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Featured - ISA allowance
What is the 2024/25 ISA allowance?A new tax-year means a refreshed ISA allowance to allocate. Find out more about the 2024/25 ISA allowance...
Savings
ISAs
Mortgages
Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
Loans
Featured - travel insurance
Travel insurance 2024Discover the best travel insurance policy for your next trip.
Home & vehicle
Health & travel
Featured - High interest current accounts
Find current accounts offering in-credit interest rates up to 5.00% AER.
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
Calculators & guides
Featured - The triple lock explained
Could the value of your state pension rise by more than inflation?
Retirement
Business savings
Business products
Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
Categories
Featured guides
Popular news
Latest news - by category
Other money & finance news
Featured Star Ratings categories
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Savers are encouraged to consider other options before making a final decision.
Moneyfacts award-winning challenger bank, first direct, will increase its regular saver account rate to 3.50%. However, those interested in the offer should consider the competition.
“The majority of regular savings accounts on the market are either exclusive to new or existing current account customers or have some kind of eligibility criteria, so savers will need to compare deals carefully before they apply,” said Rachel Springall, Finance Expert at Moneyfacts.
To open first direct’s regular saver account, customers are required to open a first direct current account (1st Account) and deposit a minimum of £25. The offer will also only be available from next Thursday.
“Customers can pay in up to £300 per month, totalling £3,600 a year. Those whose monthly payments are less than £300 have the option to carry the allowance forward from previous months,” first direct said in a press release.
However, as an incentive, new customers switching to a first direct current account will receive a £150 Current Account Switch Service (CASS) switching incentive.
While this makes switching seem “a tempting offer”, there are multiple factors to consider before switching current account provider, said Springall.
Those considering a regular savings account need to consider how much flexibility they require in their savings.
While the rate on a regular savings account may look more lucrative, it often comes with further restrictions which would not be included in an easy access account. Furthermore, interest is calculated differently with only the first payment receiving the full annual rate of 3.50%.
Restrictions may include withdrawal and deposit limits. In addition, if you cannot commit to a regular savings contribution, then some regular savings accounts may charge you a penalty fee.
The current best easy access rate on the market, from Chase, stands at 1.50%. Other competitor deals can be found on our charts.
Strictly speaking, the best regular savings account rate on the market is 5%. This is offered by Cambridge Building Society and is only available to existing customers who have held an account for at least three years.
In addition, it is important to note that this is offered on a fixed-term basis, which means you are required to make a minimum regular deposit without incurring any penalties.
In addition, Bath Building Society also offers a rate of 4.15%, which beats the first direct offer. However, this is only open to residents in Bath between the ages of 16 and 25.
Compared to the high street offers, first direct’s new rate will beat NatWest’s regular savings account at 3.25%. For this account, the rate will drop to 0.30% for amounts over £2,500.
To find more information on these regular savings offers, visit our table here.
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Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
The Financial Conduct Authority is set to extend Consumer Duty rules to closed products and services from the end of this month, but savers shouldn’t be complacent.
The FCA is set to extend Consumer Duty rules to closed products and services from the end of this month, but savers shouldn’t be complacent.
Are the new rules enough to attract high quality companies to the UK?
Are the new rules enough to attract high quality companies to the UK?
With the UK General Election taking place later this week (Thursday 4 July), we examine how some of the main parties’ policies could affect your personal finances if they were to form the next Government.
Find out what the Conservative and Labour Parties have planned for your taxes, savings and pensions.
The Financial Conduct Authority is set to extend Consumer Duty rules to closed products and services from the end of this month, but savers shouldn’t be complacent.
The FCA is set to extend Consumer Duty rules to closed products and services from the end of this month, but savers shouldn’t be complacent.
Are the new rules enough to attract high quality companies to the UK?
Are the new rules enough to attract high quality companies to the UK?
With the UK General Election taking place later this week (Thursday 4 July), we examine how some of the main parties’ policies could affect your personal finances if they were to form the next Government.
Find out what the Conservative and Labour Parties have planned for your taxes, savings and pensions.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.