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Product focus: Building society savings accounts

Product focus: Building society savings accounts

Category: Savings

Updated: 30/10/2009
First Published: 30/10/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Building societies are limited to raising no more than 50pc of their funds from wholesale money markets, with the average building society raising just 30pc of their funds by this method. As a result they rely heavily on funding for their lending activities from savers' deposits, which is why they generally offer some of the best rates in the market compared to many high street banks. Here are some of the best deals from building societies:

West Bromwich Building Society – Branch Bonus Account 2

The West Bromwich Building Societies Branch Bonus Account is offering the highest rate on the market for savers looking for easy access paying 3.35pc, including a 0.60pc bonus until 30th October 2010. New savers to the provider can invest between £100 and £100,000 into the account, with a monthly interest option available for savers requiring a regular income. Savers can get instant access to their money, but are limited to making no more than two withdrawals per annum.

Stroud & Swindon Building Society – Fifty Plus Notice

Savers aged 50 years and over are being offered a rate of 3.20pc, including a 1.20pc bonus until 30th June 2010 on the Fifty Plus Notice account from Stroud & Swindon Building Society. The account is operated in branch, online or by telephone and savers can invest between £1,000 and £500,000 into the account. If a withdrawal is required, savers must give 90 days' notice or forgo 90 days' interest for earlier access.

Skipton Building Society – Fixed Rate Bond

Skipton Building Society is offering the highest rate for a fixed rate bond paying 5.35pc on its five year bond, which matures on 30th November 2014. Savers can invest between £500 and £1m into the account, with a monthly interest option available for those looking for a regular income. Further additions can be made to the bond whilst the issue remains open, but access to funds is not permitted during the term.

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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