The Best Regular Savings Accounts

Updated: 5th May 2021

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 savings accounts:

Great for: saving what you can afford through use of AI.

5 stars question mark
  • Interest Rate (AER):

    1.25%*
  • Account Type:

    Easy Access (app-based)
  • Account Minimum:

    £0
  • Account Maximum:

    No maximum

Account protected by the FSCS up to £85,000

WHAT YOU NEED TO KNOW

  • Free trial of ChipAI on autosaves up to £100.
  • ChipAI plan is £1.50 every 28 days, or the ChipLite plan is free.
  • Automatically calculates how much you can afford to set aside.
  • App is available for iPhone and Android devices.
  • *Unless you invite a friend and secure the 1.25% on offer with Chip+, standard account holders currently earn 0% on their savings due to the previous offer of 0.3% now being at capacity.

what we like

  • Calculates auto-saves based on your spending habits
  • Quick and easy to set up
  • Encourages savings goals

WHAT YOU NEED TO KNOW

  • Free trial of ChipAI on autosaves up to £100.
  • ChipAI plan is £1.50 every 28 days, or the ChipLite plan is free.
  • Automatically calculates how much you can afford to set aside.
  • App is available for iPhone and Android devices.
  • *Unless you invite a friend and secure the 1.25% on offer with Chip+, standard account holders currently earn 0% on their savings due to the previous offer of 0.3% now being at capacity.

DISCLAIMER

Great for: Earning interest with flexible access

4 stars question mark
Aldermore logo
  • Interest Rate (AER):

    0.30%
  • Account Type:

    Easy Access
  • Account Minimum:

    £1,000
  • Account Maximum:

    £1,000,000

Account protected by the FSCS up to £85,000

WHAT YOU NEED TO KNOW

  • Quick and easy online setup
  • Competitive interest rate
  • Unlimited withdrawals – take money out whenever you need it

what we like

  • Quick and easy online setup
  • Competitive interest rate
  • Unlimited withdrawals – take money out whenever you need it

WHAT YOU NEED TO KNOW

  • Quick and easy online setup
  • Competitive interest rate
  • Unlimited withdrawals – take money out whenever you need it

DISCLAIMER

Great for: Earning interest on regular saving, open to all

4 stars question mark
Coventry Building Society logo
  • Interest Rate (AER):

    1.05%
  • Account Type:

    Regular Saver
  • Account Minimum:

    £1
  • Account Maximum:

    £6,000

Account protected by the FSCS up to £85,000

WHAT YOU NEED TO KNOW

  • 1.55% 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

what we like

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

WHAT YOU NEED TO KNOW

  • 1.55% 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

Great for: Competitive interest on regular monthly savings

4 stars question mark
M&S Bank logo
  • Interest Rate (AER):

    2.75%
  • Account Type:

    Regular Saver
  • Account Minimum:

    £25
  • Account Maximum:

    £3,000

Account protected by the FSCS up to £85,000

WHAT YOU NEED TO KNOW

  • 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

what we like

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

WHAT YOU NEED TO KNOW

  • 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

3.5 stars question mark
First Direct logo
  • Interest Rate (AER):

    1.00%
  • Account Type:

    Regular Saver
  • Account Minimum:

    £25
  • Account Maximum:

    £3,600

Account protected by the FSCS up to £85,000

WHAT YOU NEED TO KNOW

  • 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

what we like

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

WHAT YOU NEED TO KNOW

  • 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

3.5 stars question mark
Lloyds Bank logo
  • Interest Rate (AER):

    1.00%
  • Account Type:

    Regular Saver
  • Account Minimum:

    £25
  • Account Maximum:

    £4,800

Account protected by the FSCS up to £85,000

WHAT YOU NEED TO KNOW

  • 1.50% 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

what we like

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

WHAT YOU NEED TO KNOW

  • 1.50% 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

3 stars question mark
Halifax Logo
  • Interest Rate (AER):

    0.75%
  • Account Type:

    Regular Saver
  • Account Minimum:

    £25
  • Account Maximum:

    £3,000

Account protected by the FSCS up to £85,000

WHAT YOU NEED TO KNOW

  • 1.00% 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

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

WHAT YOU NEED TO KNOW

  • 1.00% 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: Competitive interest on regular monthly savings

3 stars question mark
HSBC logo
  • Interest Rate (AER):

    1.00%
  • Account Type:

    Regular Saver
  • Account Minimum:

    £25
  • Account Maximum:

    £3,000

Account protected by the FSCS up to £85,000

WHAT YOU NEED TO KNOW

  • 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

what we like

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

WHAT YOU NEED TO KNOW

  • 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



Frequently Asked Questions

What is a regular savings account?

A regular savings account is a type of savings account that requires you to make monthly deposits, with interest paid annually. They tend to have a higher interest rate compared with other savings accounts. You typically can’t access your money during the term of the account, and you may be penalised for missing a monthly deposit.

What are the benefits of a regular savings account?

A regular savings account tends to offer a comparatively high rate of interest when compared with fixed rate bonds and easy access accounts. It is also a good type of account to get you started with a savings habit, as it encourages regular deposits.