Regular savers accounts are designed to help consumers save a certain amount every month, creating good savings habits and earning higher interest than normal easy access accounts. Mr Lewis shared on his finance website MoneySavingExpert.com the top regular savers accounts currently on offer and the best tips for using them.
Additionally, the interest calculations on regular savings accounts work differently to normal accounts.
The interest is calculated monthly but paid annually, and because savers add to their sum every month they are earning interest on the average amount in the account over the year rather than the final sum saved when the account matures.
Top existing customer accounts
Existing customer accounts offer large interest rates with a large catch: savers must already be a customer of the provider they wish to save with.
Mr Lewis shared his current top picks for existing customer regular savers:
- Cambridge Building Society – Five percent interest for customers that have been members for at least three years
- NatWest – 3.04 percent interest on up to £1,000
- RBS – 3.04 percent interest on up to £1,000
- Nationwide – Two percent interest
Top branch-based regular savers
These account types generally depend on one’s location, requiring them to go into the branch in order to open the accounts.
Mr Lewis shared the top branch-based accounts that are currently offering more than open-to-all rates he listed earlier.
Darlington Building Society – 1.25 percent
Savers must be an existing member or live in the postcode areas DH, SR, TS, YO or HG.
Bath Building Society – Four percent
This account is specifically for those aged between 16 and 25 and working or studying in Bath.
West Bromwich Building Society – Two percent
This building society has over 20 branches in the West Midlands where this account can be opened.
Savers can find more detail on these accounts here.