10 best regular saver accounts in the UK

Want to start building up your savings pot? A good way to do it is to put extra income aside each month. Saving little and often can soon amount to a healthy savings pot.

If saving monthly is something you’re interested in, you might want to open a regular savings account. There are a huge number of these accounts available in the UK, as most banks and building societies have them. But which is the best?

Read on for a roundup of the 10 top regular savings accounts in the UK, focusing on those with the best interest rates. We’ll include accounts for existing customers only, and those that are open to all.

And if you need to manage your money in multiple currencies, consider checking out the Wise account from the money services provider Wise. It’s not a bank account but offers similar features. You can also switch on the Wise Interest to make the most out of your Wise account by investing in a fund that holds government-guaranteed assets. Just note, investment returns, even in a low-risk fund, are never guaranteed, and your capital can be at risk.

Learn more about the Wise account 💰

What is a regular saver account?

Regular savings accounts are designed for depositing each and every month, with a limit as to how much you can put in. They pay interest, which is usually paid yearly.

Rates are often higher than other types of savings accounts like ISAs, but there are strings attached. Some don’t permit withdrawals until the end of a year, while others don’t let you skip a month when it comes to making deposits. So, you’d need to be committed to saving a certain amount each month.

The interest rate usually only lasts a year, so you’ll need to switch accounts when it ends.

Another important thing to note about these high interest regular saver accounts is that the majority are only open to existing customers. There are a handful that are open to all - we’ll include these in our list below.

Key things to know about regular saver accounts¹

Before you go ahead and open a regular savings account, there are a few important things you need to know about how they work. Some come with strict terms and conditions, so always read the details carefully before signing up.

Here are the key points you need to know:

• Many are only available to existing customers, so you’ll need to open a current account first
• You have the freedom to open more than one regular saver account across different banks (if eligible)
• It’s important to understand the interest you’ll receive. It may seem less than you’re expecting from the interest rate, as your money is accumulating monthly rather than being deposited as one lump sum.
• You’ll get Financial Services Compensation Scheme (FSCS) protection of up to £85,000 per person as long as you open a regular savings account with a UK-regulated provider.
• When you compare regular savings accounts, check the terms and conditions carefully - especially if the account requires you to deposit each and every month. If you miss a deposit, you could lose the interest rate or the account could be closed.

📚 Read more: Current accounts with best interest rates in the UK

Best regular savings accounts in the UK - top 10 options compared

Now, let’s dive into our list of the 10 best regular saver accounts in the UK.

Take a look below for accounts paying the highest interest rates, including both ‘existing customer only’ and ‘open to all’ options.

Savings account	Max. monthly deposit	Interest rate	How to apply	Withdrawals allowed?
First Direct Regular Saver Account	£300	7% fixed for 1 year	App/online Existing customers only	No
The Co-operative Bank Regular Saver	£250	7% variable for 1 year	Online/branch Existing customers only	Yes
Skipton Building Society Member Regular Saver	£250	7% fixed for 1 year	Online/app/branch/phone/post Existing customers only	No
Coventry Building Society Loyalty Regular Saver	£250	6.75%	Online/branch/phone Existing customers only	No
Nationwide Flex Regular Saver	£200	6.5% variable for 1 year	Online/app Existing customers only	3 per year
Lloyds Bank Club Lloyds Monthly Saver	£400	6.25% fixed for 1 year	Online/app/branchphone Existing customers only	Yes
NatWest Digital Regular Saver Account	£150	6.17% variable (on up to £5,000)	Online/app Existing customers only	Yes
Principality Building Society 1 Year Triple Access Regular Saver	£50	6% variable for 1 year	Online/branch Open to all	3 per year
Saffron Building Society Small Saver	£50	5.75% variable for 1 year	Online/branch/post Open to all	1 per month
Halifax Regular Saver	£250	5.5% fixed for 1 year	Online/branch Open to all	No

First Direct Regular Saver Account²

The First Direct Regular Saver Account offers an interest rate of 7% AER, fixed for 12 months. Interest is calculated daily, but only paid after a year. You can deposit between £25 and £300 a month, and you must set up a standing order for the payment from your First Direct Current account. This means you can’t skip a month, although you can change the amount you deposit by contacting the bank.

You can’t withdraw your money until the end of the 12 months, otherwise the account will be prematurely closed.

This account is only available for existing customers who already have a First Direct 1st Account. You can apply online or via the First Direct app.

📚 Read more: Best savings accounts with high interest in the UK

The Co-operative Bank Regular Saver³

Available exclusively for existing current account customers, the Co-operative Bank Regular Saver pays 7% AER interest for 12 months. Unlike the First Direct account though, this rate is variable - so it could change.

You can open the account with as little as £1, and save a maximum of £250 a month. You can skip a month if you want, paying in whenever you like up to the monthly limit. Interest is paid at the end of the 12 month period.

You can also make unlimited withdrawals at any time, without penalty. Apply online or in branch.

Skipton Building Society Member Regular Saver⁴

The Member Regular Saver account from Skipton Building Society pays interest of 7% fixed for 12 months, paid annually. It’s only available for existing customers who joined on or before 11th January 2024.

You can save between £1 and £250 a month, skipping months if you choose to. No withdrawals are permitted, but you can close the account earlier than the 12 month term.

There are lots of ways to apply for this account, including online, in the Skipton app, in branch, over the phone and even by post.

Coventry Building Society Loyalty Regular Saver⁵

If you’re an existing customer at Coventry Building Society, you can open a Loyalty Regular Saver. It pays interest of 6.75% AER variable for 12 months, paid annually.

You can pay in between £1 and £250 each month, but you don’t need to make a deposit every single month if you don’t want to.

If you need to withdraw money, you technically can - but there’s a charge equal to 30 days interest on the amount withdrawn.

You can open a Loyalty Regular Saver online, by phone or in a Coventry Building Society branch.

Nationwide Flex Regular Saver⁶

Exclusively for existing current account members, the Nationwide Flex Regular Saver account pays interest of 6.5% AER variable every year.

Unlike some other regular savers, the rate doesn’t drop after 12 months. However, it does fall to 2.15% AER if you make more than 3 withdrawals in a 12 month period.

You can save up to £200 a month with this account, and you can skip months if you want or need to. Apply online or in the Nationwide app.

📚 Read more: Best online bank accounts in the UK

Lloyds Bank Club Lloyds Monthly Saver⁷

If you’re a Lloyds Bank customer with a Club Lloyds account, you’ll be eligible to open its Monthly Saver account. This pays 6.25% AER interest fixed for 12 months, paid at the end of that period.

You can deposit between £25 and £400 a month, skip deposits if you want and make unlimited withdrawals without penalty.

To open this account, you can apply online, in the Lloyds Bank mobile app, in a branch or over the phone.

NatWest Digital Regular Saver Account⁸

If you have a NatWest current account, you can open a Digital Regular Saver Account online or in the app. Deposit between £1 and £150 a month, and earn interest of 6.17% AER variable on savings up to a maximum of £5,000. Anything over this in your account will earn 1.75% AER variable.

You’ll have instant access to your money, so you can withdraw whenever you want without charge.

This account is available to open online and in the NatWest app.

It’s also available for Royal Bank of Scotland (RBS) customers, who’ll need to apply through the RBS website.

Principality Building Society 1 Year Triple Access Regular Saver⁹

The Principality Building Society 1 Year Triple Access Regular Saver pays interest of 6% AER variable for 12 months.

It only has a maximum monthly deposit of £50, so you won’t be able to build up a very large savings pot. However, there’s no requirement to pay in each and every month. You can also make withdrawals, limited to three a year.

Crucially, this is the first account on our list that isn’t restricted to existing customers only. Anyone can open one, applying online or in a branch.

Saffron Building Society Small Saver¹⁰

The Saffron Building Society Small Saver is open to all and designed for people wanting to start a savings habit. It pays interest of 5.75% AER, calculated daily and paid annually.

You can save between £1 and £50 a month, and you can miss a month - although you’ll lose that month’s allowance. Withdrawals are permitted, but only once a month.

The Small Saver account is available to open online, in branch or by post.

Halifax Regular Saver¹¹

Lastly, we have the Halifax Regular Saver. It lets you save between £25 and £250 a month, paying interest of 5.50% AER fixed for 12 months. You can’t skip months or withdraw your money until the end of the 12 months. However, you can close the account early if you want to.

The Halifax Regular Saver is available to open online, by phone, in branch or via the Halifax mobile app. It’s open to everyone, so you don’t need to be an existing customer to apply.

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And that’s it - our regular savings accounts comparison, covering all the best options available in the UK right now. We’ve included accounts exclusively for existing customers, along with a handful of options that are open to everyone.

You should now have all the info you need to choose the right account for you, whether you’re looking for easy access, the highest interest rates or a combination of the two.

Also, check out the Wise account in case you manage your money in multiple currencies. You can send, spend and convert your money in 40+ currencies for small, transparent fees* and mid-market exchange rate.

You can also give your money a boost with the Wise Interest feature. It’s not a savings account but offers something different as an investment feature, earning returns on different currency balances. Investments in funds are never guaranteed and your capital can be at risk.

Sign up with Wise today 💰

Interest is offered through Wise Assets. Wise Assets is a trading name of TINV Ltd, a subsidiary of Wise. TINV Ltd is authorised as investment firm and regulated by the Financial Conduct Authority (FCA). Our FCA number is 839689. We do not give investment advice, and you may be subject to pay tax. If you’re not sure, seek qualified advice. You can find more information about the funds on our website.

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Sources used:

1. MoneySavingExpert - Regular savings accounts
2. First Direct - Regular Saver Account
3. Co-operative Bank - Regular Saver
4. Skipton Building Society - Regular Saver
5. Coventry Building Society - Regular Saver
6. Nationwide - Flex Regular Saver
7. Lloyds Bank - Club Lloyds Monthly Saver
8. NatWest - Digital Regular Saver
9. Principality - 1 Year Triple Access Regular Saver
10. Saffron Building Society - Small Saver
11. Halifax - Regular Saver

Sources last checked on date: 29-Apr-2024