Regular savings accounts

The highest interest rates around are usually offered on regular savings accounts. But they come with many restrictions.

So where's the catch?

Some banks offer much higher interest rates - as much as 10% - on regular savings accounts, usually over a period of a year. And that's the catch. The headline rate usually only applies for an introductory period and there is usually a limit on how much you're allowed to save in the account over this time. £250 per month is often the maximum. You will also have to commit to paying in your chosen fixed amount every single month otherwise your account is automatically switched to one paying a lower rate. It is also likely to be switched to lower-rate account if you take any money out of it before the introductory period is up months is up.

Making a regular saver account worth your while

If you can commit to saving a regular amount every month for the required time without needing to get access to it, then these regular saver accounts are definitely worth considering. At least with these accounts, your return is guaranteed! However, watch to see what happens at the end of introductory period as your money is likely to be automatically moved to a different account paying a much lower rate of interest.

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