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Both NatWest and Royal Bank of Scotland have launched regular savings accounts paying a chart-topping rate of 3.00% gross today.
The new Digital Regular Saver accounts pay 3.00% gross monthly on balances of up to £1,000, but the rate drops to 0.01% gross on the portion of balance over £1,000. These accounts are only available to customers who hold a current account with the specific bank they are opening the regular savings account with, and if a current account isn’t held one can be opened at the same time as the regular savings account. There is no initial minimum deposit amount required to open the Digital Regular Savers, and they allow monthly deposits of up to £50 with no minimum monthly deposit needed. These accounts also allow unlimited withdrawals.
While NatWest and Royal Bank of Scotland have shot to the top of the regular savings chart with the launch of these accounts, Cambridge Building Society also pays 3.00% gross on maturity on its Loyalty Regular Saver. The Cambridge Building Society regular savings account is only available to existing members who have held a mortgage or savings account with Cambridge Building Society for at least 12 months. This account requires a £100 minimum deposit to open and savers can make monthly deposits of between £1 and £100, but there is no penalty for missing a payment and a minimum number is not required in a year. Withdrawals are not permitted but earlier access to funds is allowed on closure of the account and subject to 90 days’ loss of interest.
The launch of the new NatWest and Royal Bank of Scotland will be welcome news to savers looking for a competitive savings account, especially as the only other account paying 3.00% has strict opening restrictions. As well as this, the fact that they allow unlimited withdrawals at a time when many savers are reluctant to lock their money into accounts without being able to access funds will make these accounts highly attractive.
Savers should be aware when looking at regular savings accounts that interest is calculated differently than on standard savings accounts. To find out more about how interest is calculated on regular savings accounts read our guide Why do regular savings accounts seem to pay the highest rates?. Saying this, a regular savings account is a great option for those wanting to start a regular savings habit or who are aiming to save towards a specific goal such as a holiday or Christmas.
To compare the rates of all regular savings accounts visit our regular savings account comparison chart.
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
Each week the moneyfacts.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
Each week the moneyfacts.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market. Brief product details, together with independent Moneyfacts analysis, can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature provided they are sourced to our expert at Moneyfacts.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
Inflation has now eaten away at savings accounts for an entire year, despite notable uplifts to savings rates across the market. Today the Consumer Price Index (CPI) rose to 9.0% during April, from 7.0% in March.
Inflation has now eaten away at savings accounts for an entire year, despite notable uplifts to savings rates across the market.
Each week the moneyfacts.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
Each week the moneyfacts.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market. Brief product details, together with independent Moneyfacts analysis, can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature provided they are sourced to our expert at Moneyfacts.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
Inflation has now eaten away at savings accounts for an entire year, despite notable uplifts to savings rates across the market. Today the Consumer Price Index (CPI) rose to 9.0% during April, from 7.0% in March.
Inflation has now eaten away at savings accounts for an entire year, despite notable uplifts to savings rates across the market.
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