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You don't need to switch banks or already be a customer to get a decent regular saver. These are our top picks that anyone eligible can apply for, making them the easiest place to start.
Best regular saver accounts open to everyone
Monmouthshire Building SocietyBest Overall
Skipton Building SocietyAlready have a current account? You could earn up to 8%
Some of the highest-paying regular savers aren't open to everyone. Instead, they're reserved for people who already hold a current account with the same bank. If you're already with one of these banks, it's worth checking whether you qualify before opening an account elsewhere.
Lloyds Bank / Bank of Scotland – 8% AER
Current account customers can get 8% AER fixed for one year and save up to £250 per month. Maxing it out could earn you around £120 interest over the year, and withdrawals are allowed.
Santander – 8% AER
Santander current account customers can currently get 8% AER variable for 12 months, with deposits of up to £200 per month. Save the maximum each month and you could earn around £104 over the year. The rate includes a 12-month bonus, so you'll want to review the account once that ends.
First Direct – 7% AER
First Direct customers can save up to £300 per month at 7% AER fixed for 12 months, potentially earning around £135 interest. There's a minimum monthly deposit of £25 and withdrawals aren't allowed. Closing the account early means you'll receive a much lower rate instead.
Co-operative Bank – 7% AER
Co-operative Bank current account customers can get 7% AER variable for one year, saving up to £250 each month. You can skip months and make penalty-free withdrawals, making this one of the more flexible bank-linked options.
The easy trick to maximise your interest
Already have a lump sum sitting in savings? Don't leave it in your current account waiting to be transferred into your regular saver. Keep the money in a competitive easy-access savings account, where the full balance can earn interest, then automatically transfer the maximum allowed amount into your regular saver each month. That way your money continues earning interest while it's waiting to be moved across to the higher-paying account.
Frequently asked questions
How do regular saver accounts work?
Regular saver accounts reward you with a higher interest rate in exchange for putting money away gradually each month.
Rather than depositing £3,000 in one go, for example, you might save £250 every month for 12 months.
The trade-off is that regular savers normally limit how much you can deposit each month, and some restrict withdrawals or require you to make a deposit every month.
Most of the headline rates also only last for around 12 months, so it's worth reviewing your account once the introductory period ends.
Why won't I earn 6% on everything I save?
This catches a lot of people out.
If you save £500 per month for a year, you'll have deposited £6,000 in total – but you haven't had £6,000 earning interest for the whole year.
Your first £500 has been earning interest for almost the full year, while your final £500 has only been there for around a month.
That's why putting £6,000 into a 6% regular saver doesn't mean you'll receive £360 interest.
You're still getting the advertised interest rate on every pound for the time it's actually held in the account.
Can I have more than one regular saver?
Yes. You aren't limited to a single regular saver.
For example, you could save £500 per month into Monmouthshire and another £200 per month into Skipton. If you also qualify for a regular saver through your existing bank, you could use that as well.
This can be particularly useful if you want to save more each month than a single account allows.
Are regular saver accounts safe?
Cash held with a UK-authorised bank, building society or credit union is generally protected by the Financial Services Compensation Scheme (FSCS), subject to its eligibility rules and protection limits.
Always check that the provider you're using is covered and remember that different banking brands can sometimes share the same banking licence.
Difference between Fixed vs variable interest rates?
A fixed rate won't change during the stated fixed-rate period, giving you certainty over what your savings will earn.
A variable rate can move up or down. That means an account offering the highest rate today won't necessarily stay at the top for the full 12 months.
For variable-rate accounts, it's worth checking the rate every so often to make sure it's still competitive.
Are regular savers worth it?
If you're building savings from your monthly income, regular saver accounts can be one of the simplest ways to squeeze more interest from your cash without investing it.
The main thing to remember is that the headline rate isn't everything. Check the monthly deposit limit, withdrawal rules, whether the rate is fixed or variable and whether you need another account with the provider.
For most people who don't already qualify for one of the bank-linked deals, we'd start by comparing the open-to-all regular savers above.