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Product focus: Regular savings account

Product focus: Regular savings account

Category: Savings

Updated: 21/01/2010
First Published: 07/01/2010

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 It is now over 6 months old so the content may be out of date.
Savers with a disciplined approach to their money may be best suited to a regular savings account.

Regular savings accounts can sometimes be confused as a 'general savings account', however, they are simply a way for savers to commit to paying in a specific amount of money each month over a set period, usually 12 months.

It is important to remember that if payments are missed or if more than the specified number of withdrawals are made, penalties such as loss of interest or even account closure will apply.

Here are the current top three regular savings accounts.

Stroud & Swindon Building Society – Regular Saver Plus Issue 2

The only regular savings account offered by Stroud & Swindon Building Society pays a rate of 4.50% on its anniversary. Between £10 and £250 must be invested each month over 12 months and contributions can be amended. No notice is required to access funds, although a 2.50% loss of interest will be applied for missing payments or exceeding more than one withdrawal during this period. The account can be operated by savers aged 18 and over in branch and by post and telephone.

Principality Building Society – Regular Saver Bond Issue 9

This account pays a rate of 4.50% on maturity. Savers must invest between £20 and £500 a month for 12 months and contributions can be amended. If payments are missed or if funds are accessed early, the lowest tiered rate of the Instant Access account will be paid for the entire term. The account can be operated by savers aged 16 and over, in branch or by post.

Barclays Bank – Monthly Savings

This account pays a monthly rate of 4.17% on the first working day of each month. Savers can invest between £20 and £250 and contributions can be amended. Funds cannot be accessed within the twelve month term, although savers will incur a 1.18% loss of interest for that month. The account can be operated by savers aged 16 and over, in branch or by telephone and online.

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 Any products featured may be withdrawn by their provider or changed at any time.

 
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