A Guide to Regular Monthly Savings Accounts

You may decide to open regular monthly savings accounts because you're making provision for an emergency, want to build a nest egg or you're saving for a deposit on your first home. Regardless of your intentions, it makes sense to set aside some of your salary each month so you have money available for a rainy day. It couldn't be easier to open an account, and the rate of return is surprisingly attractive.

HSBC Regular Saver Account

Provided that you're an HSBC Premier, HSBC Advance, HSBC Graduate (Advance) or HSBC Passport customer, you're able to open a high rate regular savings account. Invest between £25 and £250 per month, and you'll receive a very attractive 8% AER fixed for one year.

West Bromwich High Interest Savings Account

You can save up to £10 per month and benefit from 4.1% AER for 1 year. You aren't able to make any withdrawals, but you are permitted to miss up to 2 monthly payments without penalty. The account is managed at branch level, and interest is added annually.

Skipton Regular Savings Account

After opening your account with up to £500, you'll receive an attractive 3.25% AER. For the next 12 months, you're able to pay in £500 a month by cash, cheque or bank transfer. Any interest that has accrued will be added to your balance after one year, at which point you're able to make a withdrawal.

Benefits of Regular Monthly Savings Accounts

If you don't have any savings, it's really easy set up a direct debit to pay a defined sum of money to an online savings account each month. What isn't available in your current account won't be spent, so you're able to build a large cash lump sum by the end of the term. The banks regularly offer new customers a favourable interest rate because this type of account is often converted to an investment or used as a deposit on a house.

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