Best savings account for a regular monthly payment?

In_for_a_penny

My wife and I are currently in the process of selling our house and buying another. After initially opting for a particular mortgage lender (and term/cost etc.) we have now been offered an interest-free loan from a family member, for the amount (£55000) we require. We have two insurance policies which are due to mature within the next 3 years which will, hopefully, help us to repay a large part of this loan back.

What we are planning to do also, is pay the same amount as we would have paid on a mortgage, into a savings account. (But obviously saving us many thousands of pounds in interest on the mortgage term.)

We estimate that we could clear the loan amount within 10 years with the use of maturing insurance policies and a monthly account as above.
We've looked at 'many' banks/building societies and their rates and are at the point of information overload. Can anyone suggest a good savings account that we could pay a fixed monthly amount into which accrues a reasonable interest please?

We have looked at ISAs and some of the rates available are very poor. Also, some savings accounts limit the maximum monthly amount paid in and some also impose an upper limit on the amount held in the account.

We have no plans to touch the account once started until it has reached the required amount.

Many thanks.

Mr_Mumble

Regular savers that offer higher interest rates do so by capping the monthly payment (usually £250 or £500). Check moneyfacts for best interest rates. You could save up a few months in an instant access savings account and then look to put the sum into a 2-year fixed rate account (which should pay a higher rate of interest).