Regular savings accounts offer competitive interest rates, with some currently reaching up to 8%. These accounts are designed for monthly savers who deposit a fixed amount each month.
What Are Regular Savings Accounts?
Regular savings accounts, also known as monthly saver accounts, work differently from standard savings accounts.
They allow users to deposit a set amount each month, usually with interest calculated monthly on the balance.
Most accounts close after 12 months, with interest paid out at the end of the term. After closure, users can open a new account to continue saving.
Top Regular Savings Accounts by Bank
The following accounts are among the highest paying, with fixed or variable interest rates and clear eligibility rules.
Current Account Required
- Santander Regular Saver
AER: 8% (variable), with a 5% bonus for the first 12 months. Requires a Santander current account. FSCS protected. Account closes after 12 months. - Requires a First Direct current account. FSCS protected. Account closes after 12 months. Unused allowance can be carried over.
- Requires a Co-op Bank current account. FSCS protected. Account closes after 12 months. No unused allowance carryover.
- Requires a Chase current account. FSCS protected. Withdrawals allowed at any time. Account closes after 12 months, balance moves to Chase account.
- Requires a Nationwide current account. FSCS protected. Withdrawals reduce interest to 1.75% if four or more are made. Account closes after 12 months, reverts to instant saver.
- Requires a Lloyds current account. FSCS protected. Withdrawals allowed without penalty. Account closes after 12 months.
No Current Account Required
- Open to everyone. FSCS protected. Withdrawals allowed without penalty. Account closes after 12 months. No unused allowance carryover.
- Open to everyone. FSCS protected. Interest paid at end of term. Withdrawals allowed without penalty.
- Halifax Regular Saver AER: 5% (fixed). Open to everyone. FSCS protected. Withdrawals only allowed with account closure. Account closes after 12 months.
Key Features and Limitations
Most regular savings accounts have the following traits:
- Monthly deposit limits.
- Interest paid at the end of 12 months.
- Account closure after 12 months, with no auto-renewal.
- Some accounts reduce interest if withdrawals are made frequently.
- Some require a current account to open.
Users should note that withdrawals may close the account or reduce interest rates. Unused balances are not automatically carried forward.
Eligibility and Special Offers
Some accounts are only available to existing customers.
Santander offers a switch deal: a £240 bonus for customers who complete a full switch via the Current Account Switching Service and meet deposit and direct debit requirements within 60 days.
These offers are not available to those who held a Santander account on January 1, 2026.
Why This Matters
Regular savings accounts provide a way to earn higher interest than standard accounts, especially when saving consistently.
They are ideal for people with fixed monthly budgets who want to grow their savings without large lump sums.
With rates up to 8%, these accounts offer real financial benefits for regular savers.
For more details on savings options, including easy-access accounts and ISAs, see our full guide at Be Clever With Your Cash.
Stay updated with our weekly money-saving content by subscribing to our newsletter.
Sources & further reading
Featured image: WLF 2017 in Spain – Top authors (Regular campaign).png by Discasto, CC BY-SA 4.0, via Wikimedia Commons. Image source · License
