Product focus: Regular savings accounts - Savings - News - Moneyfacts


Product focus: Regular savings accounts

Product focus: Regular savings accounts

Category: Savings

Updated: 04/02/2010
First Published: 04/02/2010

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 It is now over 6 months old so the content may be out of date.

Regular savings accounts are best suited to savers who are disciplined with their finances as they come with a range of strict terms and conditions, which, if not adhered, to can result in penalties such as account closure.

One of the conditions is that savers must commit to paying in a fixed amount each month, although some accounts allow savers to amend their contributions and miss one or two payments; here are the current top three.

Stroud & Swindon Building Society – Regular Saver Plus Issue 2

This account pays a rate of 4.50% and savers can invest between £10 and £250 each month and contributions must be made by standing order. Contributions can be amended so long as they are within the deposit limits. A 2.50% loss of interest will apply to savers who make more than one withdrawal a year or who miss payments. Funds can be withdrawn without notice and must be made by BACS. The account can be operated by savers aged 18 and over, in branch or by post or telephone, although the initial deposit has to be made by cheque.

Loughborough Building Society – Regular Savers Account +3

This account pays a rate of 4.00% and savers can invest between £10 and £500 per month. Contributions can be amended each year on the anniversary of the account opening. Funds can be withdrawn instantly. More than one missed payment per year or exceeding one withdrawal per year will result in the rate reducing by 1.00%. The account can be operated by savers and 16 and over, in branch or by post.

Norwich & Peterborough Building Society – Regular Saver

The regular saver account pays a rate of 4.00%, including a bonus of 3.00% for 12 months. The gross rate is guaranteed to be fixed at 4.00% for 12 months. Savers can invest between £1 and £250 per month and contributions can be amended up to the maximum limit. Funds can be accessed instantly, although a 1.50% loss of interest will apply if more than one withdrawal is made or payments are missed. The same loss in interest will apply if the account is closed. There are no age restrictions for this account and it can be operated in branch, or by telephone, post or 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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