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With so many different types of savings account available, it can be hard to figure out which one is right for you. This is especially true if you don’t want to tie up your money for a long time or don’t like the idea of having to give several months’ notice to withdraw your money.
Faced with these restrictions, many people settle for a straightforward ‘easy access’ account. They’re nice and simple: you put money in whenever you want, and take some out whenever you want.
The trouble is, that type of account doesn’t tend to earn you much interest.
In fact, the Bank of England’s credit data for March 2025 shows that around three-quarters (75%) of money held in savings accounts is earning less than 2.25%. This suggests that a lot of people are settling for a savings account that just doesn’t work as hard for them as they deserve.
An alternative account that many people overlook is called a ‘regular saver’ account. This type of account rewards the saver with a higher interest rate in return for making regular deposits.
Some people overlook this type of account because they think it means making a monthly commitment. It is true that some banks and building societies insist on a monthly deposit with these accounts, but not all do. Others think the account won’t suit them because it’s not flexible enough, perhaps requiring several months’ notice to withdraw money. Again, some banks and building societies do insist on a long notice period.
The attractive alternative from Hinckley & Rugby
Our Regular Saver 30 Day Notice account is big on benefits and low on restrictions, making it an attractive alternative to a lower-interest easy access account.
For one thing, you don’t have to add money every month. In fact, ‘regular’ is very much optional. You can open the account with as little as £1 and add more money whenever you wish. If you want to save every month, that’s great, but you don’t have to.
For another thing, although there is a notice period for making withdrawals, it’s only 30 days. Bear in mind that the purpose of regular saving is to build up a sum of money for something worthwhile saving for. When you have a savings goal, you know when you’ll need that money, so for most people a 30-day notice period is flexible enough and easy to manage.
A reasonable notice period can also be a positive thing. We’re all swayed from time to time by glossy adverts that encourage us to part with our hard-earned money, and it’s easy to be persuaded – only to later regret it. A reasonable notice period discourages withdrawals for impulse purchases, helping you to stick to your savings plan and achieve your goals.
And the reward is a much more attractive rate of interest than is normally offered with an easy access account.
There is another reason why some people are put off from opening a regular saver account. Some banks and building societies use these accounts to ‘hook’ new customers with something that looks attractive at a glance, but actually provides only limited benefits. For example, some providers restrict monthly deposits to as little as £200 a month and automatically change the account to an easy access account after just a year!
For a serious saver, this offers little benefit.
With a Hinckley & Rugby Regular Saver 30 Day Notice account, you can add up to £1,000 to the account each month.
What’s more, the account remains a Regular Saver for two years, so you really benefit from it, only then changing to our Easy Access account. And we’ll write to you well in advance of that to help you choose what to do with your money – which could include opening a new Regular Saver to continue saving at an attractive rate.
Regular saving is good for children too
Our new Children’s Regular Saver is an attractive alternative to an easy access account for young savers, allowing them to add up to £250 to the account each month. It offers a higher rate of interest than our instant access Young Saver account, but again ‘regular’ is optional – you can open the account with as little as £1 and make further deposits whenever you wish.
This account is aimed at encouraging regular saving to achieve something special – perhaps for a young person’s first car, university, or something else worth saving for over the long term.
There are other accounts for children generally available – such as our own Young Saver account – which offer the flexibility of easy access savings. The true benefit of our Children’s Regular Saver is that it offers a better rate in return for a commitment to create a meaningful savings pot for the future.
In support of that aim, there is no fixed term for the account. It simply changes to an Easy Access account when the child reaches the age of 18. In this way, this account could be viewed similarly to a ‘trust fund’, in that funds can only be withdrawn upon closure of the account (most likely when the goal has been achieved) or when the child reaches that age.
The account can be opened and operated in a child’s name on their behalf by a nominee – a parent, relative, or guardian. Alternatively, if a child is aged 13 or over but under 18, they can open and operate the account themselves.
It’s all-too easy to let your savings stagnate
Research by One Poll in March 2025 found that almost half (48%) of people with a savings account did not know what interest rate the account was giving them. The same research found that 29% of savers have used the same low-interest savings account for more than 11 years.
If your savings account doesn’t work as hard for your money as you do, maybe it’s time to switch to an account that does. Simply check our rates and account terms, and choose the account that best meets your needs. Opening the account is normally quick, simple, and hassle free.
