dua@dua.co.uk 020 8421 3555

Gain Interest, Don’t Pay It: Savings Accounts That Give You Something Back

1 Jun

High interest current accounts, ISA’s, tax free personal allowances, fixed vs variable savings accounts… Once you’ve made the decision to start saving, figuring out how best to do it can seem such a headache that it’s almost tempting to resort to an old fashioned piggy bank under the bed. But if you’re serious about saving, it’s worth setting some time aside to consider your options – a high interest savings account can really add to your accumulations. And while savings rates have plummeted, there is one type of account that offers increasing interest rates: the humble, oft-overlooked regular savings account. But what is it, how does it work and most importantly, which are the best accounts available to benefit you?


Put simply, regular savings accounts are exactly what they sound like – savings accounts which require you to make a deposit every month. They offer attractive interest rates, but often tie your money up with terms and conditions, limiting the withdrawals you can make or imposing penalties for withdrawals made. They are frequently time-restricted to a year or two and, to avoid you cashing out too much on interest rates, they often limit the amount of money you can deposit. It is also likely that you’ll be required to switch your current account over to the bank as well as your savings.

If you’re considering this kind of account, it’s important to consider whether you are going to be able to meet its ongoing requirements – if you’re being too ambitious with your savings plan and are unlikely to manage monthly pay-ins, or you’re expecting to dip into your savings frequently, this isn’t the account type for you. However, if you’re determined to save and want to lock your money away somewhere you can watch it grow, these accounts are ideal. Offering sky-high interest rates of up to 6%, if you use a regular savings account wisely, the returns will make it well worth your while.


There’s some great rates knocking around at the moment, but the right one for you depends on how you’re planning to use your account – are you happy to accept a slightly lower interest rate for greater flexibility of your terms, or do you want to maximise profit by saving as much and as frequently as possible? We’ve compiled some of the best offers for you to consider – there’s pros and cons to each, so make sure to choose one that suits your needs.


Pros – 6% interest rate, plus a £100 bonus for new customers. You can deposit between £25 and £300 each month, making it one of the higher savings allowances, and if you underpay one month, you can carry over your balance to the next month.

Cons – Your deposits have to be made from a First Direct bank account, so if you don’t already have one, you’re going to need to switch. And if you miss a payment or withdraw money from your savings, your account will be closed and your interest will be cut to 0.05% – so unless you can commit to a year of regular saving, you are going to miss out.


Pros – Allows you to deposit between £25 and £400 per month, offering a higher savings amount than many accounts, and you can make as many withdrawals from the account as you want, though you can’t replace the money you withdraw. You do need a Lloyds account, but your deposits don’t need to be paid from that account, which offers a high 4% interest rate itself.

Cons – The interest rate on this account is a lower 4%, and deposits must be made by a standing order, which could be inconvenient if you wish to save a different amount each month.



Pros – It’s pretty rare to find a savings account that doesn’t require a linked bank account, so if you’re happy with your current account or can’t switch, this is a strong option. You’re allowed to make a withdrawal each year, and there’s no fixed term – you can save for as long as you like.

Cons – This account offers a relatively low interest rate of 3.05%, and if you miss a payment (of between £25 and £250), your interest drops to 1.25%. You’ll feel the same interest rate drop if you make more than one withdrawal a year.

Whichever savings account you plump for, it’s worth keeping an eye on its expiry date and switching over to a new bank once your high interest rate ends – people often have a misguided loyalty towards their bank, but with a bit of savvy shopping around, you can really maximize your savings. With up to £360 in interest available each year from some accounts, the hour or two of re-registering could be one of the most profitable hours of your career.

Related Blogs

Dua & Co’s Guide to Your Property Investment Options

When it comes to investing in property, many people aren’t

read more

Updates on Making Tax Digital

This year, HMRC began the introduction

read more

How Dua & Co. Improve Your Business Processes

Making sure that your business processes

read more

Improving the Performance of Your Care Home Business

We’ve discussed before here at Dua & Co the many ways

read more

Follow us on: 


Dua & Co (Watford)

1st Floor, 5 Century Court, Tolpits Lane, Watford, WD18 9PX

+44 (0)20 8421 3555

Dua & Co (City)

12 Hay Hill, Mayfair, London, W1J 8NR

+44 (0)20 3356 9706

get in touch

yesBy checking this box, you agree to receive Dua & Co updates and offers via email. All subscribers must be over the age of 16. Recurring automated marketing messages will be sent to the email address provided. You can unsubscribe at any time.View Terms of Use and Privacy Policy.

All material on this site is used by permission. We may use cookies on this site. See our cookie policy here

Registered to carry on audit work in the UK and Ireland; regulated for a range of investment business activities; and licensed to carry out the reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales.

Read the Dua & Co Blog here

Provision of services regulations disclosure here

© Dua & Co 2018

Dua & Co. Limited trading as Dua & Co Chartered Accountants.

Dua & Co Limited is registered in England & Wales.


As a business, we have been clear in our commitment to Diversity and Inclusiveness. An important part of this is understanding the 'mix' of our people and measuring progress towards the goals that we have set ourselves. We can share our approach to employee monitoring, together with some statistics showing the make-up of our business. Click here to view the results of our annual probate diversity survey