Placing third is Royal Bank of Scotland’s Digital Regular Saver with an AER of 5.12 percent.

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

In fourth place is Principality BS’ Christmas 2023 Regular Saver Bond with an AER of five percent.

This one year bond requires a minimum £1 deposit to open and a maximum of £125 can be invested per month.

The account is intended for people who might want to save for something specific, and who won’t need to touch the money during the term. Because of this, withdrawals are not permitted.

Interest is calculated on the money in the account each day and paid one year after opening.

Coming in fifth is Nationwide BS’ Start to Save (Issue 2) with an AER of five percent.

Interest is calculated daily and paid yearly on each anniversary of its opening, and those who regularly save between £25 and £50 per month will also be entered into a £250 prize draw with multiple winners.

This is an instant access savings account, which means people can get access to their money whenever they need it. But, those who do withdraw may need to repay all or some of it back in during the same calendar month to be eligible for the prize draw.

Placing sixth is Lloyds Bank’s Monthly Saver with an AER of 4.5 percent.

A minimum deposit of £25 is required to open the account, and regular savings between £25 and £250 must be deposited every month.

Savers must have a Lloyds Current Account to open it, and interest is paid after 12 months when the term ends. Withdrawals are permitted, free of charge.

Placing seventh is Halifax’s Regular Saver with an AER of 4.5 percent.

Similar to Lloyds Regular Saver, a minimum deposit of £25 is required to open the account, and regular savings between £25 and £250 must be deposited every month.

The AER is fixed for 12 months and will be applied to the balance on the anniversary of the account opening. After which, the money will be transferred into an Everyday Saver account. Withdrawals are not permitted, but the account can be closed before the term ends without charge.

Bank of Scotland’s Monthly Saver places eighth, offering savers an AER of 4.5 percent.

This account is also a 12-month bond and allows savers to deposit £25 to £250 a month. People also must have a Bank of Scotland current account to open it.

Unlimited withdrawals are permitted without penalty and after 12 months, the account will change to an Instant Access Savings Account.

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