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The Best Regular Saver Accounts

Updated: 21st May 2020

Some people may stay away from regular savers because of the restrictions and requirements. For instance, many require a deposit every month, and may restrict the number of withdrawals. But the obvious advantage is that interest rates are higher than most other savings accounts. And there’s a secret benefit too: the required monthly deposits can help you establish savings as a habit.


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Here are MyWalletHero’s picks for the best regular savers:

Great for: Competitive interest on regular monthly savings
4.5 stars question mark

Regular savers offer the chance to earn higher interest — as you’ll be paying in a guaranteed amount each month, and locking this away for a year in most cases. This regular saver from First Direct offers a very competitive rate of 2.75%, if you can save between £25 and £300 each month for a year. You can change the standing order amount at any time, and if you are paying less than the £300 monthly maximum, you can carry your allowance over and pay more in later months.

HIGHLIGHTS

  • 2.75% interest rate fixed for 12 months
  • Interest paid at the end of that year
  • Save between £25 and £300 each month - up to £3,600 per year
  • If your regular monthly payments are less than the £300 max, you can carry your allowance over and pay more in later months
  • You can change your standing order amount at any time
  • Only available to First Direct Current Account holders
  • Sole accounts only, and only one account per person
  • No withdrawals during the 12 month period, if you need to close the account before the year is up you will only receive the standard savings interest rate
  • Interest Rate (AER):

    2.75%
  • Account Type:

    Regular Saver
  • Protection Scheme:

    FSCS
  • Account Minimum:

    £25

what we like

  • Highly competitive interest rate
  • Save between £25 and £300 each month
  • You can change your standing order amount at any time

HIGHLIGHTS

  • 2.75% interest rate fixed for 12 months
  • Interest paid at the end of that year
  • Save between £25 and £300 each month - up to £3,600 per year
  • If your regular monthly payments are less than the £300 max, you can carry your allowance over and pay more in later months
  • You can change your standing order amount at any time
  • Only available to First Direct Current Account holders
  • Sole accounts only, and only one account per person
  • No withdrawals during the 12 month period, if you need to close the account before the year is up you will only receive the standard savings interest rate

DISCLAIMER

Great for: Competitive interest on regular monthly savings
4 stars question mark

This regular savings account from HSBC offers 2.75% on your monthly savings when you put away between £25 and £250 each month — a very competitive rate. HSBC also allows you the flexibility to carry any unused allowance over into later months. One thing to note: to qualify for this account you must already hold a current account with HSBC.

HIGHLIGHTS

  • 2.75% interest rate fixed for 12 months
  • Interest paid at the end of that year
  • Save between £25 and £250 each month - up to £3,000 per year
  • If your regular monthly payments are less than the £250 max, you can carry your allowance over and pay more in later months
  • Only available to HSBC current account holders
  • No withdrawals during the 12 month period, if you need to close the account before the year is up you will only receive the Flexible Saver interest rate
  • Interest Rate (AER):

    2.75%
  • Account Type:

    Regular Saver
  • Protection Scheme:

    FSCS
  • Account Minimum:

    £25

what we like

  • Highly competitive interest rate
  • Save between £25 and £250 each month
  • You can carry over unused allowance into other months

HIGHLIGHTS

  • 2.75% interest rate fixed for 12 months
  • Interest paid at the end of that year
  • Save between £25 and £250 each month - up to £3,000 per year
  • If your regular monthly payments are less than the £250 max, you can carry your allowance over and pay more in later months
  • Only available to HSBC current account holders
  • No withdrawals during the 12 month period, if you need to close the account before the year is up you will only receive the Flexible Saver interest rate

DISCLAIMER

Great for: Competitive interest on regular monthly savings
4 stars question mark

Another regular saver offering a very competitive rate is this account from M&S Bank. Save between £25 and £250 each month and you’ll earn 2.75% interest on your money. As with some other regular savers you have the option to carry over unused allowance to later months, so if you don’t deposit the maximum you have the chance to make up for this later by paying in more. To open this account you’ll also need to have an M&S current account with at least 2 active direct debits.

HIGHLIGHTS

  • 2.75% interest rate fixed for 12 months
  • Interest paid at the end of that year
  • Save between £25 and £250 each month - up to £3,000 per year
  • If your regular monthly payments are less than the £250 max, you can carry your allowance over and pay more in later months
  • You can change your standing order amount at any time
  • Only available to M&S Current Account holders
  • Sole accounts only, and only one account per person
  • No withdrawals during the 12 month period, if you need to close the account before the year is up you will only receive the Everyday Savings Account interest rate
  • Interest Rate (AER):

    2.75%
  • Account Type:

    Regular Saver
  • Protection Scheme:

    FSCS
  • Account Minimum:

    £25

what we like

  • Highly competitive interest rate
  • Save between £25 and £250 each month
  • You can carry over unused allowance into other months

HIGHLIGHTS

  • 2.75% interest rate fixed for 12 months
  • Interest paid at the end of that year
  • Save between £25 and £250 each month - up to £3,000 per year
  • If your regular monthly payments are less than the £250 max, you can carry your allowance over and pay more in later months
  • You can change your standing order amount at any time
  • Only available to M&S Current Account holders
  • Sole accounts only, and only one account per person
  • No withdrawals during the 12 month period, if you need to close the account before the year is up you will only receive the Everyday Savings Account interest rate

DISCLAIMER

Great for: Competitive interest on regular monthly savings
4 stars question mark

With this regular saver from Lloyds you can save between £25 and £400 each month, for a year, and earn an interest rate of 2.50% on your money. As well as offering a good level of interest, this account also allows you to make withdrawals free of charge during the 12 month term. However, any money that you withdraw cannot be replaced later, as you’re restricted by the £400 maximum monthly deposit — so it’s better to not make withdrawals if possible.

HIGHLIGHTS

  • 2.50% interest rate fixed for 12 months
  • Interest paid at the end of that year
  • Save between £25 and £400 each month
  • Deposit payment needs to be in your account before the 25th each month
  • Only available to Lloyds Current Account holders who have not already opened one of these accounts in the last 12 months
  • Sole accounts only, and only one account per person
  • You can make as many withdrawals without charge as you like - but you cannot replace the money.
  • After 12 months your account will turn into an Easy Saver - with lower interest
  • Interest Rate (AER):

    2.50%
  • Account Type:

    Regular Saver
  • Protection Scheme:

    FSCS
  • Account Minimum:

    £25

what we like

  • Competitive interest rate
  • Save between £25 and £400 each month
  • You can make withdrawals at any time - without charge

HIGHLIGHTS

  • 2.50% interest rate fixed for 12 months
  • Interest paid at the end of that year
  • Save between £25 and £400 each month
  • Deposit payment needs to be in your account before the 25th each month
  • Only available to Lloyds Current Account holders who have not already opened one of these accounts in the last 12 months
  • Sole accounts only, and only one account per person
  • You can make as many withdrawals without charge as you like - but you cannot replace the money.
  • After 12 months your account will turn into an Easy Saver - with lower interest

DISCLAIMER

Great for: Earning interest on regular saving, open to all
4 stars question mark

Halifax’s Regular Saver account is open to all, so you are not required to have an active current account with the bank in order to apply. With this account you can save between £25 and £250 each month for a year, and earn 2.00% interest on your money. Opening this account will also mean you qualify to be entered into the Halifax Savers Prize Draw — which gives you the chance to win cash prizes each month, simply by having the account open.

HIGHLIGHTS

  • 2.00% interest rate fixed for 12 months
  • Interest paid at the end of that year
  • Save between £25 and £250 each month - up to £3,000 per year
  • Deposit payment needs to be in your account before the 25th each month
  • Change your standing order amount at any time
  • Sole accounts only, and only one account per person
  • No withdrawals during the 12 month period, you can only access your money if you close the account
  • After 12 months your money, and the interest you have earned, will be transferred into an Everyday Saver account, which will be opened for you as part of your application
  • Interest Rate (AER):

    2.00%
  • Account Type:

    Regular Saver
  • Protection Scheme:

    FSCS
  • Account Minimum:

    £25

what we like

  • Competitive interest rate
  • Available to anyone - no need to have an active Halifax account
  • This account qualifies for the Halifax Savers Prize draw which gives you the chance to win cash prizes each month

HIGHLIGHTS

  • 2.00% interest rate fixed for 12 months
  • Interest paid at the end of that year
  • Save between £25 and £250 each month - up to £3,000 per year
  • Deposit payment needs to be in your account before the 25th each month
  • Change your standing order amount at any time
  • Sole accounts only, and only one account per person
  • No withdrawals during the 12 month period, you can only access your money if you close the account
  • After 12 months your money, and the interest you have earned, will be transferred into an Everyday Saver account, which will be opened for you as part of your application

DISCLAIMER

Great for: Earning interest on regular saving, open to all
3.5 stars question mark

This regular saver from The Coventry Building Society offers 1.85% interest. As well as a competitive rate, this account provides flexibility some others don’t. You can make unlimited payments each month up to £500, and you don’t need to have an active account with Coventry Building Society to apply.

HIGHLIGHTS

  • 1.85% flexible interest rate (can go up and down)
  • Interest paid at the end of 12 months
  • Save between £1 and £500 each month
  • Pay in as often as you like, as long as you do not exceed the monthly £500 limit
  • You can make withdrawals but they will be subject to a loss of interest
  • After 12 months your account will turn into an Easy Access Saver - with lower interest
  • Interest Rate (AER):

    1.85%
  • Account Type:

    Regular Saver
  • Protection Scheme:

    FSCS
  • Account Minimum:

    £1

what we like

  • Competitive interest rate
  • Available to anyone - no need to have an active account
  • Pay in as often as you like

HIGHLIGHTS

  • 1.85% flexible interest rate (can go up and down)
  • Interest paid at the end of 12 months
  • Save between £1 and £500 each month
  • Pay in as often as you like, as long as you do not exceed the monthly £500 limit
  • You can make withdrawals but they will be subject to a loss of interest
  • After 12 months your account will turn into an Easy Access Saver - with lower interest

DISCLAIMER