Is a regular saver the best account for an emergency?

With rising prices fuelling fresh cost of living concerns, it's important to build a financial safety net. Is a regular saver the best place to start?

Regular savers suit those putting away small amounts each month. But while rates reach 7.1% AER, eight in 10 of the top accounts restrict who can open them. What's more, two thirds of all regular savers offer returns no better than an instant-access account, which comes with far fewer strings attached.

Here, Which? unpacks what regular savers offer and whether you might be better off stashing your rainy day fund elsewhere.

Are regular savers good for emergency funds?

If money is tight, a regular saver account that allows you to consistently tuck away a small amount is a great way to slowly build a safety net.

Unlike fixed-rate bonds or instant-access accounts, you’ll usually need to pay in a set minimum each month, with a cap on deposits – typically between £250 and £500. In return, the best of these accounts offer interest rates far higher than most other types of savings product.

Find out more:

How do regular savers compare?

The table shows the current top regular saver accounts, ranked by interest rate:

Provider	Account name	Interest rate (AER)	Provider customer score	Minimum monthly deposit	Maximum monthly deposit	Opening methods
RECOMMENDED_BADGE(RECOMMENDED PROVIDER); Zopa (a)	Regular Saver	7.1%	74%	£0	£300	Mobile App
First Direct (a)	Regular Saver Account	7%	n/a	£25	£300	Internet, Mobile App
The Co-operative Bank (a)	Regular Saver	7%	68%	£0	£250	Branch, Internet
Nationwide Building Society (a)	Flex Regular Saver	6.5%	n/a	£0	£200	Internet, Mobile App
Lloyds Bank (a)	Club Lloyds Monthly Saver	6.25%	67%	£25	£400	Branch, Internet, Mobile App, Telephone
Bath Building Society (a)	16-25 Regular Saver	6.15%	n/a	£10	£50	Branch, Internet, Mobile App
Cambridge Building Society (a)	Extra Reward Regular Saver	6%	n/a	£0	£300	Branch, Postal, Telephone
Harpenden Building Society	18-30 Regular Saver	6%	n/a	£0	£200	Internet
Monmouthshire Building Society	Regular Saver	6%	n/a	£1	£500	Branch, Mobile App
Vernon Building Society (a)	Online Regular Saver	5.75%	n/a	£25	£250	Internet

Find out more

Most deals come with strings attached

Regular savers have a reputation for having the best rates on the market. No other type of account can beat the deals in our table, with Zopa, First Direct, and the Co-operative Bank leading the pack with offers of 7% or more.

However, opening one of these accounts isn't always straightforward. We found caveats in eight of the top 10 products.

The best restriction-free option is Monmouthshire Building Society's Regular Saver, paying 6% AER. Saving £300 a month in this account for a year would earn £117 in interest, according to the bank's product page.

That's £19.50 less interest than if you saved the same amount in a market-leading 7% account with barriers to getting started.

Here are a few common catches to watch out for.

Existing customers only

The market-leading accounts from the Co-operative Bank, First Direct, Lloyds Bank, Nationwide, Virgin Money and Zopa are only available to customers who hold a current account with them.

Time limits

Some providers require you to have been a customer for a set period before you can open their savings product.

Skipton's table-topping regular saver accounts, for example, can only be opened if you have held a savings account or mortgage with them continuously since 10 November 2025.

Location and age

Some accounts are only available to people living in specific areas. You can only save with the top product from Bath Building Society, for instance, if you live, work, or study in Bath.

Some accounts, such as Earl Shilton Building Society's 6% deal, can only be opened and managed in branch. Which might be a problem if you don't live nearby.

Bath's account is also only for savers aged 16 to 25. Harpenden Building Society also imposes an age limit on customers, requiring you to be between 18 and 30.

Are you better off with an instant-access?

When we looked at rates across all regular saver products, we found two thirds offer the same or less than the best instant-access rate of 5%.

Plus, 82% of instant-access accounts place no restrictions on opening or managing the account, and 74% allow you to get started with £100 or less.

The downside of an instant-access account is that the rate is variable and can change with little notice. On the other hand, 63% of regular savers offer rates that are fixed for at least six months.

This table shows the top instant-access accounts. Results are ordered by rate and exclude accounts with opening restrictions:

How to make the most of a regular saver

Before you open a regular saver, consider the reasons why you're opening the account.

Some accounts are tailored to specific aims. Leeds Building Society’s Home Deposit Saver, for instance, pays a variable 4.8% AER and lets you save up to £500 each month towards a first property. Other banks also offer Christmas-themed regular savers that open in winter to help spread festive costs over the year.

Others suit smaller budgets. NatWest’s Digital Regular Saver doesn't ask for a minimum deposit to get started, allows you to save between £1 and £150 a month and pays a variable rate of 5.25%.

If you're eligible, there's no reason why you can't maximise your savings by opening more than one regular savings account. Just make sure you can afford to pay in the required amount of money to keep them open.

Remember, if you take out a fixed-rate regular saver, balances are often transferred to a standard account with a lower rate once the term ends. So make sure you move your money to another top-rate account once the term is over.

source https://www.which.co.uk/news/article/is-a-regular-saver-the-best-account-for-an-emergency-aQ7ey1E57jyn