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Product focus: Fixed term regular savings accounts

Product focus: Fixed term regular savings accounts

Category: Savings

Updated: 23/09/2010
First Published: 23/09/2010

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 It is now over 6 months old so the content may be out of date.

Fixed term regular savings accounts are best suited to those who are willing to lock money away for a set period and can pay a fixed regular deposit each month.

Failure to make deposits each month can often result in penalties such as loss of interest, so it is important to check the terms and conditions before committing to one of these accounts.

Here is a selection of the current best fixed term regular accounts offered by well-known high street providers.

Santander – Fixed Monthly Saver 12

This thirteen month bond pays 4.00% on maturity. Savers can invest between £20 and £250. Contributions must be made by standing order and cannot be amended. Twelve payments must be made within a year. Savers who miss payments will see the rate reduced to 0.10% for that particular month. There is no limit on how many withdrawals can be made during the term. Early access is allowed on closure only. The account is available to savers aged 16 and over and can be operated in branch only.

Barclays Bank – Monthly Savings

The Monthly Savings account pays 3.20%. Investments range between £20 and £250. Contributions must be made by standing order and can be amended. There is no restriction on how many withdrawals are allowed during the twelve month term. Funds can be accessed without advance notice, although this is subject to 0.21% loss of interest for that month. The account can be operated by savers aged 16 and over, in branch, by telephone and online.

Northern Rock – Regular Saver Issue 2

This account pays an annual rate of 2.75% on 1st September 2011. Savers can invest between £1 and £250 and contributions can be amended. Funds can be accessed without advance notice or penalty. The account is available to savers aged 14 and over and can only be operated in branch.

Find the best savings rates for you - Compare savings accounts

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 Any products featured may be withdrawn by their provider or changed at any time.

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