Best Regular Savings Accounts

Boost your interest with our regular savings accounts list.

Updated: May 18, 2024
Matt Crabtree

Written By

Matt Crabtree

Rachel Wait

Edited By

Rachel Wait

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Certain savings accounts are designed to encourage you to save regularly. With these regular savings accounts, you'll usually be required to pay a set amount into your account on a monthly basis for a period of one year.

In return, you'll receive a competitive rate of interest on that money.

This article will help you choose the best regular savings account for your personal needs and goals.

1. Nationwide★★★★★Learn more
2. First Direct★★★★★Learn more
3. Skipton Building Society★★★★★Learn more
4. Lloyds Bank★★★★★Learn more
5. Royal Bank of Scotland★★★★Learn more
6. NatWest★★★★Learn more
7. Halifax★★★★Learn more
8. Bank of Scotland★★★★★Learn more
9. HSBC★★★★★Learn more
10. Santander★★★★★Learn more

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 other types of savings account.

✅ They can encourage you to save more money as you'll need to pay in regularly.

✅ Monthly savings requirements are often rather modest.


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

You might not be able to withdraw your money during the term of the account.

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

Accounts usually expire after 12 months.

Best Regular Savings Accounts in 2024

With a regular savings account, you'll usually need to pay in somewhere between £25 and £400 each month, depending on the provider.

This is typically for a term of 12 months, although some regular savers run for longer. After that time, your money will often be transferred to an easy access account with the same provider.

In return, you'll receive a competitive rate of interest, which is often higher than you'll find on easy access accounts and some fixed rate bonds.

But remember you are limited to the amount you can save each month. Another big catch is that many regular savings accounts require you to hold a current account with the provider.

1. Nationwide Flex Regular Saver — Market-leading rate of 8%

If you're a Nationwide current account holder, you can open the Flex Regular Saver account and earn a top rate of 8.00% AER. Note that this rate is variable.

You can pay in up to £200 a month, and you can make up to three withdrawals during the account term without loss of interest. If you make four or more withdrawals, your rate will drop to 2.15% AER.

The account lasts for 12 months, after which point your money will be moved to an instant access account with Nationwide.

Why use ✔️ — Receive a market-leading rate of 8.00% AER and access your money if needed.

Why avoid ❌ — You must hold a Nationwide current account and you can only pay in up to £200 a month. Interest rate is variable so could change.

2. First Direct — Earn a fixed rate of 7%

This regular saver account requires you to pay in between £25 and £300 each month, and you'll get a top rate of 7% AER in return. This rate is fixed.

However, you will need to have a current account with First Direct to qualify for the regular saver. If you switch to a First Direct current account, you can currently receive a £175 cash bonus (T&Cs apply).

The regular saver account lasts for 12 months and if you don't pay in the maximum amount in any month, you can carry over the remaining allowance to pay in in future months.

You won't be able to access your money during the 12-month period and once the 12 months are up, your funds will be transferred to a standard savings account.

Why use ✔️ — The account pays a competitive fixed rate of 7.00% AER.

Why avoid ❌ — You must be a First Direct current account holder to qualify.

3. Skipton Building Society — 7% AER

Skipton's Member Regular Saver will only be suitable if you have been a Skipton member since before 11 January 2024.

If you qualify, you can access a top rate of 7.00% AER fixed for 12 months. You'll need to pay in up to £250 a month and withdrawals are not permitted.

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.

If you don't pay in the full £250 in any one month, you can roll any unused allowance over to future months.

There are a number of ways to open the account, including online, over the phone, via the mail, or in person.

Why use ✔️ — Offers a fixed rate of 7.00% AER.

Why avoid ❌ — You must be a current member of Skipton Building Society. Withdrawals are not permitted.

4. Lloyds Bank Monthly Saver — 6.25% AER

Lloyds Bank offers a fixed rate of 6.25% AER on this regular saver account.

However, once again, it's only available to existing customers — you must have a Club Lloyds current account to qualify and must not have opened a Monthly Saver in the past 12 months.

There are a number of Club Lloyds current accounts that qualify, but they all charge a monthly fee.

You can save between £25 and £400 a month into your Monthly Saver for 12 months. However, unlike many regular savers, you can withdraw money when you need to without penalty. The account can be managed online, in app, over the phone or in branch. After 12 months, your money will be transferred to a Standard Saver account. You can then open another Monthly Saver if you wish.

Why use ✔️ — You can pay in up to £400 a month and withdraw cash without penalty.

Why avoid ❌ — You must be a Club Lloyds member to open it.

5. Royal Bank of Scotland Digital Regular Saver — Earn 6.17% AER

Open this account from RBS and you can pay in between £1 and £150 a month by standing order. Note that the maximum payment of £150 is lower compared to some of its competitors.

In return, you'll earn an interest rate of 6.17% AER, but bear in mind that this rate is variable so could change. You'll earn a lower rate of 1.75% on balances over £5,000. You must have an RBS current account to qualify.

Customers who switch to Royal Bank of Scotland can 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. This can include your Regular Saver and it won't count towards your monthly £150 limit.

You can withdraw funds whenever you want to.

Why use ✔️ — You can make withdrawals penalty-free and Round Up deposits don't count towards your monthly payment.

Why avoid ❌ — You can only pay in up to £150 a month (excluding Round Up deposits). You must be an existing customer.

6. NatWest Digital Regular Saver — 6.17% AER

This account works in the same way as the RBS Digital Regular Saver. It pays a variable rate of 6.17% AER on balances up to £5,000 and 1.75% on anything over this.

You must have a NatWest current account and you can pay in between £1 and £150 a month. Again, you can also use the Round Ups feature to boost your deposits.

Withdrawals can be made from this account without penalty.

Why use ✔️ — Minimum deposit of just £1 required and you can withdraw cash without penalty.

Why avoid ❌ — You can only pay in up to £150 a month (excluding Round Up deposits). You must be an existing customer.

7. Halifax Regular Saver Account — 5.5% AER

With this account, you must make a monthly deposit of at least £25 and no more than £250 each month.

In return, you'll get a rate of 5.5% AER fixed for 12 months. When you open the account, an Everyday Saver account will be opened on your behalf at the same time. After a year, your Regular Saver savings, plus interest, will be transferred into your Everyday Saver account. Your Regular Saver will then renew for another year.

The interest paid on the account is fixed, but you won't be able to make any withdrawals during the term.

Why use ✔️ — Your account renews each year, meaning you can keep building up your savings.

Why avoid ❌ — No withdrawals are permitted during the term.

8. Bank of Scotland Monthly Saver — 5.5% AER

The Bank of Scotland Monthly Saver lets you pay in between £25 and £250 a month and you'll earn 5.5% AER (fixed).

The account lasts for 12 months but you can make withdrawals if you need to. However, you can't add the funds back in. Once the 12 months are up, the account will change to an instant access account and you can open another Monthly Saver.

You can access your money online, in branch, over the phone or through the app.

Why use ✔️ — You can access your money if needed and you don't need to be an existing customer.

Why avoid ❌ — Not the most competitive rate out there.

9. HSBC Regular Saver Account — 5% AER

You can put aside between £25 and £250 every month in this regular savings account, up to a total of £3,000. You'll receive a fixed rate of 5.00% AER for 12 months.

You need an HSBC current account to qualify for this account and you won't be able to withdraw any funds during the 12-month term.

Once the 12 months are up, your money will be transferred to another savings account.

Why use ✔️ — Earn 5% AER on monthly deposits of up to £250.

Why avoid ❌ — You must be an HSBC current account holder and no withdrawals are permitted.

10. Santander Regular Saver — 5% AER

This account from Santander can only be opened if you have a Santander current account. It's another account paying 5.00% AER and you can pay in up to £200 a month.

The rate is fixed and the account lasts for 12 months. If you keep the standing order in place after this time, your account will renew for another year.

You can withdraw money from the account but you can't pay it back in. You can also choose to miss a monthly deposit if you want to.

The account can only be managed online or via mobile banking.

Why use ✔️ — Earn up to 5.00% AER and your account renews after a year.

Why avoid ❌ — You will need a Santander current account to qualify.

Britain’s top regular savings accounts — Buying Guide

What are regular savings accounts?

The name alone provides a hint. Regular savings accounts are designed to encourage you to save regularly, usually on a monthly basis. Minimum monthly deposit requirements are often fairly low, sometimes only £1, making them a good option if you're just starting to get into the savings habit.

Higher interest rates are offered on these accounts, but there are often restrictions on withdrawals and the amount you can pay in each month. Plus, most accounts only last a year, after which point your savings will be moved to an alternative, less competitive account.

How do regular savings accounts work?

💡 A regular monthly deposit is required.

You will usually be required to pay a minimum deposit each month. Some accounts let you skip months, but others will close the account or you'll lose interest if you miss a payment.

It's best to avoid missing payments if possible to get the most out of your account.

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

Regular savers usually only last around 12 months. The funds are then transferred to a standard easy access 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.

Leading regular savings accounts: The Verdict

If you want to start saving more, a regular savings account could be a good place to start. These accounts encourage you to save on a regular basis and enable you to build up a decent savings pot over the course of a year.

However, they won't be right for everyone. An easy-access savings account might be more suitable if you want to pay in what you can, when you can, and if you want to withdraw your money without penalty.

On the other hand, if you have a lump sum to invest and you're happy to leave your funds untouched for a while, a fixed-rate bond might be a good option.

Related Guides:


Are regular savings accounts safe?

With a standard savings account, can I access my money when I want to?

Is the interest rate on a regular savings accounts fixed or variable?

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Mentioned Banks

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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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 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 Santander Santander UK is a British bank. Though it is a British company and autonomously managed, it is entirely owned by the Spanish Santander Group. Santander is one...
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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 Nationwide Nationwide is a British building society and mutual financial institution. Headquartered in Swindon, it has additional offices in Glasgow, Bournemouth, Northampton...
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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 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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