Best regular savings accounts UK 2023

If you’d like to squirrel a set amount away every month and get rewarded handsomely, then a regular savings account could be the option you’re looking for with rates starting from 7%.

Putting your money into a regular savings account for a set time period is a great way to reach a savings goal. Numerous accounts are available, so use this guide to the best regular savings accounts to decide which one best suits your own needs and goals.

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Is my money safe?

The Financial Services Compensation Scheme (FSCS) guarantees that it will step in to compensate the first £85,000 (£170,000 for a joint account) you have saved with a UK-authorised bank, building society or credit union in the event that the business goes bust.

Compare regular savings accounts

Table: sorted by interest rate
Name Product AER Save Notice Interest paid Deposit protection Incentive Apply link
Additional account needed
OFFER
first direct – Regular Saver Account
7% fixed for 1 year (on first £3,600)
£0 to £300 per month
1 year bond
On maturity
FSCS logo
protected
To get access to this savings account, you must have or open a first direct current account. first direct currently has a £175 switching deal.
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Bath Building Society – 16-25 Regular Saver
Bath BS – 16-25 Regular Saver
6.35% variable (on first £7,000)
£0 to £50 per month
Instant
Yearly
FSCS logo
protected
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Lloyds Bank – Club Lloyds Monthly Saver
5.25% fixed for 1 year (on first £4,800)
£0 to £400 per month
1 year bond
Anniversary of account opening
FSCS logo
protected
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NatWest – Digital Regular Saver
5.12% variable (on first £5,000)
£0 to £150 per month
Instant
Monthly
FSCS logo
protected
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Royal Bank of Scotland – Digital Regular Saver
5.12% variable (on first £5,000)
£0 to £150 per month
Instant
Monthly
FSCS logo
protected
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Nationwide BS – Start to Save Issue 2
5% variable (on first £1,200)
£0 to £50 per month
2 year bond
Anniversary of account opening
FSCS logo
protected
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TSB – Monthly Saver
5% fixed for 1 year (on first £3,000)
£0 to £250 per month
1 year bond
On maturity
FSCS logo
protected
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Principality BS – Christmas 2023 Regular Saver Bond
5% fixed for 1 year (on first £1,500)
£0 to £125 per month
1 year bond
On maturity
FSCS logo
protected
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HSBC – Regular Saver
5% fixed for 1 year (on first £3,000)
£0 to £250 per month
1 year bond
On maturity
FSCS logo
protected
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Hinckley & Rugby Building Society – Regular Saver 30 Day Notice Account
Hinckley & Rugby BS – Regular Saver 30 Day Notice Account
4.75% variable (on first £12,000)
£0 to £500 per month
30 days
Yearly
FSCS logo
protected
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Lloyds Bank – Monthly Saver
4.5% fixed for 1 year (on first £3,000)
£0 to £250 per month
1 year bond
Anniversary of account opening
FSCS logo
protected
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Yorkshire Building Society – Christmas 2023 Regular Saver
4.5% variable (on first £3,000)
£0 to £300 per month
31.10.23
On maturity
FSCS logo
protected
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Halifax – Regular Saver
4.5% fixed for 1 year (on first £3,000)
£0 to £250 per month
1 year bond
Anniversary of account opening
FSCS logo
protected
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Bank of Scotland – Monthly Saver
4.5% fixed for 1 year (on first £3,000)
£0 to £250 per month
1 year bond
Anniversary of account opening
FSCS logo
protected
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Yorkshire Building Society – Christmas 2023 Regular e-Saver
4.5% variable (on first £3,000)
£0 to £300 per month
31.10.23
On maturity
FSCS logo
protected
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Furness Building Society – 1 Year Regular Saver Issue 5
Furness BS – 1 Year Regular Saver Issue 5
4% variable (on first £3,000)
£0 to £250 per month
1 year bond
Anniversary of account opening
FSCS logo
protected
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Cambridge Building Society – Reward Regular Saver (Issue 2)
Existing members only
Cambridge BS – Reward Regular Saver (Issue 2)
4% fixed for 1 year (on first £3,600)
£0 to £300 per month
1 year bond
On maturity
FSCS logo
protected
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Coventry BS – Regular Saver (5)
4% variable (on first £6,000)
£0 to £500 per month
1 year bond
Anniversary of account opening
FSCS logo
protected
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Saffron BS – Small Saver (Issue 7)
4% fixed for 1 year (on first £600)
£0 to £50 per month
1 year bond
On maturity
FSCS logo
protected
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View details
Monmouthshire Building Society – Regular Saver Bond - Issue 8
Monmouthshire BS – Regular Saver Bond - Issue 8
3.75% fixed for 1 year (on first £3,000)
£0 to £250 per month
1 year bond
On maturity
FSCS logo
protected
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Compare up to 4 providers

What is a regular savings account?

As the name suggests, a regular savings account involves setting money aside on a regular basis. So you pay money into the account every month, for a set period of time.

Both the amount of money and the time period required will vary depending on which provider you go with, but there are options where you can choose to save relatively small amounts (even as low as £1 a month).

Some people opt for this obligation to save money every month, as it’s a great way to build up savings at an affordable pace.

Another upside of these accounts is that they usually attract higher interest rates than both easy access savings accounts and notice savings accounts.

Can I access my money at any time with a regular savings account?

Potentially not. The downside of a regular savings account is that there may be restrictions on withdrawing the funds that you have saved. This is especially true of regular savings bonds.

Access and notice terms vary from product to product, and while it may be a simple case of instant access or no access at all, there can be several “inbetween” options too. For example, some products will allow you to make a limited number of withdrawals over a set timeframe. Others might require a specified number of days of notice to relinquish your funds.

If you do take money out when the account conditions don’t allow you to, or if you miss a regular savings payment, there may be financial penalties involved – typically foregoing interest.

Best regular savings accounts: how to choose

What turns out to be the “best” regular savings account for you will depend on your individual needs, so here are some pointers to consider before you choose one:

  • What’s the interest rate? This is the big one when you’re looking to generate a return on your savings (in addition to setting money aside), so research which provider is offering the best rate in the market.
  • Is the rate fixed or variable? Although savings rates don’t typically jump around from day to day, you may prefer the certainty of a fixed rate. Note that a fixed rate will only ever be fixed for a set period, and after that the revert rate is usually significantly worse (so fixed rates can be great for the short-term but require you to switch in the longer term).
  • Does the rate apply to the full balance? Commonly, the headline rate will apply to the first £x, and thereafter a lower rate will apply.
  • What monthly contributions are allowed? If there’s an obligation to pay a set amount every month, you need to make sure that’s affordable. Conversely, if there’s a maximum on what you can pay in each month, is it high enough? And can you make additional payments if you’re having a good month?
  • How easily can you access your funds? On some of the top-paying products, you may not be able to withdraw your savings for a set period of time (or will only have very limited access – say a set number of withdrawals per year or a set number of days notice required to make withdrawals), so be confident you can afford to tie your money up for the specified timeframe.
  • Am I eligible? In a few rare cases, you may need to be an existing customer, or perhaps hold your current account with the savings account provider.
  • How is the account opened and operated? Can you open the account online if you’d prefer not to visit a branch (or maybe you prefer the face-to-face experience)? Can you track and manage your account online or through an app?

Pros and cons of a regular savings account

Pros

  • The interest rates on offer can be better than for traditional, easy-access and notice savings accounts.
  • The need to pay money in regularly will help build up your savings pot. Regular savers are a great way to hit specific savings goals within a timeframe of your choosing.
  • The amount you’re required to save each month can be very low.
  • You may also be able to make additional contributions as and when it suits you.

Cons

  • You’ll usually have to make the regular contributions or face a penalty (generally forfeiting interest).
  • You’re often obliged to keep money locked in for a set period of time and might not be able to withdraw without a penalty.
  • The amount you can save each month will usually be capped.
  • Regular saver accounts rarely come with ISA wrappers.

Bottom line

A regular savings account can be a great option if you’re looking to get better at saving. But you’ll need to be prepared to put a set amount aside each month, typically for a year, and potentially be happy to leave those funds untouched for that time.

If you’d prefer to be able to access your funds, an easy access savings account will likely be more suitable. Or, if you have a lump sum to invest and you are happy to lock it away for a set time, a fixed rate bond might be better.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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