If you plan to make a regular monthly deposit into your savings account, then a regular savings account may be right for you. However they often have tighter restrictions than other savings accounts, such as minimum or maximum monthly deposits, or penalties for withdrawals.
They often only last for a certain amount of time and once the time period is over, your account will simply be transferred to normal savings account which is likely to give you a lower interest rate. Once the time period has expired remember to look for a more competitive savings account.
Best Regular Savings Account
Interest Rate: 6%
Monthly Payment: £25 - £250 (no penalty for missed payments)
Withdrawals: Interest rate falls to 3.03% for that month
Access: Branch, Online or Phone
Note: New Barclays customers must open the account in a branch
Interest Rate: 4% (3.67% if you make 1 withdrawal)
Monthly Payment: £20 - £250 (interest drops to 0.1% for whole year if overpayment)
Withdrawals/Missed Payments: Interest Rate drops to 0.1% for that month
Access: Branch or Phone
Interest Rate: 4%
Monthly Payment: £25 - £500
Withdrawals/ Missed Payments: Account will be closed and switched to another savings account, and all the interest already earned will be backdated and you will receive the current Halifax Web Saver interest rate instead
Access: Branch, Online or Phone
