The best regular saver accounts to build your pot – as Coventry Building Society boosts its rate to 5.5%

Coventry Building Society has boosted the rate on its regular saver to 5.5 per cent, rising by 0.45 per cent.

Savers can deposit up to £500 in the account each month, meaning a maximum of £6,000 can be saved within its 12-month term.

But while banks are keen to push regular saver deals, they can trip up unwary savers.

For example, many regular saver accounts boast high interest rates that are not as generous as they first appear.

Most banks require you to have a current account to open a regular saver, but Coventry Building Society will let savers open its 5.5 per cent deal without one.

We crunch the numbers to see how it stacks up to other top regular savers on the market.

First Direct Regular Saver

First Direct has a regular saver with a rate of 7 per cent – the top interest rate available on these deals.

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