A regular savings account is where you commit to depositing a fixed amount each month. They can be perfect for structured saving, whether you're putting money aside for something big like a holiday or a wedding, or to build a healthy rainy-day fund.

In return for your commitment to regular saving, many banks offer higher interest rates than standard savings accounts, just as long as you stick to the rules. For example, although some allow unlimited penalty-free withdrawals, others may impose a limit such as three withdrawals per year. Others may lock your money in for a set period. That’s why it’s essential to check the terms to ensure your account matches your needs.

These accounts do tend to limit how much you can save - there's usually a monthly deposit cap of between £200-£400, depending on the provider. Also, check how interest works as rates may only be fixed for a year or two, or may even be variable. But even with these things to watch out for, a regular savings account can be an excellent way to grow your savings.

Yes, you can have several regular savings accounts, and it can be a great way to stay organised and maximise the interest you earn. Each bank may limit you to one of their regular savings accounts, but there’s usually nothing to stop you from having accounts with different banks.

So whether you're saving for a holiday, a house deposit, or just a rainy day, splitting your money across different accounts can help you make the most of higher interest rates and perks.

Got a lump sum sitting in an easy-access savings account? You could maximise your returns by drip-feeding it into a regular saver each month. This way, you’re earning interest on the full amount while still benefiting from the boosted rate on those monthly deposits. Just weigh up other options first to make sure you do what’s best for you.