Barclays' Monthly Savings Account pays the highest return currently available on a savings account that's not part of an 'existing-customer only' deal.
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Barclays - Monthly Savings Account
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What's the deal?
With a headline rate of 6% AER fixed for 12 months, the Barclays' Monthly Savings Account currently offers the best return currently available on a non-tied savings account.
It's a regular saver so you will need to pay in between £20 and £250 a month for 12 months in order to benefit from the 6% AER rate.
What makes it great?
With the average interest rate paid on savings accounts sitting at a measly 0.17% (according to recent research by the Bank of England) the reassurance of a 6% AER return for the next 12 months can be no bad thing.
What's more, unlike many regular savings accounts you can access your money if you need to, although the interest rate will drop to 3.03% in any months when you make a withdrawal. You can also amend the amount you pay in each month and even miss a monthly payment should the need arise, making it surprisingly flexible.
What's the catch?
You will need to set up a standing order to transfer between £25 and £250 into your account each month. As such, the maximum possible balance after 12 months is £3,000 so the account isn't likely to suit those who are looking to save more than this in one place. What's more, a limit of one account per person applies.
At the end of the 12 month term the account will automatically become instant access and the interest rate is likely to drop considerably so it's a good idea to make a note to move your savings to a more profitable home then.
We have done our very best to make sure that the information included in this Deal is accurate. However, sometimes offers can be withdrawn or changed at the last minute so please do check that you're able to redeem this Deal before parting with any money, or going out of your way to take advantage of the offer.
