Best regular savings accounts – get up to 8%

With regular savings accounts you can now earn as much as 8%. If you’re looking to stash small amounts away each month, we list the accounts worth looking at.

Coin jar with sapling growing out of it
(Image credit: © Getty Images)
Disclaimer

All the banks we mention are protected by the Financial Services Compensation Scheme (FSCS), meaning up to £85,000 of your savings are protected should a bank go bust.

Cash savers looking for the best rates on their savings could be in for a treat as banks are returning as much as 8% on their regular savings accounts.

To take advantage of most regular savings accounts, you'll need to be an existing current account customer, but that's not the case for all of the banks and building societies we’ve featured below. 

For more options, you can review our guide to the best savings accounts overall or if you want some flexibility for your savings our guide to the best easy-access savings accounts is a good place to start. 

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

The best regular savings accounts

Regular savers come with a few more restrictions than easy access or fixed-term savings accounts, such as how much you put in a month and access to withdrawals, so make sure to pick one that suits you. 

Saffron Building Society Members' Month Loyalty Saver – 8% AER
Best regular saver

Saffron Building Society Members' Month Loyalty Saver – 8% AER

What’s the deal?
Saffron Building Society has launched a limited edition regular savings account, boasting 8% for its existing customers. The market-leading rate is a part of the provider’s ‘Members’ Month, where it gives back to its customers.

You can start saving with just £1 and deposit up to £50 a month. If your balance falls below £1, the rate you’ll earn falls to 0.05%. You are permitted to withdraw money once a month and interest is paid after 12 months. 

Eligibility
To qualify for this saver, you must have held a Saffron Building Society on or before 1 June 2023. You can open the saver online or in branch.  

First Direct Regular Saver - 7% AER

What’s the deal?
First Direct has doubled the rate on its market-leading regular saver, which jumped from 3.5% to a handsome 7%. You can pay in between £25 to £300 into the account each month.

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

Co-operative Bank Regular Saver - 7% AER

What’s the deal?

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

Eligibility

This saver can be opened either online or in branch. Read more about whether the Co-op regular saver is worth it.   

Skipton Building Society - 7% AER  

What’s the deal?

Skipton Building Society is offering a rate of 7% on a maximum deposit of £250 per month on its Member Regular Saver. 

You can skip monthly deposits and early closure of the account is allowed. You can open the account online, via the app, in branch, by phone or by post. After one year you can search for a better rate as the deal ends.

Eligibility:
One condition is attached to this top rate: you must have been a member of the building society before 11 January 2024. 

Nationwide Flex Regular Saver - 6.5% AER

What’s the deal?
Get access to Nationwide’s 6.5% AER regular savings account when you open a current account with the bank. You qualify if you have either a FlexPlus, FlexDirect, FlexAccount, FlexStudent, FlexGraduate, FlexBasic or FlexOne.

The good news is, 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 2.15% AER variable.

Eligibility:

Lloyds Bank Club Monthly Saver - 6.25% AER

What’s the deal?

Lloyds is offering 6.25% on a maximum deposit of £400 per month. To give some certainty, the rate is fixed for one year. If you want flexibility with your cash, this account has no restrictions on withdrawals. After one year, your account will become a standard saver. 

Eligibility: 

Natwest Digital Regular Saver - 6.17% AER

What’s the deal?

With just £1 you can open this Natwest Digital Regular Saver, but the 6.17% rate is only available on balances up to £5,000. After that, the rate drops to 1.75% on balances over £5,000. So if you want to save more than £5,000, this might not be the best rate for you. The regular saver offers flexibility with withdrawals, allowing you to access your money whenever you want and the rate on this account is variable.

Eligibility: 

You must be a Natwest current account holder to be eligible for this account and the maximum you can put in per month is £150. 

Royal Bank of Scotland Digital Regular Saver - 6.17% AER

What’s the deal?

This saver only requires a minimum monthly deposit between £1 and £150. Plus, the account allows you to top up the Digital Regular Saver with your spare change every time you spend on your debit card.

The 6.17% rate is fixed for a year and then the account will change into an instant access savings account, at which point it will be a good idea to shop around for a better rate. 

Eligibility: 

There are no eligibility restrictions 

TSB Monthly Saver - 6% AER

What’s the deal?

With this regular saver offering 6% (fixed for one year) you can deposit between £25 and £250 a month. Only one payment can be made into the account each month, and the saver can hold a maximum of £3,000. You have the freedom to withdraw money penalty-free, and interest is paid annually. 

After your term ends, your monthly saver will be switched to a variable-rate Easy Saver account. If you close your Monthly Saver before the 12-month period ends, you will not be eligible to re-open the account until the 12 months have passed.

Eligibility: 

To be eligible for this saver you need to be a TSB current account holder. 

Bank of Scotland Regular Saver - 5.5% AER

What’s the deal?

With only a minimum monthly deposit of £25 and no restriction on withdrawals, you can take advantage of this rate by putting away a maximum of £250 a month. But, whatever you withdraw can not be put back into your account.

The 5.5% rate is fixed for a year and then the account will change into an instant access savings account, when it will be a good time to search for a better rate.

Eligibility:
There are no eligibility restrictions

Halifax Regular Saver - 5.5% AER

What’s the deal?

A minimum deposit of £25 is required before the 25th of each month, and you can save up to a maximum of £250 per month. 

The 5.5% rate is fixed for 12 months. When you open the regular saver, you will also need to open a Halifax Everyday Saver as part of the application. It means after the 12 months, your savings and interest earned will be paid into the Everyday Saver and your regular saver will renew for another 12 months.

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 to 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 each month. They may not be big as some only require £25 or even £10 a month. There is also a maximum you can save each month, so the amount you can save is restricted.
  • Your cash is protected – The Financial Services Compensation Scheme protects all of the banks mentioned in our best regular savers on balances up to £85,000. So it’s good to spread your money across your current accounts and savings to ensure you don’t have more than £85,000 in any one account.
Vaishali Varu
Staff Writer

Vaishali has a background in personal finance and a passion for helping people manage their finances. As a staff writer for MoneyWeek, Vaishali covers the latest news, trends and insights on property, savings and ISAs.

She also has bylines for the U.S. personal finance site Kiplinger.com and Ideal Home, GoodTo, inews, The Week and the Leicester Mercury

Before joining MoneyWeek, Vaishali worked in marketing and copywriting for small businesses. Away from her desk, Vaishali likes to travel, socialise and cook homely favourites

With contributions from