Ford Money has launched a regular saver paying 4% interest for a year, with no restrictions on who can apply for the account.
This means the 12-month fixed rate is available to everyone rather than being linked to a current account, as is the case for many regular savings accounts.
You can deposit between £25 and £250 into the account per month, meaning savers could save up to £3,000 over the course of the year. The account can be opened online or over the phone.
What’s also different about the account is that it can be opened as a standard regular saver or as a regular saver held within an Isa wrapper. Savers who choose the Isa option will be able to pay the remaining £17,000 of their yearly Isa allowance into one of Ford’s flexible or fixed Cash Isas – something which is known as a split Isa.
When the regular saver account matures, the cash will be transferred to either Ford Money’s flexible saver - which currently pays 1% - or to its flexible Cash Isa, which pays 0.9% at present.
How does Ford’s regular saver compare?
However, with these accounts all require you to hold a current account with the bank, which will rule out many people.
This makes Ford’s account the top open-to-all pick on the market today. The next best is the Virgin Money Regular eSaver which pays 2.25%.
Of course, another point to consider is how much you’re able to pay in each month. Nationwide allows account holders to save anything from £1 up to a hefty £500 per month, but other providers are more restrictive. First Direct accepts between £25 and £300 a month while Ford Money, HSBC and M&S Bank allow deposits of between £25 and £250.
Virgin Money will accept anything between £1 and £250 each month, while with Santander you’re limited to between £1 and £200 per month.