The Co-operative is offering current account holders access to a variable rate of seven percent on deposits of up to £250 a month, for 12 months.
This puts it in the running for the top regular saver rates alongside First Direct, but the top rates are only for current account holders.
Anna Bowles, the founder of Savings Champion, advised people looking to save money that they could check if opening a new current account just to access the saver would be good for them.
Miss Bowles said that one of the best ways for people to get into the habit of saving is to open a regular saver account and consistently deposit after payday.
This way “it becomes like another bill – but one that you can benefit from in the future”, she said.
Regular savings accounts provide a particularly lucrative option for people looking to start building up a savings pot.
These accounts typically offer higher interest rates and the terms generally encourage savers to pay money into the accounts monthly.
Savers just need to meet certain requirements on the respective accounts and they’ll earn interest on their savings on the basis they make minimal withdrawals and deposit regularly.
Anna Bowes said: “Regular savings accounts pay some of the top rates available as you are normally restricted by the amount you can deposit, and you may not be able to dip into the cash very often, if at all, over a given term.
Miss Bowes highlighted the number of terms and conditions that these accounts generally come with and stressed that potential savers should keep an eye out to ensure you receive the interest they are expecting.
It is possible that you will not have to transfer your primary current account to access these savers accounts but consumers should always be wary of alternative variable rate accounts around that could comete with the fixed interest rates of regular savings accounts.
