Several banks in the UK offer an interest rate of 7% on specific regular savings accounts. These accounts are designed for individuals who can commit to saving a set amount each month for a fixed term, typically one year.
Banks Offering 7% on Regular Savings Accounts
As of the latest information, you can find 7% interest rates on regular savings accounts from the following providers:
| Provider | Rate (AER) | Key Conditions |
|---|---|---|
| First Direct | 7% fixed for one year | Requires monthly deposits (min £25/month), no skipping months. Available to existing customers. |
| Co-operative Bank | 7% variable for one year | Allows skipping months. Available to existing customers. |
| Skipton Building Society | 7% fixed for one year | Allows skipping months. Restricted to members who joined before 11 January 2024. |
It's important to note that these high interest rates are generally offered on regular savings accounts, not standard easy-access or fixed-term savings bonds. Regular savings accounts usually have specific terms and conditions, such as:
- Monthly Deposit Limits: You are typically required to deposit a minimum and maximum amount each month.
- Fixed Term: The account often runs for a set period, commonly 12 months.
- Limited Access: Withdrawals may be restricted, or making withdrawals could lead to a loss of interest or account closure.
- Existing Customer Requirement: Many of these top-paying regular saver accounts are exclusive to existing customers of the bank or building society.
Understanding Regular Savings Accounts
Regular savings accounts are a great way to cultivate a consistent saving habit due to their structured monthly deposit requirements. The higher interest rates they offer compared to instant access accounts reflect the commitment required from the saver. While some accounts allow you to skip months, others demand continuous contributions to maintain the interest rate.
Before opening a regular savings account, it's crucial to review the full terms and conditions to ensure they align with your financial goals and ability to save consistently. You can explore more details and other competitive rates, including those up to 8%, by visiting reputable financial comparison sites.
