Top savings accounts for building a rainy day fund

Rainy day fund

Financially savvy Brits are saving  £310 on average each month – or £12 billion collectively – new research has revealed.

More than three-quarters of people (76%) of people are putting money away for a rainy day each month, with nearly half of consumers (48%) using a regular savings account, according to

Those aged 18 to 34 – perhaps due to a desire to save for a house deposit – were the most conscientious when it came to squirreling away cash, saving on average £438 a month, while those aged 34 to 54 put away £297 and the over 55s £225 a month.

Meanwhile, because of low interest rates, more than a fifth (21%) of Brits are willing to take some sort of risk with their money in order to gain better returns. Some 13% have invested in a stocks and shares Isa.

However, low interest rates have also led to some consumers being put off saving. Some 17% said they have chosen to put less money into their savings, while 16% admitted they withdrew cash from their savings and spent it because of poor returns.

Find the best savings account for you

The best rates

If you are fortunate enough to be in a position to save, then according to, one of the best regular savings accounts on the market is West Bromwich Building Society Fixed Rate Regular Saver, which will give you 3.3% on your cash for 12 months up to a maximum of £1,200, while Buckinghamshire Building Society's Simple Regular Saver comes with an AER of 2% on all savings up to £400,000.

If you are looking at a cash Isa, then Nottingham Building Society's Isa (Issue 5) comes with an interest of 3% over the tax year, up to the maximum Isa allowance of £15,240, while Coventry Building Society's Isa comes with an AER of 2%.

If you are over 65 then you may want to consider NS&I's popular Three Year Growth Bond, which also comes with an interest of 4% over the 36 months term. The bond is on sale until 15 May so you'll have to act quickly if you want to take advantage.

Check out the best savings accounts for you.

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