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Regular savings accounts

In a climate of low interest rates, you need to do all you can to make your money work for you. If you can afford to make regular monthly deposits, a regular savings account can pay some of the best interest rates available. Regular savings accounts are a good option if you want to get into the habit of saving some of your income each month and don’t have a large lump-sum to start off with.

However, they usually come with various terms and conditions attached, which savers need to explore before committing to a regular savings account. Normally they run for 12 months and require a minimum monthly deposit of between £10 and £25 per month, and also stipulate a maximum, usually up to £300 per month. The other thing to remember is that once the year is up, your cash may be moved to one of the provider’s other accounts with a lower interest rate.

High interest regular savings accounts

One of the most attractive things about a regular savings account is the headline rate of interest, which entices many savers in. The other advantage is that regular savings rates are normally fixed for the term of the account, meaning that any cuts shouldn’t affect you during this time. However, if you’re looking to so a regular savings account comparison, there is more to think about than just the highest interest rate.

How to find the best regular savings accounts

Remember, however attractive the interest rate on regular savings accounts are, they come with fairly strict terms and conditions and you should consider a few things when comparing regular savings deals:-

Compare regular savings accounts

If you’re looking for the best regular savings rates, use our free comparison service. With regular savings accounts from all the UK’s top banks and building societies it’s easy to see at a glance what your money can earn in a regular savings account. It’s worth remembering that there are no restrictions to how many regular savings accounts you can open, so you might want to consider having more than one, and many allow online access making it simple to manage your money. You can also compare all sorts of other savings accounts from online savings accounts to fixed rate savings.

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