With a regular savings account, you commit to paying in a certain amount each month. In return, the bank or building society gives you a higher interest rate than you’d get with their current account or ordinary savings account.
Source: Regular savings accounts @ The Money Advice Service
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- What is a regular savings account and how does it work? @ citywire money
Excerpt: As the name suggests, a regular savings account requires you to commit to putting aside a small amount of money each month. In return for guaranteeing a set level of income to your savings provider each month, they will usually pay you a higher interest rate than if you invest a lump sum in a cash ISA or easy access account, for example. In fact, the best regular savings rates often beat the rates offered on the lengthier fixed-rate deals.
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