Regular Savings Account

A regular savings account is ideal if you would like to build on your savings over a set period of time, rather than depositing a lump sum and locking it away. The regular savings account providers often reward savers for meeting the deposit criteria with an annual bonus, paid in the form of a higher rate of interest. You would usually need to commit to making a certain number of monthly payments each year in order to earn this bonus.

A regular savings account is usually the most regimented type of savings account, in that your monthly deposits and your access to your cash are usually limited. However, if you stick to all their conditions, pay in your monthly deposit by direct debit so that you don't forget and aim not to touch the cash for the agreed period of time, you could earn a good rate of interest on your money, including the annual bonus rate. Please note though that the top rates of interest usually only apply for the first year, after which time you should look to move your money elsewhere in order to continue being eligible for the higher rates of interest.

Get a great rate on a Regular Savings Account today!

Tips for getting the most from your Savings Account

• Pay off your existing debts first.  There is no point getting a good deal on your savings account interest rate if you are being charged each month for a credit card or overdraft.  Get your debts cleared, and then you know that any interest you earn is yours to keep.
• If you are paying a set amount into a savings account from your wages each month, make sure that you set the payment to leave your current account as soon as you have been paid. This way you will find it easier to manage your finances for the rest of the month, as you will know exactly how much you have left to spend.
• Find out how long you need to 'lock away' your money for, and if there is a minimum monthly deposit to qualify for the best rates.  If the conditions are too restrictive, this counteracts the benefits of a good interest rate on your savings.