Get saving… and bag a £160 gift for Christmas next year

Christmas 2023 might seem a long way off, but it’s not too soon to start saving, especially with rates on offer far higher than last year.

Banks have launched a host of regular savings accounts with rates of up to 5 per cent.

These allow monthly capped payments over a year and can be the perfect place to start saving. 

Some plans are limited to current account holders or existing members of a building society. But two new accounts from Principality Building Society and Halifax are open to all.

Principality’s new Christmas 2023 Regular Savings Bond gives 5 per cent on payments of up to £125 a month for a year. 

If you save the maximum each month, you will end up with £1,540.63, including £40.63 interest.

With Halifax Regular Saver you earn 4.5 per cent on £25 to £250 a month. A £125 a month sum will give you £1,500 plus £36.56 after 12 months. 

If you leave your money in the bank’s Everyday Saver at 0.45 per cent, you will see just £6.75.

Other top deals include Lloyds Monthly Saver at 4.5 per cent, a one-year regular savings plan with a £250 per month limit. It is available to its current account holders.

If you have been a member of Yorkshire BS for at least 12 months, you can sign up for its Loyalty Regular Saver paying 5 per cent. 

You can put in up to £500 per month — that would bag £161 of interest.

First Direct offers a 3.5 per cent regular saver and allows a maximum of £300 per month.

Sy.morris@dailymail.co.uk