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Product focus: Regular savings account

Product focus: Regular savings account

Category: Savings

Updated: 25/02/2013
First Published: 22/04/2010

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 It is now over 6 months old so the content may be out of date.

Of all the different types of savings accounts, regular savings accounts require the most discipline.

Upon opening an account, savers will need to agree with the provider on a deposit amount which will remain fixed during the term of the deal and will need to be paid regularly, usually each month.

Failure to meet the regular payments will often result in penalties, such as loss of interest.

Here are the current top three regular savings accounts.

Stroud & Swindon Building Society – Regular Saver Plus Issue 2


This account pays 4.50% on its anniversary. Investments can be made between £10 and £250 each month and contributions can be amended provided they are within the deposit limits. Twelve payments must be made over a year. Savers who miss payments and exceed more than one withdrawal in a year will be subject to a 2.50% loss of interest. No advance notice is needed to access funds and all withdrawals must be made by BACS. The account is available to savers aged 18 and over and can be operated in branch, by post and telephone.

Norwich & Peterborough Building Society – Regular Saver


The Regular Saver account pays 4.00% on its anniversary, including a 3.00% bonus for twelve months. The gross rate is guaranteed to be fixed at 4.00% for twelve months. Savers can invest between £1 and £250 and contributions can be amended up to £250 per month. Twelve payments must be made in a year. A 1.5% loss of interest will apply to savers who miss payments, make more than one withdrawal in a year or close the account. Funds can be accessed immediately. The account can be operated in branch, by post, telephone or online by savers of all ages.

Scottish Building Society – Regular Bonus Saver


This account from Scottish Building Society pays an annual rate of 4.00%. Between £25 and £500 can be invested and contributions cannot be amended. Eleven payments must be made in a year. The rate will reduce by 3.00% if payments are missed or if more than one withdrawal is made in a year. No advance notice is needed to access funds. The account is available to savers of all ages and can be operated in branch or by post.

Find the best savings accounts for you - Compare regular 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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