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 rate | 7% AER (fixed) |
Max monthly deposit | £300 |
Min monthly deposit | £25 |
Carry over unused allowance? | Yes |
Account closes | After 12 months |
Auto renews | No |
Withdrawals | Any withdrawal closes the account and reduces the interest paid |
Requirements | Must have a First Direct current account |
Co-operative Regular Saver (7%)
Account name | Regular Saver |
Max interest in one year | £114 |
Interest rate | 7% AER (variable) |
Max monthly deposit | £250 |
Min monthly deposit | £0 |
Carry over unused allowance? | No |
Account closes | After 12 months |
Auto renews | No |
Withdrawals | Withdraw as you wish |
Requirements | Must have a Co-operative current account |
Nationwide Flex Regular Saver (6.5%)
Account name | Nationwide Flex Regular Saver |
Max interest in one year | £84 |
Interest rate | 6.5% AER (variable) |
Max monthly deposit | £200 |
Min monthly deposit | £0 |
Carry over unused allowance? | No |
Account closes | After 12 months |
Withdrawals | Yes, but more than three withdrawals a year and the rate drops |
Requirements | Must have a Nationwide current account |
Club Lloyds monthly saver (6.25% AER)
Account name | Club Lloyds Monthly Saver |
Max interest in one year | £161 |
Interest rate | 6.25% AER (fixed) |
Max monthly deposit | £400 |
Min monthly deposit | £25 |
Carry over unused allowance? | No |
Account closes | After 12 months |
Auto renews | No |
Withdrawals | Yes, but money can’t be replaced beyond that month’s allowance |
Requirements | Must 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).
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Natwest / RBS Digital Regular Saver (6.17%)
Account name | Digital Regular Saver |
Max interest in one year | £60 |
Interest rate | 6.17% 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 closes | No |
Withdrawals | Easy access with no penalty |
Requirements | Must 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 6%
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.
Principality Triple Access Regular Saver (6%)
Account name | Regular Saver |
Max interest in one year | £19.50 |
Interest rate | 6% AER (variable) |
Max monthly deposit | £50 |
Min monthly deposit | £0 |
Carry over unused allowance? | No |
Account closes | After 12 months |
Withdrawals | Three times per year |
Further details | You can close the account at any time but closure counts as a withdrawal. You don’t have to pay in every month. |
Halifax Regular Saver (5.5%)
Account name | Regular Saver |
Max interest in one year | £89 |
Interest rate | 5.5% AER (fixed) |
Max monthly deposit | £250 |
Min monthly deposit | £25 |
Carry over unused allowance? | No |
Account closes | After 12 months |
Auto renews | Yes |
Withdrawals | Only if you close the account |
Requirements | Money must reach the account by the 25 of the month |
Gatehouse Regular Saver (5.3%)
Account name | Regular Saver |
Max interest in one year | £136.50 |
Interest rate | 7% expected profit rate variable |
Max monthly deposit | £300 |
Min monthly deposit | £1 |
Carry over unused allowance? | No |
Account closes | After 12 months |
Withdrawals | Only if you close the account |
Requirements | Money must reach the account by the 25 of the month |
Other open to all monthly savers (up to 5.5%)
- Principality Building Society (5.5% AER fixed) – min £1 / max £250 a month
- Aldermore (5.25% AER fixed) – min £25 / max £300 a month
- Hinckley & Rugby (5.25% AER variable) – min £25 / max £12,000 in total. This is a 30 day notice account.
- Leeds Building Society (5.25% AER variable) – min £100 / max £250 a month (lasts two years)
- Yorkshire Building Society (5.25% AER variable) – min £100 / max £250 a month
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 rate | 7% AER (fixed) |
Max monthly deposit | £250 |
Min monthly deposit | None |
Carry over unused allowance? | No |
Account closes | After 12 months |
Withdrawals | Any withdrawal closes the account |
Requirements | Must have been a member of Skipton Building Society with a balance of at least £1 since 11 January 2024 or before |
Note | This account replaced the previous Skipton Building Society Regular Saver that was 7.5% on 12 January 2024. |
Coventry Building Society Regular Saver (6.75%)
Account name | Loyalty Regular Saver |
Max interest in one year | £109.43 |
Interest rate | 6.75% AER (variable) |
Max monthly deposit | £250 |
Min monthly deposit | £1 |
Carry over unused allowance? | No |
Account closes | After 12 months your account will transfer to an Easy Access Saver |
Withdrawals | You can withdraw money or close your account at a charge equal to 30 calendar days’ interest on the amount withdrawn. |
Requirements | Have held or been linked to a savings or mortgage account with Coventry Building Society, ITL or Godiva continuously since 1 January 2023 or earlier. |
Note | If you already hold the first version of this account, you cannot open this account. |
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.
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.
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…