Compare regular saver accounts

If you’re looking to put money away every month, a regular saver account could be ideal. They tend to run for 12 months and you can’t usually access your money during that time.

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    • Provider/Product name BM Online Extra (Issue 14)

      BM Savings

      BM Online Extra (Issue 14)

    • Interest rate (AER) 1.60% Variable Includes Fixed bonus of 1.10% for 12 months
    • Min/Max opening amount £1,000 to £1,000,000
    • Notice / Term Notice Period: none
    • Account type Easy Access Account
    • Access Internet Post Telephone In Branch
    • Go to site

      More details

    Great for
    1.60% gross/AER variable (includes a fixed bonus of 1.10% for first 12 months)
    Applying and managing your account online
    Interest paid annually
    But be aware that
    After 12 months, interest will revert to the variable interest rate without bonus, currently 0.50% gross/AER variable
    The minimum opening deposit must be for at least £1,000. Your balance can drop below £1,000. If it does the rate will become 0.50% gross/AER variable for the period the balance remains below £1,000
    • Provider/Product name Telephone Saver (Issue 14)

      Saga

      Telephone Saver (Issue 14)

    • Interest rate (AER) 1.50% Variable Includes Fixed bonus of 1.00% for 12 months
    • Min/Max opening amount £1,000 to £1,000,000
    • Notice / Term Notice Period: none
    • Account type Easy Access Account
    • Access Internet Post Telephone In Branch
    • Go to site

      More details

    Great for
    1.50% Gross/AER variable (includes a fixed bonus of 1.00% for up to 12 months)
    Apply online or by phone
    Interest paid annually as shown or monthly at a lower gross rate
    But be aware that
    After 12 months, variable rate without bonus will apply, currently 0.50% gross/AER
    Minimum opening deposit must be for at least £1,000. The ongoing balance can drop below £1,000 but if it does the rate will become 0.50% gross/AER variable for the period the balance remains below £1,000
    Available to UK residents aged 50 or over only
    • Provider/Product name AA Internet Extra (Issue 16)

      AA

      AA Internet Extra (Issue 16)

    • Interest rate (AER) 1.40% Variable Includes Fixed bonus of 0.90% for 12 months
    • Min/Max opening amount £1,000 to £1,000,000
    • Notice / Term Notice Period: none
    • Account type Easy Access Account
    • Access Internet Post Telephone In Branch
    • Go to site

    Great for
    1.40% gross/AER variable (includes a fixed bonus of 0.90% for up to 12 months)
    Applying and managing your account online
    Interest paid annually
    But be aware that
    After 12 months, variable rate without bonus will apply, currently 0.50% gross/AER
    Minimum opening deposit must be for at least £1,000. The ongoing balance can drop below £1,000 but if it does the rate will become 0.50% gross/AER variable for the period the balance remains below £1,000

Regular Savings Guide

What are regular saver accounts?

With the base rate at rock bottom, having been frozen at 0.50% for more than three years, savers are struggling against both low rates of return as well as the eroding effect of high inflation.

Right now, finding an account that beats inflation is no mean feat, as many savings accounts are paying paltry rates of less than 0.50%.

The good news is, one type of savings account which often pays higher rates of interest than standard easy access accounts is a regular saver account which requires you to pay in a set amount each month.

Regular savings accounts tend to pay a fixed rate of interest for 12 months and are an excellent way to get into the savings habit.

Many banks and building societies offer this type of account, with some of the smaller building societies currently offering the most attractive rates; some providers also offer preferential rates to if you have your current account with them.

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How do regular saver accounts work?

Regular savings accounts tend to run for 12 months, and require you to pay in a set amount each month; this usually ranges from £10 or £20 to £250. Some accounts can be operated online or over the phone, but others will only permit access in branch or by post.

Before opting for one of these accounts, you also need to understand the main product features as they can be quite restrictive.

While some will allow you to miss one or two monthly payments in the 12-month period, many won’t and you have to pay money in every month. Fail to do so, and you could face a penalty. In some cases, a missed payment will result in interest being deducted for the remainder of the term.

With a regular savings account you are also not usually allowed to access your money during the 12-month term so if you are looking for somewhere for your emergency fund or a home for your savings that you can dip in and out of, this isn’t the right type of account.

What are the advantages of regular savings accounts?

If you’re willing to abide by the strict terms and conditions, regular savers can be great.

The interest rates are often higher than those on other types of savings accounts and the fact you can’t usually get at your money can be a good thing as it removes temptation, leaving you safe in the knowledge that you’ll have built up a nice pot of money in a year’s time. This can be particularly useful if you are saving towards a particular goal such as a wedding or house deposit.

What’s more if you struggle to be disciplined and put a bit of money aside each month, a the iron rod that is the regular saver could be just what you need to be ruled by.

How MoneySupermarket can help

As a regular saving account can come with a lot of restrictions, it is vital to do your research before signing up.

You need to check the minimum and maximum amount you can pay in each month as well as whether the amount you choose has to be the same each month, or whether it can vary.

Also, look to see whether withdrawals can be made and whether you have to pay money in every month or can miss a month here and there.

MoneySupermarket’s savings tables will give you all of this information.

Above all, you need make sure that your savings account gives you the flexibility you need. If a regular savings account has too many restrictions consider an easy access account instead.

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