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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.
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Normally as we enter the final two weeks of April ISA savers will have been able to capitalise on saving providers offering new, competitive ISA rates
Normally as we enter the final two weeks of April ISA savers will have been able to capitalise on saving providers offering new, competitive ISA rates
Savers looking for a top rate will once again need to head to the fixed bond sector, though they’ll need to commit to a truly long-term deal to benefit from the very best returns. Here are all the best savings rates in the UK this week.
Savers looking for a top rate will once again need to head to the fixed bond sector, though they’ll need to commit to a truly long-term deal to benefit from the very best returns. Here are all the best savings rates in the UK this week.
In terms of the best ISA rates this week, there have been very few changes and savers should look to capture these rates or risk them being withdrawn by the banks.
In terms of the best ISA rates this week, there have been very few changes and savers should look to capture these rates or risk them being withdrawn by the banks.
Normally as we enter the final two weeks of April ISA savers will have been able to capitalise on saving providers offering new, competitive ISA rates
Normally as we enter the final two weeks of April ISA savers will have been able to capitalise on saving providers offering new, competitive ISA rates
Savers looking for a top rate will once again need to head to the fixed bond sector, though they’ll need to commit to a truly long-term deal to benefit from the very best returns. Here are all the best savings rates in the UK this week.
Savers looking for a top rate will once again need to head to the fixed bond sector, though they’ll need to commit to a truly long-term deal to benefit from the very best returns. Here are all the best savings rates in the UK this week.
In terms of the best ISA rates this week, there have been very few changes and savers should look to capture these rates or risk them being withdrawn by the banks.
In terms of the best ISA rates this week, there have been very few changes and savers should look to capture these rates or risk them being withdrawn by the banks.
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