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Product focus: Instant access savings accounts

Product focus: Instant access savings accounts

Category: Savings

Updated: 14/01/2010
First Published: 14/01/2010

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 It is now over 6 months old so the content may be out of date.

In the current economic climate, many savers require access to funds at short notice. Those with a regular savings account, however, should exercise caution as many have restrictions in place with how often cash can be withdrawn during the term. If the number of designated withdrawals is exceeded savers could, for example, incur penalties such as loss of interest. Here are the current top three instant access regular savings accounts.

Stroud & Swindon Building Society – Regular Saver Plus Issue 2

This account pays a rate of 4.50pc on its anniversary. Between £10 and £250 can be invested each month over one year and the contributions can be amended. No notice is needed to withdraw funds, however, if payments are missed or more than one withdrawal is made during the twelve months, a 2.50pc loss of interest will be applied. The account can be operated by savers aged 18 and over, in branch, or by post or telephone, although the initial investment must be paid by cheque.

Buckinghamshire Building Society – Chiltern Gold Builder

Buckinghamshire Building Society's only regular savings account pays a rate of 4.12pc. Between £25 and £250 can be invested each month over the course of twelve months. Contributions cannot be amended. Funds can be accessed immediately, although only one withdrawal is allowed over the course of one calendar year. Failure to meet this condition, and also any missed payments, will result in the saver receiving the Easy Access account rate for the entire period. The account can be operated in branch or by post by savers of all ages.

Loughborough Building Society – Regular Savers Account +3

This account pays a rate of 4.00pc. Investments of between £10 and £500 can be made and over the course of a year, eleven payments must be made. Contributions can be amended on the anniversary of the account opening. Cash can be accessed immediately, although if more than one withdrawal is made during this period, or if payments are missed, the rate will reduce by 1.00pc for one year. The account can be operated in branch or by post with a passbook, by savers aged 16 and over.

Compare regular savings accounts or
Compare no notice 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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