Growing Savings: The best savers accounts 2024 Q2

Saving money is a goal shared by many, but finding the right avenue to grow your savings can often feel like a daunting task. However, there's a lesser-known gem in the world of personal finance that savvy savers are tapping into: regular saver accounts. These accounts offer attractive interest rates, sometimes significantly higher than current accounts, helping your money work harder for you. What's more, with careful planning, you can utilize multiple regular saver accounts simultaneously, maximizing your returns and boosting your savings potential.

NOTE: This article is for people who want to earn interest on their money but also need their money to be accessible.

The Power of Multiple Regular Savers

Imagine being able to save over £1,000 a month while earning high interest rates on your deposits. With multiple regular saver accounts, this isn't just a dream – it's a tangible strategy to accelerate your savings growth. By spreading your savings across different accounts, you can take advantage of the top-paying rates offered by various financial institutions.

Let's break it down:

First Direct: Offering a competitive 7% FIXED interest rate for a year on deposits ranging from £25 to £300 per month, First Direct's regular saver is an attractive option. Although the interest rate is slightly lower than some competitors, the ability to deposit more funds means you can maximize your total interest earnings, potentially up to £135 over the year.
Nationwide: With an enticing 8% VARIABLE interest rate for a year on deposits of up to £200 per month, Nationwide's regular saver stands out. Despite its variable nature, this account promises excellent returns, potentially yielding £103 in interest over the year. Plus, its flexibility allows for occasional withdrawals without penalties, providing added convenience.
Alternative Options: If you don't have accounts with the aforementioned banks, fret not. Institutions like Yorkshire, Skipton, Lloyds, NatWest, TSB, Halifax, and Bank of Scotland offer linked regular savers with competitive rates ranging from 5% to 7.5%. Additionally, standalone options like Saffron Building Society and Coventry Building Society provide attractive rates of 5.75% and 5.5%, respectively, catering to a wider audience. Maximizing Your Returns To truly harness the potential of multiple regular saver accounts, strategic planning is key. Consider your monthly savings goals and distribute your deposits accordingly across accounts offering the highest returns. By doing so, you can optimize your interest earnings while diversifying your savings across reputable financial institutions. Furthermore, keep an eye out for incentives such as switching bonuses. Some banks offer cash rewards to new customers who switch their current accounts, providing an additional boost to your savings journey. These bonuses, coupled with access to high-yield regular saver accounts, present an opportunity for substantial financial gains.