Cash point

Royal Bank of Scotland has launched a new savings account that encourages people to get into the habit of putting money away regularly.

The Savings Builder can be opened with just £1 and pays 1.5% as long as you put away at least £50 each month.

It’s available in branches, by calling 0345 303 0344, online and via RBS’s mobile banking app.

Unlike other regular savings accounts, you can make withdrawals if you need access to cash.

Andrew Hagger, from personal finance website Moneycomms.co.uk, said: “It’s refreshing to see this type of savings account not just restricted to online applications.

“Scams and fraudsters mean that not everybody wants or is comfortable dealing with their finances on the internet.”

While savings accounts are still not offering earth-shattering rates, some others worth considering include easy access accounts such as the online saver from Marcus by Goldman Sachs (marcus.co.uk) paying 1.5%, and Shawbrook Bank (shawbrook.co.uk) and Charter Savings (chartersavingsbank.co.uk) both paying 1.4% online.

Sainsbury’s Bank pays 1.35% on its easy access which can be opened on 08085 405060, and Paragon Bank (paragonbank.co.uk) offers 1.8% on its three-month notice account.