Best fixed monthly saver

Groundhog22

Hi I’ve recently had to cancel my medical insurance owing to chronic conditions not being covered and premiums skyrocketed.  I’d like to put the money into a fixed monthly saver with a view to keeping these monies for medical stuff if needed ( very very long backstory ).
what’s the best fixed monthly long term savings account please ? 

ColdIron

Not table topping rates but you could look at NS&I Guaranteed Income Bonds. 1 - 5 years fixed that pays monthly

https://www.nsandi.com/products/guaranteed-income-bonds

flaneurs_lobster

By fixed, do you mean a fixed amount each month or a fixed interest rate?

By long term, do you mean being unable to access these funds for 1,2....5 years?

nottsphil

They start at 7.5% here. 
https://forums.moneysavingexpert.com/discussion/6576962/the-top-regular-savers-discussion-thread/p1

nottsphil

ColdIron said:

Not table topping rates but you could look at NS&I Guaranteed Income Bonds. 1 - 5 years fixed that pays monthly

https://www.nsandi.com/products/guaranteed-income-bonds

These are lump sum bonds paying monthly interest, ie the opposite of the OP's requirements! 
S/he wants to put the money used for medical insurance premia into a regular savings product. 

ColdIron

It's not clear, to me at least. Perhaps the OP will clarify. Few regular savers will be long term

Kim_13

A fixed rate ISA would be next on the list, after the likes of Principality, Lloyds, Halifax, TSB that are fixed rate Regular Savers that allow access via early closure with no interest penalty. Also Skipton to an extent - it's linked to the base rate.

Most Fixed Rate ISAs will have a penalty for early access, but with many you can choose to only withdraw and take the penalty on the amount that you need. The advantage of these accounts besides being tax free is that they can take larger sums than Regular Savers.

Groundhog22

Sorry for my lack of clarity 
I want to pay in a monthly amount (£400) over a long term that’s not easy access , thank you 

friolento

You can do what you want to do with any account. The ones with the best rates usually mature after 12 minths, and you can then start again. You could also build a ladder of Regular Savers, so you have one maturing every month, for example

moneyfactscompare.co.uk lists all accounts available at any point in time 

Kim_13

Groundhog22 said:

Sorry for my lack of clarity 
I want to pay in a monthly amount (£400) over a long term that’s not easy access , thank you 

The only fixed Regular Saver I can think of that will take £400 per month is Lloyds Club, otherwise you would have to combine accounts e.g. Halifax at £250 and Principality Christmas 2026 at £150.

There are Regular Savers that will take £500 per month, such as Momouthshire Issue 8, but these aren't fixed rate and usually only have to give 14 days notice to reduce the interest they pay.

clairec666

Depends what you mean by "long term".

Usually fixed rate accounts have a limited funding window, so wouldn't be compatible with your need for monthly deposits. Some regular savers are fixed rate, and by their nature allow funds to be added each month. Regular savers will give you the best interest rate, but after a year they will mature and you will have to find a new home for your money. At this point you can transfer the matured savings to an ISA and start again with a new regular saver.

If this sounds like too much admin, and you would prefer to just keep paying into the same account continually, then you could put the money into an ISA or other saving account (depending on your tax situation). You are unlikely to find a suitable account that is fixed rate though.