. Not far behind is that this high-interest rate will only be paid on the first £5,000 saved. However it doesn’t expire after 12 months like other regular savers.

It’s only open to Natwest or RBS customers – though you can have one at each bank. Here’s my review of the account and more information on how it works.

You can add more each month via round-ups from debit card spending via your Natwest or RBS current account.

Other current account linked monthly savers (up to 6%)

  • TSB Monthly Saver (6% AER fixed) – min £50 / max £250 a month (requires TSB current account)
  • Bank of Scotland (5.5% AER fixed) – min £25 / max £250 a month (requires current account)
  • Lloyds Monthly Saver (5.25% AER fixed) – min £25 / max £250 a month (requires current account)
  • HSBC Regular Saver (5% AER fixed) – min £25 / max £250 a month (requires a current account)
  • Santander Regular eSaver (5% AER fixed) – min £0 / max £200 a month (requires a current account)

All customer monthly savers – up to 7%

If you don’t have one of the required current accounts, then these can be opened as a new or existing customer. It’s also worth checking your local building society to see if they offer a better regular saver for those who live nearby and can go into a branch to open an account.

Gatehouse Regular Saver (7%)

Account nameRegular Saver
Max interest in one year£136.50
Interest rate7% expected profit rate variable
Max monthly deposit£300
Min monthly deposit£1
Carry over unused allowance?No
Account closesAfter 12 months
WithdrawalsOnly if you close the account
RequirementsMoney must reach the account by the 25 of the month

Halifax Regular Saver (5.5%)

Account nameRegular Saver
Max interest in one year£89
Interest rate5.5% AER (fixed)
Max monthly deposit£250
Min monthly deposit£25
Carry over unused allowance?No
Account closesAfter 12 months
Auto renewsYes
WithdrawalsOnly if you close the account
RequirementsMoney must reach the account by the 25 of the month

Other open to all monthly savers (up to 6%)

Loyalty regular savers – up to 7%

These accounts are only for existing customers of the building societies by a certain date.

Skipton Building Society Regular Saver (7%)

Account name
Member Regular Saver
Max interest in one year£113
Interest rate7% AER (fixed)
Max monthly deposit£250
Min monthly depositNone
Carry over unused allowance?No
Account closesAfter 12 months
WithdrawalsAny withdrawal closes the account
RequirementsMust have been a member of Skipton Building Society with a balance of at least £1 since 11 January 2024 or before
NoteThis account replaced the previous Skipton Building Society Regular Saver that was 7.5% on 12 January 2024.

Other savings accounts

Head over to my daily updated best buy guide to all savings accounts to find the best rates in easy access, ISAs, fixed rate bonds and more.

5 thoughts on “The best regular savings accounts – earn up to 8%

  1. 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.

  2. 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.

  3. ALFRED ROBINSON June 1, 2023 at 3:33 pm

    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

    1. Depend where you live in area. Nationwide is best option. I do have Santander has low interest isn’t great.

    2. 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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