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.
