Quick answer: the best regular savers in the UK right now (checked 28 October 2026) are Santander (8% AER on up to £200 a month), First Direct (7% fixed, £25 to £300), Co-operative Bank (7%, up to £250), Chase (6.5% fixed, up to £300), Nationwide Flex Regular Saver (6.5%, up to £200), Leeds Building Society members (6.5%, up to £250), Club Lloyds (6.25% fixed, up to £250) and Skipton members (5.75%, up to £250). Most need you to bank with them first. Because you pay in monthly, you’ll earn roughly half what the headline rate suggests: about £84 to £137 over a year.
Hello lovely! You’ve finally got a little bit left over after payday (yay!), and you want it to work harder. So you search for the best savings accounts and suddenly you’re drowning in 8%, 7%, “monthly limits” and small print. Sound familiar?
Here’s the question I always start with: is this money you already have, or money you’ll save from future paydays? If it’s money you’ll save each month, a regular saver is usually the best home for it, and that’s what this guide is all about. I’ve checked every rate against the latest figures and pulled out the catches you need to know.
Best regular savers UK: the shortlist (October 2026)
| Account | Rate (AER) | Monthly limit | Max interest in a year* | The catch |
|---|---|---|---|---|
| Santander Regular Saver | 8% variable for 12 months | Up to £200 | About £104 | Need a Santander current account; drops to 3% after a year |
| First Direct Regular Saver | 7% fixed for 12 months | £25 to £300 | About £137 | Need a First Direct 1st Account; no withdrawals (closing early pays less) |
| Co-operative Bank Regular Saver | 7% variable for 12 months | Up to £250 | About £114 | Need a qualifying Co-op current account |
| Chase Regular Saver | 6.5% fixed for 12 months | Up to £300 | About £127 | App only; need a Chase account |
| Nationwide Flex Regular Saver | 6.5% variable for 12 months | Up to £200 | About £85 | Need a Nationwide current account; 3 penalty-free withdrawals |
| Leeds BS Branch & Post Member Regular Saver | 6.5% variable until 1 Nov 2027 | Up to £250 | About £106 | Must have been a member since 31 Dec 2025; branch or post |
| Club Lloyds Monthly Saver | 6.25% fixed for 12 months | £25 to £250 | About £102 | Club Lloyds account has a monthly fee unless you pay in enough |
| Skipton Member Regular Saver | 5.75% variable for 12 months | Up to £250 | About £93 | Member for 30+ days; no withdrawals (closure only) |
*If you pay in the maximum every month from day one. Rates checked 28 October 2026 against MoneySavingExpert’s regular saver list and provider pages. Variable rates can change at any time, so always check the provider’s page before you apply.
Why 8% doesn’t mean £192 (the bit nobody explains)
This one trips everyone up, so let’s clear it up. If you save £200 a month into an 8% account, you’ll have paid in £2,400 by the end of the year. But you won’t earn 8% of £2,400 (£192).
Why? Because your first £200 earns interest for 12 months, but your last £200 only earns it for one month. On average, your money is only in there for about half the year. So you earn roughly £104, not £192. It’s still a great rate, it just helps to know what to expect!
Which regular saver is right for you?
- Already bank with Santander, First Direct, Chase, Nationwide, Co-op or Lloyds? Start with your own bank’s regular saver. It’s the easiest win.
- Want to save more than £200 a month? First Direct and Chase let you pay in up to £300.
- Need to dip in occasionally? Santander, Co-op, Chase and Club Lloyds allow withdrawals; Nationwide allows three a year.
- Want a fixed rate? First Direct, Chase and Club Lloyds are fixed for 12 months.
- Building society member? Check Leeds and Skipton, as their member deals can be generous.
My tip: you don’t need eight accounts! One or two, with a payment you can keep up even in a pricey month, is plenty.
What I would check before opening each account
Santander: what happens after 12 months?
The 8% includes a bonus for the first year, then the rate drops to 3%. Set a reminder to move your money when the year is up.
First Direct: can you leave it alone?
It’s fixed at 7%, but you can’t make withdrawals. If you need the money early, you close the account and get a lower rate for the time it was held. Only put in money you won’t need.
Co-operative Bank: do you have the right current account?
You’ll need a qualifying Co-operative Bank current account. Withdrawals are allowed, which makes it nicely flexible.
Chase: app only
Chase’s regular saver is fixed at 6.5% for a year and is opened in the app. Withdrawals go back to your Chase account.
Nationwide: count your withdrawals
You get three penalty-free withdrawals a year. Make a fourth and the rate drops, so keep it for true savings.
Leeds: check your membership date
You must have been a member since 31 December 2025, and you open it by post or in a branch. One penalty-free withdrawal a calendar year; after that there’s a 30-day interest penalty.
Club Lloyds: count the current account costs
The Club Lloyds current account has a monthly fee unless you pay in a set amount each month. Make sure the fee doesn’t wipe out the interest.
Skipton: closure, not withdrawals
You can’t take money out, but you can close the account early. You need to have been a member for at least 30 days.
What if you already have £3,000 or £10,000 saved?
Regular savers only take a few hundred pounds a month, so they’re not the right home for a lump sum. For money you already have:
- Emergency fund: keep it in an easy-access account or easy-access Cash ISA so you can get it quickly. My emergency fund guide helps you work out how much.
- Money you won’t touch for a year or more: a fixed-rate bond often pays more.
- Bigger savings that could be taxed: a Cash ISA (more on that below).
- A clever trick: keep a lump sum in an easy-access account and “drip-feed” it into a regular saver each month.
Will you pay tax on your savings? (Budget 2026 update)
For 2026/27, the Personal Savings Allowance is £1,000 for basic-rate taxpayers, £500 for higher-rate and £0 for additional-rate. It covers all your savings interest together, not each account separately.
What changed in the 28 October 2026 Budget: from April 2027, tax on savings interest above your allowance rises to 24%, 44% and 49%. The allowances stay the same. And the planned £12,000 cap on Cash ISAs has been scrapped, so you can still put up to £20,000 a year into Cash ISAs.
Regular savers have small balances, so most people won’t pay tax on them. But if you’ve also got bigger savings elsewhere, a Cash ISA is worth more than ever from April. Read my savings tax rise guide and Cash ISA vs Stocks and Shares ISA guide.
How to open a regular saver (in 5 easy steps)
- Pick a monthly amount you can keep up, even in an expensive month.
- Check you have (or want) the right current account.
- Apply on the provider’s own website or app.
- Set up a standing order for the day after payday.
- Pop a reminder in your calendar for 11 months’ time, so you know where to move the money when it matures.
Best regular savers UK: FAQs
What is the best regular saver in the UK right now?
As of 28 October 2026, Santander pays the highest rate at 8% AER on up to £200 a month for existing current account customers, followed by First Direct and Co-operative Bank at 7%.
Are regular savers worth it?
Yes, for money you save from your pay each month. Rates are usually higher than easy-access accounts, but because you pay in gradually you earn roughly half the headline rate on the total you save.
How much interest will I earn on a regular saver?
If you pay £200 a month into an 8% account for a year, you will earn about £104, not £192, because each payment only earns interest from the month it goes in.
Do I need a current account to open a regular saver?
Many of the best regular savers, including Santander, First Direct, Co-operative Bank, Chase, Nationwide and Club Lloyds, require you to hold one of their current accounts.
Will I pay tax on regular saver interest?
Only if your total savings interest goes over your Personal Savings Allowance of £1,000 for basic-rate or £500 for higher-rate taxpayers. From April 2027, tax above the allowance rises to 24%, 44% or 49%.
Can I have more than one regular saver?
Yes. You can open regular savers with different providers, as long as you meet each account’s eligibility rules.
Sources
- MoneySavingExpert: best regular savings accounts (27 Oct 2026)
- DepositScout: best regular saver accounts UK
- GOV.UK: tax on savings interest
Last updated: 28 October 2026. Rates can change or accounts can be withdrawn without notice. This is general information, not financial advice.
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About the author: Dr Kalpana Govindaraasan is the PhD scientist, former secondary science teacher and mum behind MoneySavvyUK, turning complex household money topics into practical steps.