Compare regular savings ISAs

Looking to open a cash ISA? Find out whether a regular savings ISA could be right for you.

Cash ISAs are a tax-efficient way to save money and, just like standard savings accounts, there are different types of cash ISA to choose from. This guide takes a closer look at regular savings cash ISAs.

Compare regular savings ISAs

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Name Product AER Save Notice Interest paid Deposit protection Open via Incentive Apply link
Hanley Economic Building Society – Cash ISA Regular Saver
Hanley Economic BS – Cash ISA Regular Saver
1.6% variable
£20 to £1,667 per month
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Open via: branch, post
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How do regular savings ISAs work?

Regular savings ISAs enable you to save money on a regular basis in a tax-free savings account. Most regular savings ISAs will have limits on the amount you can pay in each month – you might be required to pay in between £25 and £500, for example. However, this means they can be a useful option if you don’t have a lump sum to invest. Keep in mind that the maximum amount you can pay into an ISA overall is £20,000 for the 2022/23 tax year.

You’ll usually be required to make a set number of payments per year, and if you miss a payment, you may lose interest. Some regular savings ISAs will allow withdrawals, but others won’t. Some might restrict withdrawals so that you can only make 1 or 2 per year. If you go over this limit, you’re likely to pay a penalty, so make sure you check the terms and conditions carefully.

In return for these restrictions, you’ll usually earn a better rate of interest than you would with an easy access cash ISA, for example.

How to compare regular savings ISAs

When comparing regular savings ISAs, you’ll naturally want to look for the one that has the highest interest rate. But that’s not the only factor you should consider. It’s also important to ask yourself the following questions:

  • What are the minimum and maximum monthly contributions? Is this something you can comfortably meet?
  • Can you make withdrawals and if so, how many? Will this be enough for you?
  • What are the penalties for missing monthly payments or exceeding the withdrawal limit?
  • How can the account be opened and managed? Is it online only or can you pop into a branch?

By considering the above points, you’ll be able to find the most suitable regular savings ISA for you.

Are regular savings ISAs a good investment?

If you’re comfortable paying a set amount of money into your account each month and you don’t need regular access to your funds, regular savings ISAs can be a good option. What’s more, regular savings ISAs often pay higher rates of interest than easy access ISAs and don’t require you to have a lump sum to invest. Plus, you won’t need to worry about paying tax on any of the interest you earn.

Pros and cons of regular savings ISAs


  • Interest rates tend to be higher compared to easy access ISA accounts
  • You might be able to make a certain number of withdrawals per year
  • You can pay in small, regular amounts, helping you to get into the savings habit


  • There may be penalties for missing monthly payments or exceeding the withdrawal limits
  • There will be limits on the amount you can pay into the account, and this will likely be below the annual ISA allowance
  • There’s not a huge number of regular savings ISAs to choose from

Bottom line

If you’re looking to get into the savings habit and are prepared to pay a regular sum of money into a savings account each month, a regular savings ISA could be an option worth exploring. Just make sure you can meet the minimum deposit requirements and check whether there are any withdrawal restrictions before you sign up.

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