The top 11 regular savings accounts

You can still earn 4.5% on your savings if you know where to look. John Fitzsimons rounds up the best regular savings accounts - which are, after all, the best way to get into the saving habit and build up a cash safety cushion.

It's very easy to neglect the need to put some money aside in savings each month.

If you're anything like me, and have a load of direct debits and outgoings early on, then by the time you reach the second week of the month you might be scratching your head and wondering how you're going to get through the month without dipping into the overdraft, let alone putting money into savings.

A good way to get past that problem and build up a decent safety net, without killing yourself financially, is to go for a regular saver account.

With a regular saver you put aside a smallish sum each month, anything from £1 all the way up to £250.

The great thing about these accounts, besides the fact that they are a very nifty way to get into a very good saving habit, is that the rate you get tends to be fixed. So no matter what happens with Bank Base Rate over the next 12 months, you know exactly what rate you will be getting on your money.

Avoid the hurdles

Unfortunately the regular saver accounts paying the highest rate of interest tend to be limited to borrowers who already have a current account with the bank in question.

This is the case with the market-leading regular saver from HSBC, which is paying a frankly mammoth 8% in interest for a year. However, to get your hands on it, you'll need to have a Premier, Plus, Passport or Graduate Plus current account with the bank.

It's the same story with the Bradford & Bingley and Abbey Super Fixed Rate Monthly Saver 8, which pays 5.99% AER for a year.

That's fine if you already have one of these current accounts, but to be honest it strikes me as a bit much to change your current account just to get hold of a regular savings account, especially since that regular savings account won't be worth having in 12 months' time!

The best regular saver accounts!

The good news, if you want a simple regular saver account, without having to jump through hoops to get hold of it, there are still some terrific options in the market at the minute. I've put together the table below highlighting my favourites.

Obviously the Stroud & Swindon and Principality accounts are top of the tree as you get the best possible return on your money with these accounts.

Personally, I'd be less likely to go for the Principality deal, principally because you cannot manage the account online. Both do not permit withdrawals either. 

One to consider though is the Barclays Bank Monthly Savings Account, as it has a very nifty little feature which more than makes up for the slightly lower interest rate.

This account is very rare in the flexibility it offers you. While most regular savers require you to make a payment each and every month, the Barclays deal allows you to miss the odd payment, and make up for it in future payments, without being whacked with a penalty.

If you are just starting out getting into the savings habit, I reckon that's a brilliant facility, as there may be months when you really don't have the cash to put aside.

You can also make withdrawals, though if you do the interest rate on your money falls the following month to 3.03% AER for one month, then jumps back up again to 4.25% AER.

The kids are alright

One thing that strikes you if you do a bit of digging into regular savers is that some of the best accounts are available only to children.

The rates are almost all superior to anything you get as an adult, so if you're trying to get your kids into good habits then you could do a lot worse than getting them to open one of these accounts.

Need to save a few quid?

Now all that's great, but if you are walking a financial tightrope every month, you might not think you have any money to set aside in a savings account.

But chances are, only a few tiny little changes will result in a few extra pounds leftover at the end of the month. If you need some inspiration on how to rejig your finances so that you have something to put into the account each month, why not follow the brilliant tips in our goals Save money every day of the week and Save money in every room of your home.

You'll have the money to put aside in a regular saver before you know it!

Get help from lovemoney.com

If you are trying to get into the savings habit, there are plenty of ways lovemoney.com can help.

First of all, why not check out the great hints and tips in this goal: Build up your savings

Next, you might like to watch this video: How to... save when you've got no money

And finally, if you have any savings questions that you need an answer for, why not pick the brains of your fellow lovemoney.com readers in our Q&A section?

More: The best savings account you've never heard of | The best place for your life savings