How to Secure 7.5% Interest Without Locking Your Savings for Years

In today’s fluctuating financial landscape, savers are constantly on the lookout for the best interest rates. The good news? You don’t have to lock away your hard-earned money for years to enjoy above-average returns. Let’s delve deeper into the current savings landscape and explore the top savings options available.

The Current Savings Landscape: A Glimpse

The world of savings has seen a positive shift recently. Interest rates on savings accounts are witnessing an upward trajectory, thanks to 14 consecutive Bank of England base rate hikes.

This is a breath of fresh air for savers, especially when the best accounts now even surpass inflation rates. For instance, Recognise Bank is making waves with its 6.10% AER on a fixed rate deal.

However, this attractive rate requires savers to tie up their cash for a solid two years. But what if you’re hesitant about such long-term commitments?

The market offers several alternatives to achieve up to 7.5% interest without such constraints.

Diving into the Top Savings Options

Skipton Building Society: A Whopping 7.5% Interest

The Skipton Building Society has always been a trusted name in the savings world. Their Member Regular Saver (Issue 2) is a testament to their commitment to offering competitive rates.

This account is exclusively available for their loyal customers who had either a savings or mortgage account with them before 31 May 2023.

With the flexibility to deposit up to £250 each month, diligent savers could amass a balance of £3,161 by the time of maturity.

Santander Edge Saver: A Solid 7% Interest

Santander, a global banking giant, isn’t far behind with its Edge Saver account, boasting a 7% AER. To qualify for this rate, you’d need a Santander Edge current account.

While it comes with a £3 monthly fee, the potential to earn up to £20 monthly cashback on essential expenses makes it a lucrative deal.

First Direct: Consistent 7% Interest

First Direct has always been known for its customer-centric approach. Their Regular Saver Account is no exception. Account holders have the flexibility to deposit between £25 and £300 monthly.

The only catch? You need to let your money grow for a year without making withdrawals. But the reward is worth the wait, with a 7% interest lump sum awaiting you after 12 months.

Club Lloyds Monthly Saver: A Competitive 6.25% Interest

Lloyds, a household name in the UK banking sector, offers the Club Lloyds Monthly Saver. By depositing £400 consistently every month for a year, savers can expect a balance of £4,950 after interest. It’s a straightforward, no-fuss way to grow your savings.

NatWest or Royal Bank of Scotland: A Strong 6.17% Interest

Both these banking stalwarts offer a Digital Regular Saver, catering to their current account customers. With an interest of 6.17% AER on balances up to £5,000, it’s an attractive proposition for those looking to save digitally.

Halifax Regular Saver: A Reliable 5.5% Interest

Halifax’s Regular Saver offers 5.5% AER/gross on deposits ranging between £25 and £250 every month. It’s a flexible option for those who don’t want to commit to a high monthly deposit.

Nationwide Start to Save 2: An Exciting 5.5% Interest

Apart from the interest, this account offers an added thrill. Savers are entered into a prize draw with a chance to win £250, provided they meet certain criteria.

Barclays Rainy Day Saver: A Steady 5.12% Interest

For Barclays Blue Rewards customers, the Rainy Day Saver is a boon. It offers 5.12% AER on balances up to £5,000, making it a great option for medium-term savings.

Considering Fixed Rate Bonds: A Longer Commitment

For those who can afford to set aside their money for longer durations, fixed rate bonds offer superior interest rates. The best one-year bond rate is 6.01% AER from SmartSave. For those willing to commit for five years, RCI Bank offers a tempting 5.8% AER.


In conclusion, the savings landscape is ripe with opportunities. Whether you’re looking for short-term options or considering longer commitments, there’s something for everyone. It’s all about finding the right fit for your financial goals.

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