The Co-op unveils new 7% regular saver- is it the best on the market?

The Co-operative Bank has launched a new best buy regular saver offering 7%. Is it the top deal and how does it work?

A general view of a sign for the Co-operative bank at Cornhill on April 5, 2019 in London, England.
(Image credit: Getty Images)

The savings battle continues as the Co-operative Bank becomes the newcomer on the regular savings block, offering a handsome 7%- but is it the best deal on the market? 

The product joins three other lenders offering 7% AER on regular savings. It follows Nationwide’s popular 8% regular saver plummeting just two weeks ago, leaving First Direct as the top runner. 

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
Swipe to scroll horizontally
ProviderFixed or variable rate? Minimum monthly depositMaximum monthly depositPenalty-free withdrawals Flexibility Current-account holder?
Co-operative BankVariable£0£250YesNoYes
First DirectFixed for one year£25£300NoYes. You can carry over any unused allowance (up to £300) into the following month. Yes
Skipton Building Society Fixed for one year£0£250NoNoYes

Vaishali has a background in personal finance and a passion for helping people manage their finances. As a former staff writer for MoneyWeek, Vaishali covered 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.