{"id":127344,"date":"2026-10-21T11:25:00","date_gmt":"2026-10-21T10:25:00","guid":{"rendered":"https:\/\/en.econostrum.info\/uk\/?p=127344"},"modified":"2026-10-21T11:16:49","modified_gmt":"2026-10-21T10:16:49","slug":"martin-lewis-savings-accounts-paying-8","status":"publish","type":"post","link":"https:\/\/en.econostrum.info\/uk\/martin-lewis-savings-accounts-paying-8\/","title":{"rendered":"Martin Lewis Highlights Savings Accounts Paying Up to 8% as Savers Look for Better Returns"},"content":{"rendered":"\n

The financial expert discussed the accounts on his BBC podcast<\/strong>, addressing a common misunderstanding about how interest is calculated. While the advertised rates can appear attractive, the amount earned over a year depends on when money enters the account.<\/p>\n\n\n\n

According to MoneySavingExpert, regular savings accounts generally require customers to deposit money each month, with interest usually paid annually. Their higher rates often come with restrictions on deposits, withdrawals and account eligibility.<\/p>\n\n\n\n

Which Banks Offer the Highest Regular Savings Rates?<\/strong><\/h2>\n\n\n\n

Santander <\/strong>currently offers the highest rate among the major providers listed, paying 8% variable interest on deposits of up to \u00a3200 per month. The offer is available to existing current account customers and includes a 12-month bonus<\/strong> of 5%.<\/p>\n\n\n\n

According to MoneySavingExpert’s guide<\/a>, customers depositing the maximum amount each month could earn \u00a3104 in interest over a year. The rate falls to 3% after the initial period.<\/p>\n\n\n\n

First Direct <\/strong>offers a fixed rate of 7%, allowing deposits of up to \u00a3300 monthly. Customers contributing the maximum amount could earn \u00a3135 after 12 months. Unlike Santander’s variable offer, this rate remains fixed throughout the year.<\/p>\n\n\n\n

The Co-operative Bank<\/strong> also pays 7% variable interest<\/a>, with monthly deposits capped at \u00a3250. Its estimated annual interest is \u00a3113 for customers making maximum contributions. Nationwide<\/strong>‘s Flex Regular Saver offers 6.5% variable interest on deposits of up to \u00a3200 per month. NatWest’s Digital Regular Saver pays 5.25% variable interest, with a monthly deposit limit of \u00a3150.<\/p>\n\n\n\n

Other options include HSBC<\/strong>‘s Regular Saver at 5% fixed interest and Lloyds Bank<\/strong>‘s standard monthly saver at the same rate. Both permit monthly deposits of up to \u00a3250. Some accounts require customers to hold an existing current account, while others impose conditions on missed payments or early withdrawals.<\/p>\n\n\n\n

\"\"
Several major UK banks offer high-interest savings accounts, with varying rates, limits and conditions.<\/em><\/figcaption><\/figure>\n\n\n\n

Why an 8% Savings Rate Does Not Mean 8% of the Final Balance<\/strong><\/h2>\n\n\n\n

Lewis explained that regular savings accounts frequently cause confusion because customers calculate their expected interest using the total amount deposited over the year.<\/p>\n\n\n\n

Speaking on his BBC podcast, he described how someone saving \u00a3250 each month would accumulate \u00a33,000 over 12 months. At an annual interest rate of 6%, they might expect to receive \u00a3180. That calculation overlooks the fact that the full \u00a33,000 was not held in the account <\/strong>throughout the year.<\/p>\n\n\n\n

Lewis explained that interest applies only to money already deposited. The balance therefore grows gradually, meaning later contributions earn interest for fewer months. He suggested using roughly half the final balance as a guide when estimating annual interest on regular monthly contributions.<\/p>\n\n\n\n

For example, someone depositing \u00a3200 each month into Nationwide’s 6.5% account would accumulate \u00a32,400 over a year. Rather than receiving \u00a3156 in interest, the amount would be approximately \u00a384.50.<\/p>\n\n\n\n

MoneySavingExpert also explains that customers with existing savings can transfer money gradually from an easy-access account into a regular saver<\/strong>, allowing the remaining balance to continue earning interest. The guide advises savers to review their accounts when introductory periods end, as money may subsequently move into accounts paying substantially lower rates.<\/p>\n","protected":false},"excerpt":{"rendered":"

Martin Lewis has highlighted regular savings accounts offering interest rates of up to 8%, explaining why they can provide higher returns on monthly deposits than conventional savings products. Several major UK banks, including Santander, Nationwide and First Direct, offer these accounts, although monthly deposit limits and withdrawal conditions vary between providers.<\/p>\n","protected":false},"author":10,"featured_media":127352,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44],"tags":[],"class_list":["post-127344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33","no-featured-image-padding"],"_links":{"self":[{"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/posts\/127344","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/comments?post=127344"}],"version-history":[{"count":4,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/posts\/127344\/revisions"}],"predecessor-version":[{"id":127363,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/posts\/127344\/revisions\/127363"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/media\/127352"}],"wp:attachment":[{"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/media?parent=127344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/categories?post=127344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.econostrum.info\/uk\/wp-json\/wp\/v2\/tags?post=127344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}