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Best savings accounts: Top 4 regular savings accounts paying over 5 percent | Personal Finance | Finance

The Bank of England was raising the base rate in an effort to stop rising inflation and encourage people to save. The higher base rate of three percent was reflected in a number of savings accounts across the market.

We urge Brits to shop around to find the best deal available to them.

There are a number of different savings accounts that are suitable for different circumstances and offer a range of benefits.

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With a regular savings account, people commit to paying a certain amount each month.

In return, the bank or building society gives someone a higher interest rate than they would get with their regular checking or savings account.

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Rules vary between accounts. Some allow individuals to withdraw money but may give them a lower interest rate for that month or for the remainder of the term.

Other accounts do not allow any early withdrawals.

It’s important to check the rules carefully before choosing a regular savings account, if people think they might need access to their money during class.

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Money comparison site Moneyfacts has rounded up the best regular savings accounts available right now.

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Interest paid on balances over £1,000 will drop to 1 percent, and interest paid on balances over £5,000 will be 0.5 percent.

There is no minimum deposit required to open the account and it allows people to save up to £150 per month.

Unlimited withdrawals are also allowed without penalty and interest is awarded monthly.

Finally, the Royal Bank of Scotland’s Regular Digital Savings Scheme also offers 5.12 per cent.

Like NatWest, the same interest rules apply to this bank account (5.12 per cent paid up to £1,000, then one per cent 0.5 per cent), interest is applied monthly, and unlimited withdrawals are also allowed.

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The maximum monthly deposit is £150.

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