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Save…and buy a £160 gift for Christmas next year: the latest mainstream savings accounts pay rates up to 5%
Christmas 2023 may still seem a long way off, but it’s not too early to start saving, especially with rates much higher than last year.
Banks have launched a large number of regular savings accounts with rates up to 5 percent.
These allow for monthly capped payments over a year and can be the perfect place to start saving.
Top deals: The Principality Building Society’s new Christmas 2023 regular savings bond pays 5% on payments up to £125 a month for a year
Some plans are limited to checking account holders or existing members of a mortgage bank. But two new accounts from Principality Building Society and Halifax are open to everyone.
The principality’s new Christmas 2023 regular savings bond gives 5 percent on payments up to £125 a month for a year.
If you save a maximum of each month, you will arrive at € 1,540.63, including € 40.63 in interest.
With Halifax Regular Saver you will earn 4.5 percent on £25 to £250 per month. An amount of £125 per month will give you £1,500 plus £36.56 after 12 months.
If you leave your money in the bank’s Everyday Saver for 0.45 percent, you’ll only see £6.75.
Other top deals include Lloyds Monthly Saver at 4.5 percent, a one-year regular savings plan with a limit of £250 per month. It is available to current account holders.
If you have been a member of Yorkshire BS for at least 12 months, you can sign up for the Loyalty Regular Saver for a 5 percent fee.
You can put in up to £500 a month – that would earn £161 in interest.
First Direct offers a regular savings of 3.5 percent and a maximum of £300 per month.
Sy.morris@dailymail.co.uk