The Financial Services Compensation Scheme (FSCS) guarantees that it will step in to compensate the first £120,000 you have saved with a UK-authorised bank, building society or credit union in the event that the business goes bust.
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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.
As the name suggests, a regular savings account involves setting money aside on a regular basis. So you typically 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).
Saving in this way can be 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.
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.
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:
| Rates up to | 7.5% AER |
|---|---|
| Number of accounts | 72 |
| Number of brands | 47 |
| Minimum monthly contribution | £0 |
| Maximum monthly contribution | £3,000 |
| Opening options | Branch, website, mobile app, post, telephone |
Regular savings accounts generally come with higher interest rates than other savings accounts, but low monthly deposit limits means they might not be the best option if you have a lump sum you want to save. However, you can still maximise the interest you get on a lump sum by drip feeding it from an easy access account.
Essentially, you need to put the lump sum in a high-interest easy access account, so it’s earning interest from the start. When you open the regular saver, you take out the maximium monthly deposit from that account, then put it in the regular saver at the start of the term (usually 12 months) and every month after that. You’ll then earn more interest by doing this than if you just left it in the easy access account for the full term.
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.
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