A minimum deposit of £1 is required to open the account and interest is tiered. On a balance up to £999, a 1.05 percent AER is applied, while a balance from £1,000 to £500,000 will be awarded the AER of 2.75 percent.
A 0.9 percent AER will be applied to deposits of £500,001 and above, until the maximum investment of £2million is reached.
However, interest will drop if more than three withdrawals are made in 12 month period.
Top three regular savings accounts
Ranking top of the list is Lloyds Bank’s Club Lloyds Monthly Saver with an AER of 5.25 percent.
A £25 deposit is required to open this account and the term runs for 12 months, which means up to £4,800 can be invested over the course of the year.
The account is available to Club Lloyds customers and unlimited withdrawals are permitted without penalty.
The interest rate is fixed and will be paid on the anniversary of the account opening, and deposits between £25 and £400 must be invested before the 25th of every month.
Placing second is NatWest’s Digital Regular Saver with an Annual Equivalent Rate (AER) of 5.12 percent.
The 5.12 percent interest rate is awarded to savings up to £1,000, after which a 0.5 percent and 0.4 percent will be awarded to figures from £1,001 to £5,000, and £5,001 and over, respectively.
There is no minimum deposit required to open the account and it allows people to save up to £150 each month. Unlimited withdrawals are also permitted without penalty and interest is awarded monthly.
Placing third is the Royal Bank of Scotland’s Digital Regular Saver with an AER of 5.12 percent.
Like NatWest, the same interest rules apply to this bank account (5.12 percent paid up to £1,000, then 0.5 percent and 0.4 percent), interest is applied monthly, and unlimited withdrawals are also permitted.
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