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Product Focus: Regular Savings Accounts

Product Focus: Regular Savings Accounts

Category: Savings

Updated: 22/01/2010
First Published: 01/07/2009

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 It is now over 6 months old so the content may be out of date.
Recent reports have shown that there has been an increased demand for regular savings accounts as savers look to put some money aside for a rainy day. Many people are finding they have more money to save each month as the low base rate has reduced their mortgage repayments.

Barclays Bank – Monthly Savings

Barclays Bank is now paying a rate of 4.17 per cent on its Monthly Savings account. The rate is fixed for one year and savers can invest between £20 and £250 per month into the account. Savers can get instant access to their money, but if a withdrawal is made, a 1.18 per cent loss of interest penalty is payable for that month.

Norwich & Peterborough Building Society – Family Regular Saver

The Family Regular Saver account from Norwich & Peterborough Building Society was the recent winner of the Innovation award at the Moneyfacts Awards. The account pays a fixed rate of 6.00 per cent for 12 months on investments of up to £250 per month, after which the rate becomes variable. The account is open to anyone who has dependant children aged up to 16 (18 if in full time education). Savers can get instant access to their money, but if they make a withdrawal or a payment is missed, a 3.00 per cent loss of interest penalty is payable.

First Direct – Regular Saver ISA

New and existing current account customers to First Direct are being offered a fixed rate of 7.00 per cent for one year on the Regular Saver ISA. Savers can invest between £25 and £300 per month into the account, which is operated online or by post. Access is available on closure only and the Cash e-ISA rate will be payable, currently 1.98 per cent.

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 Any products featured may be withdrawn by their provider or changed at any time.

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