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5d ago

Principality Tops UK Regular Saver Rates at 7.5%

Challenger banks and mutuals roll out capped monthly savers at up to 7.5%, urging consumers to lock in rates ahead of more Bank of England cuts.

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Overview

  • Principality Building Society’s regular saver pays 7.5% AER for six months on up to £200 monthly deposits, with no withdrawal rights during the term but options to skip payment months or close early without charge.
  • Zopa’s regular savings account offers a variable 7.1% interest rate on deposits capped at £300 per month.
  • First Direct has launched a one-year fixed-rate regular saver at 7% AER for monthly deposits up to £300.
  • Regular savers require monthly contributions and restrict withdrawals in exchange for higher returns, contrasting with easy-access products and fixed-rate bonds.
  • With the Bank of England’s base rate cut to 4.25% and further reductions anticipated, savers are urged to review and switch accounts swiftly to secure peak yields.