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Product focus: regular savings accounts

Product focus: regular savings accounts

Category: Savings

Updated: 18/02/2013
First Published: 01/04/2010

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 It is now over 6 months old so the content may be out of date.

When opening a regular savings accouny, savers will be expected to agree a monthly contribution amount with their provider. This amount will be fixed for the entire term of the account and failure to make the payments will often result in penalties such as loss of interest. Some providers are, however, flexible and allow contributions to be amended. Here are the following top three.

Stroud & Swindon Building Society – Regular Saver Plus Issue 2


This account pays 4.50% on its anniversary. Savers can invest between £10 and £250 and amendments to contributions are allowed within these limits. Twelve payments are required each month over the course of a year. Missed payments and exceeding more than one withdrawal a year will result in a 2.50% loss of interest. No notice is required to access funds and all withdrawals must be made by BACS payment. The account can be operated in branch, by post or telephone by savers aged 18 and over.

Norwich & Peterborough Building Society – Regular Saver


The Regular Saver account pays 4.00% on its anniversary including a 3.00% bonus for twelve months. Between £1 and £250 can be invested each month over a year and deposits can be amended up to £250. Funds can be accessed immediately although only one withdrawal is allowed a year. If more than one withdrawal is made or payments are missed, a 1.5% loss of interest will be applied. The account can be operated in branch, by post, telephone or online by savers of all ages.

Beverley Building Society – Monthly Saver


This account pays a rate of 3.10%. Savers can invest between £10 and £1,000 and contributions can be amended no more than once a year. Twelve payments must be made over the course of a year. Funds can be accessed immediately. No more than one withdrawal can be made in a year and a loss of 30 days interest will apply for each withdrawal made after. The rate will reduce by 3.00% for any missed payments. The account can be operated by savers aged 16 and over in branch and 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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