Disclaimer
All the banks we mention are protected by the Financial Services Compensation Scheme (FSCS), meaning up to £85,000 of your savings are protected should a bank go bust.
Cash savers looking for the best rates on their savings could be in for a treat as banks continue to boost the interest rate on regular savings accounts, with banks pushing the rate to an exciting 7%.
To take advantage of the most regular savings accounts, you'll need to be a current account customer, but that's not the case with all of the banks and building societies in our list below. For more options, you can review our guide to the best savings accounts overall or if you want some flexibility with your savings our guide to the best easy-access savings accounts is a good place to start.
Here are the best regular savings accounts on the market.
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The best regular savings accounts
Regular savers come with a few 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.
Best regular saver
First Direct Regular Saver - 7% AER
First Direct has doubled the rate on its market-leading regular saver, which jumped from 3.5% to a handsome 7%. You can pay in between £25 to £300 into the account each month.
To benefit from the 7% rate you will need to be a First Direct current account holder. The rate will only be available for 12 months after which it may drop.
Co-operative Bank Regular Saver - 7% AER
The Co-op Bank is also offering a top rate of 7% AER. You must make a minimum deposit of £1 within the first 30 days of opening the account.
There is no monthly deposit and you can pay in up to £250 per month.
The account will stay open for a year, but the rate is variable throughout this period which means it could change.
You have the freedom to withdraw money when you like and this saver can be opened either online or in branch.
Read more on if the Co-op regular saver is worth it.
Skipton Building Society - 7% AER
Skipton Building Society is offering a rate of 7% on a maximum deposit of £250 per month on its Member Regular Saver.
One condition is attached: you must have been a member of the building society since before 11 January 2024.
You can skip monthly deposits and early closure of the account is allowed. You can open the account online, via the app, in branch, by phone or by post.
After one year you can search for a better rate as the deal ends.
Gatehouse Bank Regular Saver - 7% AER
This Sharia-compliant regular saver only requires a minimum monthly deposit of £1 and you can save up to £300 a month. Plus, funds must be deposited before the 25th of each month.
The 7% rate is fixed for a year which means you will not have access to your savings for that period.
You can open and manage the account online and the expected profit will be paid to your account at maturity. The account will change into an easy-access savings account after one year.
Nationwide Flex Regular Saver - 6.5% AER
Get access to Nationwide’s 6.5% AER regular savings account when you open a current account with the bank. You qualify if you have either a FlexPlus, FlexDirect, FlexAccount, FlexStudent, FlexGraduate, FlexBasic or FlexOne.
You must deposit money within the first 28 days of opening the account- this can be as little as £1. The good news is, there is no monthly minimum deposit and you can save up to £200 per month.
The account allows up to three withdrawals. On your fourth withdrawal, the rate on the account will drop to 2.15% AER variable.
You must be aged at least 16 years or older to open the saver.
Lloyds Bank Club Monthly Saver - 6.25% AER
Lloyds is offering 6.25% on a maximum deposit of £400 per month. To give some certainty, the rate is fixed for one year.
As it’s a Club Saver, you need to hold a Lloyds current account already, be a Lloyds Club customer and you can’t have opened this same account in the last 12 months.
Currently, if you switch to a Club Lloyds current account, you can get a £175 cash bonus.
A minimum monthly payment of £25 is required and if you want to be flexible with your cash, this account has no restrictions on withdrawals. After one year you can search for a better rate as your account will become a standard saver.
Natwest Digital Regular Saver - 6.17% AER
With just £1 you can open this Natwest Digital Regular Saver, but the 6.17% rate is only available on balances up to £5,000. After that, the rate drops to 1.75% on balances over £5,000. So if you want to save more than £5,000, this might not be the best rate around.
You must be a Natwest current account holder to be eligible for this account and the maximum you can put in per month is £150. The regular saver does offer flexibility with withdrawals, allowing you to access your money whenever you want and the rate on this account is variable.
Natwest is offering a £200 cash bonus when you switch to its current account. Find out how to make the switch and get the free cash.
Royal Bank of Scotland Digital Regular Saver - 6.17% AER
With only a minimum monthly deposit of between £1 and £150 the account allows you to top up your Digital Regular Saver with the spare change every time you spend on your debit card.
The 6.17% rate is fixed for a year and then the account will change into an instant access savings account, when it will be a good time to search for a new and better rate.
TSB Monthly Saver - 6% AER
This regular saver offering 6% (fixed for one year) includes a fixed bonus of 0.1%. It requires a deposit between £25 and £250 each month. Only one payment can be made into the account each month, and the saver can hold a maximum of £3,000.
Note, to be eligible for this saver you need to be a TSB current account holder. You have the freedom to withdraw money penalty-free, and interest is paid annually.
After your term ends, your monthly saver will be switched to a variable-rate Easy Saver account. If you close your Monthly Saver before the 12-month period ends, you will not be eligible to re-open the account until the 12 months have passed.
Yorkshire Building Society Loyalty Regular eSaver - 5.75% AER
This Loyalty Regular eSaver can be opened online with as little as £1. You can save up to £250 per month. Anything above £250 will be returned to you within ten working days.
You are allowed to make one instant withdrawal in the term which can be after 14 days of opening your account. You can close your account at any time without notice or penalty.
To apply, you must have an open savings account or hold a mortgage with Yorkshire Building Society (YBS) for at least one year before applying, and you must also have an online account with YBS.
You are not eligible if you are a Chelsea Building Society, Norwich & Peterborough Building Society and YBS Share Plan account holder. The account can be opened and managed online. Deposits are protected by the FSCS and interest is paid annually from the date you opened the saver.
Bank of Scotland Regular Saver - 5.5% AER
With only a minimum monthly deposit of £25 and no restriction on withdrawals, you can take advantage of this rate by putting away a maximum of £250 a month. But, whatever you withdraw can not be put back into your account.
The 5.5% rate is fixed for a year and then the account will change into an instant access savings account, when it will be a good time to search for a new and better rate.
How does a regular savings account work?
Compared to other types of savings accounts, there are more caveats to consider when opening a regular savings account. Here's what to look out for:
- Existing customers - Most regular savers offer the best rates to their existing customers, so you may need to have a current account to get the rate.
- Monthly payments - To receive the best rates, a lot of regular savers ask for a minimum payment each month. They may not be big as some only require £25 or even £10 a month. There is also a maximum you can save each month, so the amount you can save is restricted.
- Your cash is protected - The Financial Services Compensation Scheme protects all of the banks mentioned in our best regular savers on balances up to £85,000. So it’s good to spread your money across your current accounts and savings to ensure you don’t have more than £85,000 in any one account.
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Nationwide Building Society
