While rising interest rates are bad news for those with mortgages or loans, it could be good news for people looking to build a savings pot. Britons looking to get the most from their savings should shop around and do their research as it’s possible to get up to seven percent interest.
Other regular savings accounts offering enticiing savings rates include Royal Bank of Scotland, HSBC and Principality Building Society.
Royal Bank of Scotland is also offering 5.12 percent interest on savings up to £5,000 and the maximum monthly deposit is £150.
HSBC’s Regular Savings Account promises 5 percent interest on savings of up to £3,000.
Meanwhile, Principality BS also offers 5 percent interst but only on a savings pot of £1,500.
The TSB Monthly saver is also paying 5 percent interest and savers can put away a maximum of £250 a month or £3,000 over the course of a year.
For those who want to save more, Hinkley and Rugby Building Society is paying 4.75 percent interest on £12,000 in savings.
Britons only need to be 13 to open one of these accounts and can save as little as £10 a month.
After two years it reverts to a Plain Sailing Easy Access Account.
The Bank of Scotland Monthly Saver and the Halifax Regular Saver are both offering interest rates of 4.50 percent.
Both accounts allow customers to get this interest rate on maximum savings of £250 a month or £3,000 a year.
In the UK, the first £85,000 of savings per person is protected by the Financial Services Compensation Scheme.
However, some banking brands share the same banking licence which means this amount is spread across all brands sharing the licence.
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