Best regular savings accounts – get up to 8%

Cash savers looking for the best regular savings accounts could access rates of up to 8% from three banking providers.

Regular savers, though they typically offer higher interest rates than other savings accounts, can also have more restrictions, such as limits on deposits and withdrawals.

On top of that, you'll need to be an existing current account customer to take advantage – but that's not the case for all of the banks and building societies.

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We round up the top regular savings accounts to help you pick one that suits your needs. If you're looking for the best easy-access and fixed-term savings accounts, we explore them in separate guides.

Meanwhile, if you want to make the most of your tax-free savings, the best cash ISAs can help you grow your money.

The best regular savings accounts

Best regular savings rate

Santander Regular Saver – 8% AER

What's the deal?

With Santander's top-rate regular saver, you can save up to £200 a month in this account, which includes a 5% bonus for the first 12 months, after which the rate will revert to 3%.

Eligibility

Available to new and existing customers. You can open the account online, in a branch or over the phone.

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First Direct Regular Saver – 7% AER

What’s the deal?

First Direct pays 7% if you deposit between £25 and £300 per month into the account.

Eligibility

To benefit from the 7% rate, you must be a First Direct current account holder. The rate will only be available for 12 months, after which it may drop.

Progressive BS Online 1 Year Monthly Saver Account – 7% AER

What’s the deal?

The building society’s variable saver is returning 7% on your cash, provided you deposit between £1 and £200 per calendar month. You can make unlimited withdrawals – but are limited to just one per day. The account can be opened and managed online. Interest is paid at maturity.

Eligibility

No joint accounts permitted.

The Co-operative Bank Regular Saver – 7% AER

What’s the deal?

The Co-operative Bank is offering a rate of 7% AER. The account will mature after one year, but the rate is variable, which means it could change throughout this period. You can save up to £250 a month. You have the freedom to withdraw money when you like.

Eligibility

There are no eligibility restrictions. This account can be opened either online or in branch. Read more about whether the Co-op regular saver is worth it.

Nationwide Building Society Flex Regular Saver – 6.5% AER

What’s the deal?

There is no monthly minimum deposit, and you can save up to £200 per month. The account allows up to three withdrawals. On your fourth withdrawal, the rate on the account will drop to 1.05% (variable) for the rest of the term. Read more on what to do if your 6.5% Nationwide regular saver is maturing.

Eligibility

There are no eligibility restrictions.

Virgin Money Regular Saver Exclusive – 6.5% AER

What's the deal?

Virgin Money is offering a fixed rate of 6.5% AER if you save up to £250 a month. You have no limit on withdrawals. The account can be opened and managed online, in a branch or over the phone. Interest is paid at maturity on 30 September 2027.

Eligibility:

There are no eligibility restrictions.

Hanley Economic BS 1 Year Branch Smart Saver – 6.3% AER

What's the deal?

This variable regular saver is returning 6.3%. You need to pay in between £25 to £300 per month. You can withdraw penalty-free twice per tax year. You can open the account in a branch and it can also be managed via post.

Eligibility

There are no eligibility restrictions.

Lloyds Bank Club Lloyds Monthly Saver – 6.25% AER

What's the deal?

Lloyds Bank is paying 6.25% if you deposit between £25 and £250 a month. You can make unlimited withdrawals. You can open the account online, in a branch or over the phone.

Eligibility

You can only have either a Club Lloyds Monthly Saver or a Monthly Saver account, but not both.

Earl Shilton BS Monthly Saver – 6% AER

What's the deal?

You can deposit up to £500 per month – more than once – in this monthly saver from Earl Shilton Building Society. Note that this account can only be opened in a branch. Interest is calculated daily and compounded annually on the last day of February. Only two withdrawals are permitted per calendar year.

Eligibility:

There are no eligibility restrictions.

Harpenden BS 18-30 Regular Saver – 6% AER

What's the deal?

You can earn 6% with Harpenden’s new 18-30 Regular Saver if you deposit between £10 and £200 each month. You can make unlimited withdrawals. The account can be opened online. Interest is paid on maturity.

Eligibility:

As the name suggests, you need to be between the ages of 18 and 30 years old at the time of application.

Mansfield BS My Milestone Saver – 6% AER

What's the deal?

You can save up to £500 per month in Mansfield's My Milestone Saver. The interest rate includes a variable 2.75% bonus for the first 12 months, after which the rate reverts to 3.25%. You can only make one penalty-free withdrawal per calendar year. The account can be managed in a branch or via post. Interest is payable annually.

Eligibility:

There are no eligibility restrictions.

Monmouthshire Building Society Regular Saver – 6% AER

What’s the deal?

Monmouthshire Building Society is offering a variable 6% on a maximum deposit of £500 per month. It can either be a sole or a joint account. You can open it online or in a branch. Interest is calculated daily and paid when the 12-month term ends.

Eligibility:

This account is not available if you live in Northern Ireland.

Market Harborough Building Society Fixed Term Regular Saver – 5.75% AER

What’s the deal?

With monthly deposits of between £10 and £250, this account will allow you to earn interest of 5.75% on your savings. Even with a penalty, you cannot make early withdrawals. The account matures on 31 March 2027. You can open the account in a branch.

Eligibility

There are no eligibility restrictions.

How does a regular savings account work?

Compared to other types of savings accounts, there are more caveats to consider when opening a regular savings account. Here's what you should look out for.

• Existing customers – Most regular savers offer the best rates to their existing customers, so you may need to have a current account to get the rate.
• Monthly payments – To receive the best rates, a lot of regular savers ask for a minimum payment, which can be as low as £10 per month. There is also an upper limit, so the amount you can save is restricted.
• Your cash is protected – The Financial Services Compensation Scheme (FSCS) protects all of the banks mentioned in our best regular savers on balances up to £85,000. It’s a good idea to spread your money across your current accounts and savings to ensure you don’t have more than the higher limit in any one account.