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Best savings accounts: Top 4 regular savings accounts paying over 5 percent

Daily Express logo Daily Express 25/11/2022 Temie Laleye
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The Bank of England has been raising its base rate in a bid to stop soaring inflation and encourage people to save. Sitting at three percent, the base rate rise has been reflected in a number of savings accounts across the market.

Britons are urged to shop around to find the best deal available to them.

There are a number of different savings accounts suitable for differing circumstances and offering a range of perks.

With a regular savings account, people commit to paying in a certain amount each month.

In return, the bank or building society gives someone a higher interest rate than they would get with their current account or ordinary savings account.

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SAVINGS © GETTY SAVINGS

Rules vary between accounts. Some allow individuals to take money out but might give them a lower interest rate for that month or for the remainder of the term.

Other accounts don't allow any early withdrawals.

It's important to check the rules carefully before choosing a regular savings account, if people think they might need to access their money during the term.

Money comparison site Moneyfacts has pulled together the top regular savings accounts available right now.

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Top four regular savings accounts

Ranking top of the list is Monmouthshire Building Society Christmas Saver Bond - Issue 5.

Savers can benefit from 5.5 percent on balances up to £2,400 in 12 months.

Britons can open an account with minimum of £10 and each month can deposit up to £200.

Next is Lloyds Bank's Club Lloyds Monthly Saver with an AER of 5.25 percent.

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interest rates © EXPRESS interest rates

Britons can open the account with a £25 deposit and can claim the interest on balances up to £4,800.

The account is available to Club Lloyds customers and unlimited withdrawals are permitted without penalty.

Deposits between £25 and £400 must be invested before the 25th of every month.

Third is the NatWest's Digital Regular Saver.

Savers can benefit from 5.12 percent interest rate on balances up to £1,000.

Interest paid on balances over £1,000 will drop to one percent, and interest paid on balances over £5,000 will pay 0.5 percent rate.

There is no minimum deposit required to open the account and it allows people to save up to £150 each month.

Unlimited withdrawals are also permitted without penalty and interest is awarded monthly.

Lastly, the Royal Bank of Scotland's Digital Regular Saver also offers 5.12 percent.

Like NatWest, the same interest rules apply to this bank account (5.12 percent paid up to £1,000, then one percent and 0.5 percent), interest is applied monthly, and unlimited withdrawals are also permitted.

The maximum monthly deposit is £150.

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