Co-op launches new savings account with 7% interest rate and deposits up to 250 | Personal Finance | Finance [Video]

The Co-operative is offering current account holders access to a variable rate of seven percent on deposits of up to £250 a month, for 12 months.

This puts it in the running for the top regular saver rates alongside First Direct, but the top rates are only for current account holders.

Anna Bowles, the founder of Savings Champion, advised people looking to save money that they could check if opening a new current account just to access the saver would be good for them.

Miss Bowles said that one of the best ways for people to get into the habit of saving is to open a regular saver account and consistently deposit after payday.

This way “it becomes like another bill – but one that you can benefit from in the future”, she said.

Regular savings accounts provide a particularly lucrative option for people looking to start building up a …