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Regular savings accounts
Earn up to 8% on your savings
If you usually save little and often, regular savings accounts can offer top rates of up to 8% for feeding them every month – we've all the top picks in this guide, plus tricks to maximise interest.
This guide was originally written by Martin Lewis and is now updated by the MSE Money Team.
Other MSE savings guides...
- Top savings accounts: The top-paying normal savings
- Cash ISAs: The likely winner if you pay tax on savings interest
- Children's savings: Earn up to 5.8% on kids' savings
- Current accounts: Earn up to 5.12% on smaller sums
What are regular savings accounts?
The clue's in the name. Most regular savings accounts require you to put money away each month with interest paid yearly (unless otherwise stated). They offer higher interest rates than traditional fixed or easy-access savings accounts, but tend to impose rigid terms and conditions, such as limiting the number of withdrawals you can make, forcing you to make a deposit every month and capping how much you can save. And the rate usually only lasts for a year.
Rather watch than read? This little video gives you the regular savings lowdown...
Should I get a regular savings account?
To help you make the most of a regular savings account, it's worth getting your head around the following need-to-knows...
Top existing-customer accounts
The top-paying regular savers come with a big 'but' attached – you must also hold another product from the same provider, usually its current account. You can then fund the regular saver by standing order from that linked account. We've listed key info on the top deals below.

Existing-customer regular savers – what we'd go for
For most providers, if you don't currently bank with them you can just open a current account first – you'll then be able to open the regular saver once it's open. Do check Best bank accounts for more details on the bank accounts themselves first.
The top-paying regular savers are Nationwide's 8% on up to £200/month and Skipton BS' 7.5% on up to £250/month (though you can only open the account if you had a Skipton mortgage or savings account on or before 31 May 2023). Or, if you want the flexibility of unlimited withdrawals, the Club Lloyds account pays 6.25% on up to £400/month.
Provider | Rate (AER) | Max monthly deposit | Can you skip months? | Penalty-free withdrawals allowed? | How to open |
Top existing-member regular savings accounts. Here are the accounts with the top rates. | |||||
Nationwide | 8% variable for one year | £200 | Yes | Yes, three a year | Online/ app |
(must have been a member since before 31 May 2023) |
7.5% fixed for one year | £250 | Yes | No, but early closure permitted | Online/ app/ branch/ phone/ post |
First Direct | 7% fixed for one year | £300 | No, min £25/month | No, can't close early without penalty either | Online/ app |
(must have had an open savings or mortgage account for at least a year) |
7% variable for one year | £500 | Yes | Yes, but just once | Online |
Lloyds Bank (need a Club Lloyds account) | 6.25% fixed for one year | £400 | Yes | Yes | Online/ app/ branch/ phone |
NatWest / RBS | 6.17% variable on up to £5,000 |
£150 | Yes | Yes | Online/ app |
Top alternative options. Though rates are lower. | |||||
Bank of Scotland | 5.5% fixed for one year | £250 | Yes | Yes | Online/ app/ branch/ phone |
Halifax | 5.5% fixed for one year | £250 | Yes | No, but early closure permitted | Online/ app/ branch/ phone (also open to non-customers) |
Lloyds Bank | 5.25% fixed for one year | £250 | Yes | Yes | Online/ app/ branch/ phone |
(must have been a member for at least a year) |
5.25% variable for one year | £500 | Yes | Yes, but you can't replace withdrawn funds | Online/ post/ branch |
Barclays | 5.12% variable on up to £5,000 |
No max | Yes | Yes | Online/ app/ branch/ phone |
TSB | 5% fixed for one year | £250 | Yes, by cancelling standing order | Yes, but you can't replace withdrawn funds | Online/ branch |
HSBC | 5% fixed for one year | £250 | No, min £25/month | No, can't close early without penalty either | Online/ branch/ phone |
Santander | 5% fixed for a year | £200 | Yes | Yes, but you can't replace withdrawn funds | Online/ branch |

Not sure how much interest you'll get? Find out with our Regular Savings Calculator. Simply plug in the rates above, and how much you'll save, and it'll tell you how much you'll earn. The calculator also has a mode to show how much more you could earn dripfeeding cash into the regular saver from another account.
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Top open-to-all accounts
The top open-to-all accounts match or even beat some of the existing-customer accounts above. So you could always open one (or more) of the accounts above and couple it with one here, to maximise the amount you can save per month.

Regular savers open to all – what we'd go for
Saffron BS currently offers the top rate of 5.75% variable for one year on up to £50/month, with one withdrawal permitted per month. If you've more to save each month, you can put away up to £500/mth with Coventry BS, though the rate's slightly lower at 5.5% variable for one year and you'll be charged a fee of 30 days' interest on any withdrawals made before the year's up.
Provider | Rate (AER) | Max monthly deposit | Can you skip months? | Penalty-free withdrawals allowed? | How to open |
Saffron BS | 5.75% variable for one year | £50 | Yes | Yes, one per month | Online/ branch/ post |
---|---|---|---|---|---|
5.5% variable for one year |
£500 |
Yes |
No, fee of 30 days' interest on amount withdrawn |
Online/ phone/ post/ branch |
|
Halifax | 5.5% fixed for one year | £250 | Yes | No, but early closure permitted | Online/ branch/ app/ phone |
Principality BS | 5.5% fixed for one year | £250 | Yes | No, but early closure permitted | Online/ branch |
Melton BS | 5.5% variable for two years | £150 | Yes | Yes, but you can't replace withdrawn funds | Post/ branch |

Not sure how much interest you'll get? Find out with our Regular Savings Calculator. Simply plug in the rates above, and how much you'll save, and it'll tell you how much you'll earn. The calculator also has a mode to show how much more you could earn dripfeeding cash into the regular saver from another account.
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