Best Regular Savings Accounts

Boost your interest with our regular savings accounts list.

Updated: December 4, 2023

If you save regularly, you could earn competitive interest rates of up to 7.5% with a traditional savings account.

One approach to saving is to put money into a savings account on a regular basis and leave it there for a certain amount of time. This article will help you choose the best regular savings account for your personal needs and goals.

Here, we review the best accounts and ways for generating more cash savings.

1. First Direct★★★★★Click Here
2. Skipton Building Society★★★★★Click Here
3. Lloyds Bank★★★★★Click Here
4. Royal Bank of Scotland★★★★Click Here
5. NatWest★★★★Click Here
6. Beehive Money★★★★Click Here
7. Halifax★★★★Click Here
8. Bank of Scotland★★★★★Click Here
9. HSBC★★★★★Click Here
10. Barclays★★★★★Click Here

At a Glance, Pros and Cons

Let’s look into the pros & cons of the UK’s top regular savings accounts?


✅ Interest rates offered can be better than time deposit and instant access savings accounts.

✅ Having to make consistent deposits will force you to save more money. Saver accounts are a terrific tool for reaching savings goals within a certain time period.

✅ Monthly savings requirements are often rather modest.

✅ Make extra payments whenever you see fit.


If you do not make your monthly payments, you could be penalized (often by losing interest).

Money is usually locked up for a certain amount of time, after which it may be withdrawn only at a cost.

There is often a limit on how much money you can set aside in a given month.

Rarely do standard savings accounts come with ISA packaging.

Top regular savings accounts — Reviews

For a predetermined period (often 1-2 two years), regular savers commit to depositing a specific amount of money each month (commonly between £10 and £500), building up a sizable sum over time. In exchange, the bank guarantees to pay you a regular rate of interest on the funds.

Pro Tip: Regular savings accounts are more attractive than regular savings accounts and current accounts since they often provide higher interest rates and promote encouraging you to manage your spending.

The caveat is that interest rates often only apply up to a maximum balance.

Find our favourite accounts below.

1. First Direct — Get £175 to switch at 7% AER

The usual saver rate at First Direct has doubled from 3.5-7%.

Each month, you can deposit anything from £25 to £300. But you must have a current account with First Direct to get the doubled rate. This rate is only guaranteed for a period of 12 months before it is subject to change.

If you do not already have a First Direct current account*, you may sign up for one right now by clicking on this link.

To be eligible for the switch incentive, you must be a new client who uses the bank's switching service and who is not an existing customer of either First Direct or HSBC from before January 2019. 

Why use ✔️ — The good news is that they provide a £175 cash incentive to anybody who switches to them. 

Why avoid ❌ — A minimum deposit of £1,000 is required during the first three months of account establishment. If you complete all the requirements, First Direct will deposit the bonus into your account within 28 days.

2. Skipton Building Society — APR 7.5%

Skipton's Member Regular Saver, with a maximum deposit of £250 per month, offers the best rate available.

Customers of Skipton Building Society's mortgage and savings products now have access to a new regular savings account paying 7.5%. We have not seen a rate this high on this sort of account in over a decade, so it really stands out.

You could earn up to 3.88% on easy-access accounts and 5.26% on one-year fixes with our Top savings accounts recommendations if you do not wish to save money regularly. 

The most important details are as follows:

You can put away up to £300 a month for 12 months. There is no minimum monthly deposit required, and you may deposit as often as you want per month. The same holds true for any leftover balance from the previous month. If you deposit £200 in one month, you will be able to deposit £300 in the next month (up until your monthly limit of £250 is renewed). 

If you put in the maximum each month, £250, you will get back £121 in interest. 

Withdrawing funds before the end of the year will result in the account being closed. You will get any interest accrued up to the time the account is closed.

There are a number of ways to open the account, including online, over the phone, via the mail, or in person. Information in its entirety may be found on Skipton's website. 

Why use ✔️ — This annual rate of 7.5% is guaranteed. When the account matures, you will get all accrued interest at once. After that, the money will be sent to an easy-access account with Skipton until you instruct it differently. The building society promises to notify you of the rate change and provide you the opportunity to choose an alternate account for the money to be deposited into.

Why avoid ❌ — You must be a current client of Skipton Savings and/or Mortgage to qualify. Only current clients may sign up for this account. To be eligible, you must have held a mortgage with Skipton on or before May 31st, 2023, or have a savings account with Skipton that has a balance of at least £1.

3. Lloyds Bank Monthly Saver — 6.25% AER

For those who want a fixed rate for a year, Lloyds is providing 6.25 percent on monthly deposits up to £400.

There is now no quick access account that can beat the 4 percent base rate, despite several banks increasing their rewards. One of Lloyds Bank's savings accounts now yields 6.25%, up from 5.25%, while other savings rates have been hiked by as much as 1.3%.

Club Lloyds is offering a 6.25 percent return to new clients who open a Club Lloyds Monthly Savers account by March 7th, as well as a £200 incentive to those who move to a Club Lloyds Platinum or Club Lloyds Silver account.

Lloyds is boosting the rate of its monthly saver from 4.5% to 5.25%, and the rate of its 1- and 2-year fixed accounts from 3.75% to 3.9%. First Direct's 1st Account offers 7% interest and a £175 switching incentive, which makes it a better option than the monthly savings rate of 6.25%.

Special Tip 📓: The Club Lloyds charge is £3 per month in addition to the £21 monthly fee for the Platinum Account and £10 monthly for Silver Accounts. If your monthly payments total £1,500 or more, they will gladly waive this fee. Deposits of £2,000 or more are required as of April 1, 2023.

Why use ✔️ — The account requires only a minimum monthly deposit of £25 and allows for unlimited withdrawals, making it ideal for those who value financial freedom. Your account will convert to a regular saving after a year, at which point you may shop around for a higher interest rate.

Why avoid ❌ — You must be a Lloyds Club member, have an existing Lloyds current account, and wait 12 months between opening this account and opening another Club Saver.

4. Royal Bank of Scotland's Online Classic Saver —  £200 to switch & 6.17% AER

You can add to your Digital Regular Saver with the change from every debit card purchase with only a monthly minimum contribution of between £1 and £150.

Customers who switch to Royal Bank of Scotland and activate the Round Ups feature, which rounds up each purchase made with a current account debit card to the nearest pound and deposits the difference into a savings account earning up to 5% interest, are entered into a separate drawing for a prize of £1,000.

Customers already on board may participate by activating Round Ups.

The Select and Reward accounts of the Royal Bank of Scotland are available to new clients who seek to switch. Customers who already have a Select or Reward account may upgrade to a Silver, Platinum, or Black Reward account.

Why use ✔️ — At an AER of 6.17%, customers who sign up for two Direct Debits every month and use online banking will get a monthly reward of £4. This would cost users an extra £36 a year, or £2 a month. Additionally, customers may take advantage of the frequent storewide cash-back promotions.

Why avoid ❌ — After a year, the account will convert to an immediate access savings account, at which point you may start looking for a new and higher rate, since the current fixed rate of 6.17% will no longer apply.

5. NatWest Digital Regular Saver — £200 to switch & 6.17% AER

The £200 incentive to transfer to NatWest or RBS reflects a ratcheting up of savings offerings in the UK.

You can open a NatWest Digital Regular Saver with up to £5k and a monthly deposit limit of £150 if you have a NatWest checking account. The account provides a rate of 6.17%. Over a £5,000 balance, the APR is 0.65%.

Unsecured overdrafts are subject to a variable rate of 39.49% EAR, with a maximum APR of £19.40 per month (based on creditworthiness).

The £200 will be deposited to your account in a week once those requirements have been satisfied. 

Why use ✔️ — If you switch to either the NatWest Reward or RBS Reward Account and deposit £1,250 and logs into its mobile app inside of 2 months of switching, you’ll get the reward.

Why avoid ❌ — Those who have already earned a switch bonus from the NatWest group are not eligible for the promotion. The monthly price for maintaining the reward account is £2, and you must be 18 or older and a resident of the United Kingdom to qualify.

6. Beehive Money Fixed Savings — 6% AER

This account requires a minimum of £10 to start, and savers may put away up to £250 every month for a full 12 months.

At this point in the review, it’s worth mentioning that financial experts have cautioned that the improvement in fixed rate accounts is of “no help” to poorer people with smaller cashflow, forcing them to accept lower return on their savings.

The Bank of England has raised its lending rate to banks 14 times since the end of 2021, but it has “limited” its passing on to immediate access savings accounts, which make up the bulk of consumer deposits.

Consumer organizations have cautioned that lower-income families may be unable to take advantage of the higher returns offered by fixed accounts since doing so would require them to forego the use of their savings for an extended period of time, which may be necessary in the event of an unexpected financial emergency.

Why use ✔️ — Any number of monthly instalments may be skipped, and additional contributions can be made during a given month up to the monthly limit. 

Why avoid ❌ — Keep it in there without touching it and you will get a lump amount of interest at the end of the period, but be aware that withdrawals are not allowed until the term finishes.

7. Halifax Standard Savings Account — 5.5% AER

Another of the bigger bank names. For this account, you must make a monthly deposit of at least £25 and no more than £250 on the 25th of each month.

To qualify for the normal saver's 5.5% fixed rate for a year, you must also open a Halifax Everyday Saver at the time of application. This means that after a year, your normal saver will renew for another year and your savings and interest will be transferred to the Everyday Saver.

Choose from the 4.2% AER Halifax Reward Bonus Saver and the 4% AER ISA Reward Bonus Saver.

A monthly complimentary lifestyle benefit is included in the account. Pick between £5 in your account, three digital magazines, and a free trip to Vue Cinema. Spend £500 per month on the debit card or maintain a balance of above £5,000 per month to be eligible for the bonus. In addition, your monthly payments must be at least £1,500.

Why use ✔️ — Save up to 15% in cash at participating stores. Choose from the 4.2% AER Halifax Reward Bonus Saver and the 4% AER ISA Reward Bonus Saver.

Why avoid ❌ — This account has a £3 maintenance cost each month.

8. Bank of Scotland Regular Saver — 5.5% AER

You may take advantage of this rate by setting down as little as £25 per month and as much as £250 per month, with no withdrawal penalties. However, any funds withdrawn cannot be redeposited.

After a year, the savings account will convert to one that gives you rapid access; at that point, you may want to start looking for a higher interest rate.

The Bank of Scotland, not to be confused with the Royal Bank of Scotland, was the earliest and oldest bank in Scotland. It was established nearly 300 years ago.

The bank is now a subsidiary of Lloyds Banking Group, although it has kept its Scottish name and traditions. It is one of the three banks in Scotland that may legally issue banknotes.

A Bank of Scotland savings account is universally accessible. The website has been designed to work well on any device, so there is no need for a separate mobile app.

Any sort of saver may find a suitable account at Bank of Scotland. Small emergency funds that can be accessed quickly. Individuals who want to save up for a certain period of time might choose a fixed-term loan. Junior versions available for the younger set.

Why use ✔️ — It provides a variety of savings account choices to meet the needs of different savers. If you are thinking about opening a savings account with Bank of Scotland, you should read this advice beforehand.

Why avoid ❌ — Not very visible on main streets. Since it lacks a significant presence on English high streets, customers who like personal interactions with their bank may want to go elsewhere.

9. HSBC Standard Savings — £200 & 5% AER

In December, HSBC increased the interest rate on its ordinary saved account from 1% to 5%. You can put aside between £25 and £250 every month in the ordinary savings account, for a total of up to £3,000. After 12 months, this rate may go lower if market conditions warrant it.

You need a current HSBC account to qualify for the 5% percent regular savings account, and you can get one right now.

A minimum of £1,500 must be deposited into the account within 60 days of creating the account, and at least two direct debits must be switched over, but the account is otherwise free.

The Current Account transition Service (CASS) may help you make the transition within 30 days following a successful account establishment. To create an Advance account, prospective customers must also be approved for an overdraft of at least £1,000.

Assuming all requirements are completed, you should expect to receive the £200 within 20 days.

Why use ✔️ — Customers who make the transfer from their current bank to an HSBC Advance or Premier Bank Account will get a £200 cash bonus.

Why avoid ❌ — In order to open an account, savers must deposit £1,500 and switch two or more Direct Debits or standing orders within 60 days. You cannot have established a current account with HSBC or any other bank after January 1, 2020.

10. Barclays Emergency Savings Account — 5.12% AER

Interest on deposits of up to £5,000 at Barclays is 5.12 per cent a year. You must be a Barclays customer and a Blue Rewards member to apply for this job.

Unlike some other accounts, it does not force you to save a certain amount every month. However, you may still choose to do so if that is what works best for you. The rate drops to 0.65% on balances beyond £5,000, making this option unattractive for anything over that amount.

Barclays has introduced a new savings account with a 5.12% interest rate in preparation for a “rainy day”.

The Barclays Rainy Day Saver, a new quick access savings account, is now available to Blue Rewards clients with 5.12% AER per year on balances up to £5k (or the equivalent in other currencies).

Why use ✔️ — The purpose of the Rainy Day Saver account is to encourage regular saving and prepare account holders for financial emergencies. For balances up to £5k, Blue Rewards clients may take advantage of a variable annual percentage rate of 5.12% AER.

Why avoid ❌ — To be eligible, you must have a monthly deposit of £800, be enrolled in online or mobile banking, and use a qualifying payment method. It costs £5 per month to join, but members who set up two or more recurring debits get £5 back every month. 

Britain’s top regular savings accounts — Buying Guide

Let’s explore these services further as a topic. 

What are regular savings accounts?

The name alone provides a hint. Monthly deposits are often required for ordinary savings accounts, and interest is typically given once per year. 

Higher interest rates are offered, but the restrictions on withdrawals, required monthly deposits, and maximum savings amounts are sometimes more onerous than those of more standard fixed or easy-access savings accounts. And the typical duration of the rate is just one year.

The goal of a regular savings account is to save money on a consistent basis, thus the name. That is why deposits into the account occur regularly and over time.

There are alternatives where you may select to save very modest amounts (even as little as £1 a month), but both the total amount and the time period necessary will vary depending on the service you decide with.

This monthly saving commitment is favoured by some because it allows for gradual but steady accumulation of funds. These accounts also often provide greater interest rates than both instant-access and notice-based savings accounts.

How do regular savings accounts work?

💡 A regular monthly deposit is required.

This is really important. There are savings accounts that require you to pay a minimum deposit each month in order to avoid the account being closed or the interest being forfeited.

Some types of regular saves enable you to miss the occasional payment, but you should try to avoid doing so if at all possible since you may not be able to make it up later and you will lose out on interest.

If you have a regular saver and find yourself unable to make your monthly payment, it is in your best interest to contact your provider to see if other arrangements may be made.

💡 Typically, the headline rate only applies for the first year, so be prepared to move after that.

The typical lifespan of a consistent saver is about a year or two. The funds are then transferred to a regular account that pays a substantially lower interest rate. After the term of your regular saver is over, it is important to remember to look about for better rates.

Beware! Keep an eye on your monthly saver's interest rate and be prepared to move your money elsewhere if the provider decides to modify it.

Leading regular savings accounts: The Verdict

If you want to start saving more, a traditional savings account is one option you should consider. On the other hand, you should be ready to set away a regular sum each month, usually for a year, and maybe even content to let those savings sit undisturbed for that period.

An easy-access savings account is recommended if you often need access to your money. Or, if you want to invest a large quantity of money and do not mind keeping it safe for a while, a fixed-rate bond might be a good option.

Optimizing Risk Management

Most regular savers' balances never approach £85,000 because of deposit limitations, so there is no need to worry about this. If you have additional savings accounts at the same bank, it is OK to keep more than £85k there. Learn the secrets to absolute security.

Related Guides:

Top-rated regular savings accounts — FAQs

How much insurance do regular savings accounts have?

With a standard savings account, do I have access to my money at all hours?

Is it safe to keep my funds in a conventional bank account?

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Mentioned Banks

About Barclays Bank Barclays is a British multinational investment bank and financial services company. It was founded in 1690 and is headquartered in London. Barclays originated...
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About HSBC Bank HSBC is a British banking and financial services company. It is the largest bank in Europe and the seventh largest bank in the world. The bank originated in Hong Kong...
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About Lloyds Bank Lloyds Bank is a British retail and commercial bank. One of the ‘Big Four’ clearing banks, it was founded in Birmingham in 1765. It is the largest retail bank...
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About RBS RBS, or Royal Bank of Scotland, is a retail banking subsidiary of the Royal Bank of Scotland Group. The Group’s other retail subsidiaries are NatWest and Ulster Bank....
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About First Direct First Direct is a retail bank based in the United Kingdom, headquartered in Leeds. It is a telephone and internet-based bank, with no physical branches, and...
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About Bank of Scotland Bank of Scotland is a commercial clearing bank based in Edinburgh. Not to be confused with Royal Bank of Scotland, it was established in 1695 and is one...
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About Havin Bank Havin Bank, formerly known as Havana International Bank, or HIB, was founded in the United Kingdom in 1972. It received its banking authorisation the following...
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NatWest, or National Westminster, is a retail and commercial bank based in the United Kingdom. It is one of the ‘Big Four’ UK clearing banks and has more than 7.5million personal banking...
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About Halifax Formerly known as Halifax Building Society, Halifax is a British bank. It is named after the town in West Yorkshire where it was founded in 1853 as a building...
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About The Skipton Building Society was created in 1853. It is the UK's 4th largest building society and has over 1 million members and 100 branches. Its most notable subsidiary is the...
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