Regular Savings Accounts: The Best Currently Available List!
Special_Saver2
Forumite 1.4K Posts
1. Introduction
Welcome to this thread. I continually edit the first few posts of this thread to keep it up-to-date. This thread is meant to complement Martin Lewis' article which you can read here: Regular Savings Accounts and the accompanying discussion thread Regularly Beat the Best Savings Account Rates Discussion Area
I am only including accounts where the interest rate is 3.75% or better, or 3.25% if the account has favourable conditions (e.g. you can pay in £500 per month or more, or if the account matures after at least 2 years).
I have not included regular saver ISA accounts which you can find in Kazza242's thread here: Mini Cash ISAs: The Best ISAs Currently Available List
I have included children's regular savers but I would strongly recommend that you read the section about the tax implications for interest from children's accounts in Martin's article Best Child Savings.
If you are not sure whether the best place for your money is in a regular savings account or another type of savings account then look at Martin's article How to Start Saving. If you want to see a worked example of how to use these accounts to save the maximum possible, see the thread What is the Highest Interest Rate You Can Get?
If you have information about a new regular saver account then please feel free to post a message on this thread or you can write a separate thread and then post a link here. Please try and limit discussion on this thread to regular savings accounts.
If you want to bookmark a link that allows you to jump straight to the end of this thread then use this: http://forums.moneysavingexpert.com/showthread.php?t=5776240&page=9999
If you want to receive automatic alerts when new posts are added to this thread then use the following instructions. Login, go to the top of any page in this thread, click "Thread tools" then click on "Subscribe to this thread" and then select whether you want to be notified as soon as there is a new post (you will receive an e-mail telling you to go to the website for more details) or select daily or weekly updates (you will receive an e-mail daily / weekly with a handy summary of all the new posts).
You may also be interested in the following threads:
How can regular savings accounts offer such good interest rates?
Are Regular Savers still worth it? (Calculations and discussion regarding drip feeding lump sums into regular savings accounts)
Is there a best time of the month to deposit in Regular Savers?
Transfers from Barclays to regular savings accounts
Interest on BACS credits
Direct Debit Payments
A-Z of bank/building society sort codes/account nos
Account opening date and 13th payments
Websites with useful information include:
Moneyfacts.co.uk News Page
Moneyfacts.co.uk Regular Savings Accounts Page
Moneyfacts.co.uk Savers Friend Regular Savings Account Page (looks nicer than the page above and has more accounts listed)
Moneyfacts.co.uk Children's Savings Accounts Page
Savings Champion Regular Savings Account Page
Thanks to numerous forum users for their contributions (useful posts either directly on this thread or on another thread that I have then incorporated here). This is actually the 4th version of this thread (because due to technical issues, the thread has had to be re-started three times). The first version was before 2007, the second version lasted from 2007 to 2018 and the third version was from 2018 to January 2020.
I have divided up the information here into several different sections. You can therefore easily skip any sections that you are not interested in.
Unless indicated otherwise, you can only open one of each account.
I have included a summary of the terms and conditions of each account as these can be complicated with regular savings accounts. I would advise you to look at these terms and conditions to check that the account is suitable for you.
You might find some references to the "old version of this thread" in the first page of this thread. This thread is the 3rd version of my regular savings thread. The first thread was closed at my request as the information grew beyond the character limit of the few posts that I had placed on the first page. I then created the 2nd version on 27th November 2007. The second version was very popular with many pages of useful posts and over 1 million views. This was the popular "old version of this thread" referred to above. At the beginning of 2018 that thread was somehow accidentally deleted but the moderators were able to create a new thread (this 3rd version) and reproduce the first page of my 2nd version thread.
2. No Time Limit / Account Maturity Date
The advantage of these accounts is that you can build up a large balance which all earns a high rate of interest. You also avoid the hassle of continually opening and closing accounts and setting up new standing orders for each new account. The terms and conditions are also generally good - they generally allow you to make a penalty-free withdrawal and miss a payment each year. The disadvantage of these accounts is that there is no guarantee that the rate will remain high and often these accounts have a balance limit. If the interest rate drops after 12 months then I include the account in post 4 instead.
3. Matures After More Than 12 Months
The interest rate drops significantly after the date specified.
4. Matures After 12 Months
These accounts usually offer higher interest rates and they often offer interest rates that are fixed for the full 12 months. The main disadvantage with these accounts is that after 12 months the interest rate usually drops significantly. The terms and conditions can also be quite restrictive, so read them carefully.
5. Matures After 12 Months, Requires Another Account
These accounts are similar to the above accounts but they require you to open another account (usually a current account, which often has a funding requirement). They are more hassle than the accounts in section 4 but usually have a higher interest rate in return.
6. Matures After 12 Months, Requires Another Product (Insurance or Investment)
These accounts usually also offer a short term, high interest rate but they require you to make a long term investment or take out an insurance product.
7. Matures After Less Than 12 Months
These accounts are usually Christmas Saver accounts designed to encourage saving in time for Christmas.
8. Homebuyer Accounts
Okay, these accounts will not be of much use to you unless you are going to buy a house but they may be of use to some of you out there.
9. Best Feeder Accounts
These are accounts where you can leave a large lump sum and drip feed the money into your regular savers each month. Certain accounts are not listed here as they cannot transfer money directly to regular savings accounts. The accounts listed can do BACS transfers to regular savings accounts directly. Alternatively, if you have an offset mortgage, you might be able to use that as a feeder account but it is only worth doing so if the interest paid (after tax) on the regular saver account is higher than the interest rate on your mortgage account.
Welcome to this thread. I continually edit the first few posts of this thread to keep it up-to-date. This thread is meant to complement Martin Lewis' article which you can read here: Regular Savings Accounts and the accompanying discussion thread Regularly Beat the Best Savings Account Rates Discussion Area
I am happy for people to use this thread to discuss the regular savings
accounts on this list. If people want to discuss one of the feeder
accounts or a maturing account that is no longer on this list, I am
happy for people to post something on this thread (as it may be of
interest to some of the people who follow this thread), although I would
prefer they start a new thread and then post a message on this thread
with a link to the new thread.
I am only including accounts where the interest rate is 3.75% or better, or 3.25% if the account has favourable conditions (e.g. you can pay in £500 per month or more, or if the account matures after at least 2 years).
I have not included regular saver ISA accounts which you can find in Kazza242's thread here: Mini Cash ISAs: The Best ISAs Currently Available List
I have included children's regular savers but I would strongly recommend that you read the section about the tax implications for interest from children's accounts in Martin's article Best Child Savings.
If you are not sure whether the best place for your money is in a regular savings account or another type of savings account then look at Martin's article How to Start Saving. If you want to see a worked example of how to use these accounts to save the maximum possible, see the thread What is the Highest Interest Rate You Can Get?
If you have information about a new regular saver account then please feel free to post a message on this thread or you can write a separate thread and then post a link here. Please try and limit discussion on this thread to regular savings accounts.
If you want to bookmark a link that allows you to jump straight to the end of this thread then use this: http://forums.moneysavingexpert.com/showthread.php?t=5776240&page=9999
If you want to receive automatic alerts when new posts are added to this thread then use the following instructions. Login, go to the top of any page in this thread, click "Thread tools" then click on "Subscribe to this thread" and then select whether you want to be notified as soon as there is a new post (you will receive an e-mail telling you to go to the website for more details) or select daily or weekly updates (you will receive an e-mail daily / weekly with a handy summary of all the new posts).
You may also be interested in the following threads:
How can regular savings accounts offer such good interest rates?
Are Regular Savers still worth it? (Calculations and discussion regarding drip feeding lump sums into regular savings accounts)
Is there a best time of the month to deposit in Regular Savers?
Transfers from Barclays to regular savings accounts
Interest on BACS credits
Direct Debit Payments
A-Z of bank/building society sort codes/account nos
Account opening date and 13th payments
Websites with useful information include:
Moneyfacts.co.uk News Page
Moneyfacts.co.uk Regular Savings Accounts Page
Moneyfacts.co.uk Savers Friend Regular Savings Account Page (looks nicer than the page above and has more accounts listed)
Moneyfacts.co.uk Children's Savings Accounts Page
Savings Champion Regular Savings Account Page
Thanks to numerous forum users for their contributions (useful posts either directly on this thread or on another thread that I have then incorporated here). This is actually the 4th version of this thread (because due to technical issues, the thread has had to be re-started three times). The first version was before 2007, the second version lasted from 2007 to 2018 and the third version was from 2018 to January 2020.
I have divided up the information here into several different sections. You can therefore easily skip any sections that you are not interested in.
Unless indicated otherwise, you can only open one of each account.
I have included a summary of the terms and conditions of each account as these can be complicated with regular savings accounts. I would advise you to look at these terms and conditions to check that the account is suitable for you.
You might find some references to the "old version of this thread" in the first page of this thread. This thread is the 3rd version of my regular savings thread. The first thread was closed at my request as the information grew beyond the character limit of the few posts that I had placed on the first page. I then created the 2nd version on 27th November 2007. The second version was very popular with many pages of useful posts and over 1 million views. This was the popular "old version of this thread" referred to above. At the beginning of 2018 that thread was somehow accidentally deleted but the moderators were able to create a new thread (this 3rd version) and reproduce the first page of my 2nd version thread.
2. No Time Limit / Account Maturity Date
The advantage of these accounts is that you can build up a large balance which all earns a high rate of interest. You also avoid the hassle of continually opening and closing accounts and setting up new standing orders for each new account. The terms and conditions are also generally good - they generally allow you to make a penalty-free withdrawal and miss a payment each year. The disadvantage of these accounts is that there is no guarantee that the rate will remain high and often these accounts have a balance limit. If the interest rate drops after 12 months then I include the account in post 4 instead.
3. Matures After More Than 12 Months
The interest rate drops significantly after the date specified.
4. Matures After 12 Months
These accounts usually offer higher interest rates and they often offer interest rates that are fixed for the full 12 months. The main disadvantage with these accounts is that after 12 months the interest rate usually drops significantly. The terms and conditions can also be quite restrictive, so read them carefully.
5. Matures After 12 Months, Requires Another Account
These accounts are similar to the above accounts but they require you to open another account (usually a current account, which often has a funding requirement). They are more hassle than the accounts in section 4 but usually have a higher interest rate in return.
6. Matures After 12 Months, Requires Another Product (Insurance or Investment)
These accounts usually also offer a short term, high interest rate but they require you to make a long term investment or take out an insurance product.
7. Matures After Less Than 12 Months
These accounts are usually Christmas Saver accounts designed to encourage saving in time for Christmas.
8. Homebuyer Accounts
Okay, these accounts will not be of much use to you unless you are going to buy a house but they may be of use to some of you out there.
9. Best Feeder Accounts
These are accounts where you can leave a large lump sum and drip feed the money into your regular savers each month. Certain accounts are not listed here as they cannot transfer money directly to regular savings accounts. The accounts listed can do BACS transfers to regular savings accounts directly. Alternatively, if you have an offset mortgage, you might be able to use that as a feeder account but it is only worth doing so if the interest paid (after tax) on the regular saver account is higher than the interest rate on your mortgage account.
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Latest MSE News and Guides
Replies
Accounts available to all UK residents
Interest rate: 3.5% gross p.a. variable from 1st December 2022
Monthly payment: £10-£250
Miss any payments: Yes, as long as you do not miss payments for two consecutive months
Penalty-free withdrawals: All withdrawals are subject to 30 days' notice
Age of applicant: Age 16 and over
How to open account: Branch or post
Special conditions: The overall maximum for this account must not exceed £50,000. The account can be added to as long as the account remains available and your total savings with Mansfield BS do not exceed £400,000 regardless of whether the account is held in single or joint names.
Interest rate: 3.5% gross p.a. variable from 1st December 2022
Monthly payment: £10-£500
Miss any payments: Yes, as long as you do not miss payments for two consecutive months
Penalty-free withdrawals: All withdrawals are subject to 30 days' notice
Age of applicant: Age 16 and over
How to open account: Online only
Special conditions: The overall maximum for this account must not exceed £50,000. The account can be added to as long as the account remains available and your total savings with Mansfield BS do not exceed £400,000 regardless of whether the account is held in single or joint names.
Accounts available to UK residents, children only and branch only
Principality BS Learner Earner Issue 3 (Adult with a Child)
Interest rate: 3.5% gross p.a. variable from 13th October 2022
Monthly payment: £0-£250
Miss any payments: Can miss as many payments as you wish
Penalty-free withdrawals: Three withdrawals permitted and account closure counts as a withdrawal
Age of applicant: Up to 17 years old
How to open account: Branch only
Special conditions: This Account can only be opened by an Adult(s) aged over 18, in conjunction with a Child aged under 18. Two accounts must be opened initially, one for the Adult(s) and one for the Child. Subsequent accounts for other children can be opened by the Adult account holder. The Adult must be the parent, grandparent, close relative or legal guardian of the Child(ren). Accounts opened for under 14’s must be opened on a signatory basis. Careful_ly has informed us in post 2692 in this thread that both the adult and the child get a regular savings account.
Accounts only for people who live locally or existing members
Stafford Railway BS Regular Saver (Issue 1)
Interest rate: 4.15% from 1st February 2023
Monthly payment: £20-£500
Miss any payments: Yes, as long as you do not miss payments three payments in one Society year (I am not sure what a Society year is!)
Penalty-free withdrawals: Yes, you can make 4 withdrawals per Society year (ending 31st October)
Age of applicant: Age not stated
How to open account: Branch, online or post
Special conditions: Maximum balance £100,000. Deposits to this account must come from your nominated bank account via standing order. Currently only available to people who live in Staffordshire. Check their website to see whether the account is open to all UK residents or locals only (they keep changing this rule). Sometimes you will see this: "Available to UK citizens/residents only" and sometimes you will see this: "You must live within one of the following postcodes ST14, ST15, ST16, ST17, ST18, ST19, ST20, ST21 and WS7, WS11, WS12, WS13, WS15."
Interest rate: 3.8% gross p.a. variable from 24th January 2023
Monthly payment: £1-£750
Miss any payments: Yes, as many as you like
Penalty-free withdrawals: Yes, four withdrawals per account year
Age of applicant: Aged 13 or over
How to open account: Branch or post
Special conditions: You can only open this account if you are an existing member or live in a postcode starting with DL, DH, SR, TS, YO, HG. Maximum balance £30,000.
Interest rate: 3.8% gross p.a. variable from 24th January 2023
Monthly payment: £1-£250
Miss any payments: Yes, as many as you wish
Penalty-free withdrawals: Yes, you can make 4 withdrawals per calendar year
Age of applicant: Aged 16 or over
How to open account: Branch or post
Special conditions: Only available to existing members or people living in the post codes DH, DL, HG, SR, TS, YO. You must register for the Society’s online platform, Darlingtonline. JamesRobinson48 reports that you could open an easy access account and then open a regular saver account.
Monthly payment: £0-£500
Miss any payments: Miss as many payments as you wish
Penalty-free withdrawals: A maximum of 3 withdrawals can be made per year (from opening date to anniversary)
How to open account: Branch, online or post
Special conditions: Maximum balance £50,000. To be eligible for this account, you must be either an existing customer who has continuously held a Leek Building Society product for a minimum of 12 months, or a new customer resident in the following postcode areas: CW – Cheshire, SK – Cheshire, DE – Derbyshire, TF – Shropshire, ST – Staffordshire, WS15 – Staffordshire.
Interest rate: 3.3% gross p.a. variable from 14th November 2022
Monthly payment: £10-£1,000
Miss any payments: No, the account will be closed plus you will be charged a £10 penalty
Penalty-free withdrawals: Yes, you can make 2 withdrawals per year starting from 1st March and ending on the last day of February
Age of applicant: Aged 12 or over
How to open account: Branch or post
Special conditions: Only available to existing members or people living in the post codes LE, CV9-13 and DE11-15. Maximum balance £100,000.
Accounts only for people who live locally or existing members, children only
Interest rate: 3.5% gross p.a. variable from 1st December 2022
Monthly payment: £1-£250
Miss any payments: Yes, as long as you do not miss payments for two consecutive months
Penalty-free withdrawals: Yes, two withdrawals per calendar year (1st January to 31st December)
Age of applicant: Up to and including 17 years old
How to open account: Branch or post
Special conditions: Can only be opened by people resident in Nottinghamshire, Derbyshire or South Yorkshire or existing members who have a minimum of 1 year’s continuous membership. (Accounts that are outside of the geographical area above will also be accepted where a parent, grandparent or legal guardian of the child is an existing member with a minimum of 1 year’s continuous membership.) Closure is subject to the loss of 90 days interest on the closing balance if 2 or more withdrawals have been made in the same year. The account can be opened by anyone prior to their 18th birthday and, once opened, may be operated into adulthood. If younger than 13 years old the application form must be signed on behalf of the child by a parent, grandparent or guardian.
Interest rate: 3.45% gross p.a. variable from 24th January 2023
Monthly payment: £1-£200 (£3-£600 if you open the maximum 3 accounts)
Miss any payments: Yes, miss as many as you like
Penalty-free withdrawals: Yes, as many as you wish
Age of applicant: 13 - 17 years old
How to open account: Branch only
Special conditions: This account matures on the child's 18th birthday. The child must be an existing customer or live in one of the following postcodes DH, DL, HG, SR, TS, YO. The building society can stop further deposits being allowed to this account if the account is withdrawn.
Interest rate: 3.45% gross p.a. variable from 24th January 2023
Monthly payment: £1-£100
Miss any payments: Yes, miss as many as you like
Penalty-free withdrawals: Yes, as many as you wish
Age of applicant: Under 13 years old
How to open account: Branch only
Special conditions: This account matures on the child's 18th birthday. The child must be an existing customer or live in one of the following postcodes DH, DL, HG, SR, TS, YO. The building society can stop further deposits being allowed to this account if the account is withdrawn.
Accounts available to all UK residents
Interest rate: 5% gross p.a. variable from 1st December 2022
Monthly payment: £25-£50
Miss any payments: Can miss as many payments as you wish
Penalty-free withdrawals: As many as you want but if you do withdraw money you may need to repay all or some of it back in during the same calendar month to be eligible for the prize draw
Age of applicant: Aged 16 years old or older
How to open account: Online
Special conditions: The account matures after 24 months. You can only have one of each Issue of the Start to Save product at any time. You may be entered for some free prize draws (see their website for more details).
Interest rate: 4.75% gross p.a. variable from 13th January 2023
Monthly payment: £10-£500
Miss any payments: Can miss one monthly payment
Penalty-free withdrawals: As many as you want but you have to provide 30 days' notice in writing, by telephone or in branch. Withdrawals are by cash (up to £500 per day) or by cheque.
Age of applicant: Aged 13 years old or older
How to open account: Branch or post
Special conditions: The account matures after 24 months.
Interest rate: 3.7% gross p.a. variable
Monthly payment: £0-£250
Miss any payments: Yes, miss as many as you wish
Penalty-free withdrawals: One withdrawal per calendar year (including account closure) without notice or loss of interest, subject to the minimum balance of £100 being maintained
Age of applicant: At least 18 years old
How to open account: Branch, online or post
Special conditions: Account matures 2nd February 2025. The maximum monthly deposit is £250 per month up to a maximum balance at the end of the term of £6,000, plus accrued interest credited to the account.
Interest rate: 3.5% gross p.a. fixed
Monthly payment: £0-£500
Miss any payments: Yes, miss as many as you wish
Penalty-free withdrawals: No withdrawals at all until 14th March 2024
Age of applicant: At least 18 years old
How to open account: Online
Special conditions: Account matures 14th March 2024. Account balance must not exceed £7,500.
Accounts available to all UK residents but has to be opened in branch
Interest rate: 3.5% gross p.a. fixed until 30th November 2024
Monthly payment: £0-£500
Miss any payments: No stated penalty for missing any payments
Penalty-free withdrawals: No withdrawals until 30th November 2024
Age of applicant: At least 16 years old
How to open account: Branch only
Special conditions: Account matures 30th November 2024. Account balance must not exceed £12,500.
Interest rate: 3.5% gross p.a. fixed
Monthly payment: £10-£150
Miss any payments: Can miss as many payments as you wish
Penalty-free withdrawals: No withdrawals permitted, but account can be closed early without penalty
Age of applicant: Up to 17 years old
How to open account: Branch or post
Special conditions: Deposits by standing order should leave the sending account by the 20th of the month. This account matures after 3 years.
Penrith BS Junior Affinity Regular Saver (children only)
Interest rate: 3.45% gross p.a. variable (new interest rate first noted by me on 4th September 2022)
Monthly payment: £5-£100
Miss any payments: Yes, you can miss as many as you like
Penalty-free withdrawals: A maximum of two withdrawals per year (January to December) of any amount leaving the minimum balance of £5.
Age of applicant: Aged 0 - 16
How to open account: Branch or post
Special conditions: This is a 5 year fixed account. A payment of 0.5% p.a. will be made to Penrith RUFC Juniors or Penrith and District Red Squirrels Group.
Accounts only for people who live locally or existing members
Bath BS 16-25 Regular Saver
Interest rate: 6.35% gross p.a. variable from 1st February 2023
Monthly payment: £10-£50
Miss any payments: Yes, just as long as you do not miss two consecutive months' payments in a row
Penalty-free withdrawals: Yes, two per calendar year
Age of applicant: Aged 16-25
How to open account: Branch or by post (the application form can be downloaded from their website)
Accounts available to all UK residents
Interest rate: 4.5% gross p.a. fixed
Monthly payment: £25-£250
Miss any payments: Yes, miss as many as you like
Penalty-free withdrawals: No withdrawals except for account closure
Age of applicant: Age 16 years old or older
How to open account: Branch, online or telephone
Special conditions: They will open an Everyday Saver account as part of this application. After 12 months any money you’ve saved in your Regular Saver plus interest will transfer into your Everyday Saver account and your Regular Saver will renew for another 12 months.
Interest rate: 4.3% gross p.a. variable from 1st February 2023
Monthly payment: £1-£250
Miss any payments: No
Penalty-free withdrawals: Yes, one penalty-free withdrawal allowed
Age of applicant: Age 16 years old or older
How to open account: Branch or post
Special conditions: They will open an Everyday Saver account as part of this application. After 12 months any money you’ve saved in your Regular Saver plus interest will transfer into your Everyday Saver account and your Regular Saver will renew for another 12 months.
Interest rate: 4% gross p.a. variable from 6th January 2023
Monthly payment: £0-£500
Miss any payments: Yes
Penalty-free withdrawals: If the interest rate is reduced then you can withdraw your money within 30 days of the notification of interest rate reduction without penalty. Otherwise, any withdrawals before maturity incur a 30 day loss of interest.
Age of applicant: Age 16 or over
Special conditions: Payment has to be made in line with the account opening date, e.g. if you opened the account on 25th January then you would have to make your first deposit between 25th January and 24th February and your second month would start on 25th February. You cannot transfer in money from another Coventry BS account. You can only have one version of a regular saver account at a time.
Principality BS 1 Year Regular Saver Bond (Issue 31)
Interest rate: 4% gross p.a. fixed
Monthly payment: £0-£250
Miss any payments: Yes, as many as you wish
Penalty-free withdrawals: Penalty-free account closure allowed but otherwise no withdrawals until account maturity
Age of applicant: Age 16 or over
Special conditions: Maximum deposits £3,000 in total.
Interest rate: 4% gross p.a. fixed
Monthly payment: £1-£50
Miss any payments: No stated penalty for missing any payments
Penalty-free withdrawals: Yes, one per month
Age of applicant: At least 16 years old
How to open account: Branch, online or post
Special conditions: You can only hold one Regular Saver or Small Saver per customer, be it held in sole or joint name(s), with Saffron Building Society at a time.
Interest rate: 5% gross p.a. fixed
Monthly payment: £10-£100
Miss any payments: Yes, as many as you like
Penalty-free withdrawals: No withdrawals permitted except for early closure of the account
Age of applicant: Aged up to 15 years old (but the account can continue beyond the child's 15th birthday)
How to open account: Branch or online (but account can only be operated in branch)
Monthly payment: £0-£250
Miss any payments: Yes, no stated penalty for missing any payments
Penalty-free withdrawals: None, and no withdrawals are permitted until account maturity but early closure is allowed with interest paid at a very low interest rate
How to open account: Branch
Special conditions: Account matures 1 year after opening. Maximum balance £3,000.
Monthly payment: £25-£500
Miss any payments: No, you must not miss any payments
Penalty-free withdrawals: Yes, as many as you wish
How to open account: Branch
Accounts available to all UK residents
Interest rate: 5% gross p.a. (5.12% AER) variable up to £5,000 then 0.65% above £5,000 from 31st January 2023
Monthly payment: £1-£150
Miss any payments: No stated penalty for missing a payment
Penalty-free withdrawals: Yes, as many as you wish. No interest paid in the month the account is closed.
Age of applicant: 18 years or over
How to open account: Online or using the bank's app
Special conditions: You must have a current account with them. Open to any UK resident.
Interest rate: 5% gross p.a. (5.12% AER) variable up to £5,000 then 0.65% above £5,000 from 31st January 2023
Monthly payment: £1-£150
Miss any payments: No stated penalty for missing a payment
Penalty-free withdrawals: Yes, as many as you wish. No interest paid in the month the account is closed.
Age of applicant: 18 years or over
How to open account: Online or using the bank's app
Special conditions: You must have a current account with them. Open to any UK resident.
Accounts only for people who live locally or existing members
No accounts in this category at the moment.
Accounts available to all UK residents
Interest rate: 7% gross p.a. fixed
Monthly payment: £25-£300
Miss any payments: No
Penalty-free withdrawals: No, you can close the account early with all interest paid at their standard variable Saving Account interest rate
Age of applicant: Not stated
How to open account: Online or by telephone
Special conditions: If you pay in less than £300 per month then you can make up the extra amount in future months - your maximum balance goes up by £300 per month. You must hold a First Direct current account for as long as you hold this account. As discussed in posts 1484 and 1488 of the old regular savings thread, you can open up a new regular saver account online or by telephone as soon as the old one has matured. The matured account will still appear on the online banking on maturity day, but you will be able to apply for a new Regular Saver on the same day within internet banking.
Interest rate: 5.25% gross p.a. fixed
Monthly payment: £25-£400
Miss any payments: Yes, miss as many as you wish
Penalty-free withdrawals: Yes, as many as you wish
Age of applicant: Age 16 years old or older
How to open account: Branch, online or telephone
Special conditions: You must have a Club Lloyds account. There is nothing to stop you having this account and a Lloyds Monthly Saver at the same time (and many MSE Forum Users have both accounts). You can only open one Club Lloyds Monthly Saver every 12 months. If you close the account within 12 months of opening it, you won’t be able to open another one until after the anniversary date.
Interest rate: 5% gross p.a. fixed
Monthly payment: £25-£250
Miss any payments: No stated penalty for missing any payments
Penalty-free withdrawals: Yes, as many as you wish
Age of applicant: Aged 16 years or over
How to open account: Branch or online
Special conditions: You must have a TSB current account. The maximum amount you can pay into this account is £3,000. If you close your Monthly Saver before the end of the 12 month term, you won't be able to open another account before the first anniversary of this account.
Interest rate: 5% gross p.a. fixed
Monthly payment: £25-£250
Miss any payments: No
Penalty-free withdrawals: No, you can close the account early with all interest paid at their standard variable Flexible Saver Account interest rate
Age of applicant: Not stated
How to open account: Online or by telephone
Special conditions: If you pay in less than £250 per month then you can make up the extra amount in future months - your maximum balance goes up by £300 per month. You must have one of the following HSBC current accounts: HSBC Premier, HSBC Advance, Bank Account, Bank Account Pay Monthly, HSBC Student Bank Account or Graduate Bank Account which you must maintain for the 12 month duration.
Interest rate: 4.5% gross p.a. fixed
Monthly payment: £25-£250
Miss any payments: Yes, miss as many as you like
Penalty-free withdrawals: Yes, as many as you like
Age of applicant: Age 16 years old or older
How to open account: Branch, online or telephone
Special conditions: You must have a Lloyds current account. There is nothing to stop you having this account and a Club Lloyds Monthly Saver at the same time (and many MSE Forum Users have both accounts). You can only open one Lloyds Monthly Saver every 12 months. If you close the account within 12 months of opening it, you won’t be able to open another one until after the anniversary date.
Interest rate: 4.5% gross p.a. fixed
Monthly payment: £25-£250
Miss any payments: Yes, miss as many as you like
Penalty-free withdrawals: Yes, but any missed payments cannot be made up at a later date
Age of applicant: Age 16 years old or older
How to open account: Branch, online or telephone
Special conditions: You must have a Bank of Scotland current account. If you close the account early, you won’t be able to open another one until a year after you opened the account.
Accounts only for people who live locally or existing members
Interest rate: 4.5% gross p.a. variable from November 2022
Monthly payment: £25-£250
Miss any payments: Yes, you can miss one payment per subscription year
Penalty-free withdrawals: Yes, you can make one withdrawal per subscription year
Age of applicant: Age not specified
How to open account: Branch or online
Special conditions: Maximum balance £15,000. This account is available to open for Cumberland Plus current account customers only who live in the Cumberland BS operating area.
Cambridge BS Reward Regular Saver (Issue 2)
Interest rate: 4% gross p.a. fixed
Monthly payment: £0-300
Miss any payments: Yes, miss as many payments as you wish
Penalty-free withdrawals: No withdrawals, except for account closure with a 90 day interest penalty.
Age of applicant: Age 16 or over
How to open account: Branch, phone or post
Special conditions: Maximum balance £3,600. You must have held a savings or mortgage account with Cambridge BS for at least 12 months. You may only hold one Regular Saver account with the Society at any one time (this includes their Regular Saver, Reward Regular Saver and Extra Reward Regular Saver).
Accounts available to all UK residents
Monthly payment: £0 - £300
Miss any payments: No stated penalty for missing any payments
Penalty-free withdrawals: Yes, one (and also account closure)
Age of applicant: Aged 16 or over
How to open account: Branch, online or post
Special conditions: This account matures on 31st October 2023. Maximum balance £3,000. For security reasons, online withdrawals are not available for the first 14 days after your account has been opened. After 14 days withdrawals can be made from your account at any time on condition that there are sufficient cleared funds in your account and that you maintain the minimum balance of £1.
Accounts only for people who live locally or existing members
Accounts available to all UK residents
Monthly payment: £0-£1,500
Miss any payments: Miss as many payments as you wish
Penalty-free withdrawals: Yes, 3 per calendar year
Age of applicant: Aged 18 or over
How to open account: Branch or agency only, or online only depending which of the above accounts you select
Special conditions: Maximum balance £25,000. You can only open this account if you do not own or have not previously owned a property. You can’t have more than one of this issue number of the First Home Steps Account in your name. On the fifth anniversary of opening the account, they will move your money to their Instant Access Account or the nearest equivalent we offer at the time. If you complete on a Principality Building Society residential mortgage on your first home in England or Wales and your First Home Steps Account has been open between 1 and 5 years, with at least the minimum balance, you may be eligible for a Celebratory Bonus of £500 (see your First Home Steps Account account terms). The Celebratory Bonus will be paid into your First Home Steps Account on completion of the mortgage.
Bath BS Homestart Regular Saver
Interest rate: 3.49% gross p.a. variable from 1st February 2023
Monthly payment: £50-£250
Miss any payments: Yes, as long as you do not miss payments for two consecutive months
Penalty-free withdrawals: Yes, you can make two withdrawal per calendar year
Age of applicant: Aged 18-34
How to open account: Branch or post
Special conditions: Maximum balance £57,000. Payments from other Bath BS accounts are not allowed.
Accounts only for people who live locally or existing members
Interest rate: 3.4% gross p.a. variable from November 2022
Monthly payment: £10-£1,500
Miss any payments: Yes, as long as you do not miss payments for two consecutive months
Penalty-free withdrawals: Yes, provided you give 90 days' notice (otherwise you lose 90 days' interest) or penalty free immediately if you are withdrawing money for a deposit on a home with a Cumberland BS mortgage
Age of applicant: Aged over 16
How to open account: Branch
Special conditions: Maximum balance £25,000. You must be a first time home buyer, have a Cumberland BS current account and live in their operating area.
Hanley Economic BS Home Deposit Saver
Interest rate: 3.3% gross p.a. / AER variable from 1st July 2022
Monthly payment: £100-£500
Miss any payments: Can miss 2 payments per year (1st September to 31st August)
Penalty-free withdrawals: A penalty equivalent to 180 days loss of interest will be applied if the funds be withdrawn for any other reason than for a house deposit
Age of applicant: Not stated
How to open account: Branch or post
Special conditions: You must live within 25 miles of the Society’s Head Office, postcode region ST1 5TB. Maximum balance £50,000. Instant access is permitted penalty free providing the funds are withdrawn for a house deposit linked to a mortgage with The Hanley.
These are accounts where you can leave a large lump sum and drip feed the money into your regular savers each month. Certain accounts are not listed here as they cannot transfer money directly to regular savings accounts.
Accounts available to all UK residents
Nationwide FlexDirect Account
Paying 5% fixed for 12 months on £1,500 (and then 0.25% interest). This is a current account. You need to pay in £1,000 per month. Note that it is no longer possible to continue getting 2% on this account after 12 months by downgrading and upgrading the account.
Chase Saver Account
Paying 3% AER (2.96% gross) variable from 13 February 2023 and MSE forum members report you can pay standing orders and direct debits from this account, and that standing orders work over the weekend.
Accounts only for people who live locally or existing members
No accounts in this category at the moment.