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Product focus: Regular savings accounts

Product focus: Regular savings accounts

Category: Savings

Updated: 10/06/2010
First Published: 10/06/2010

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 It is now over 6 months old so the content may be out of date.

Regular savings accounts are characterised by their strict terms and conditions. One of these typically requires that a fixed payment be made each month. However, some providers are more flexible than others and do sometimes allow savers to alter their contribution amounts. Here is a selection of the current top three regular savings accounts:

Norwich & Peterborough Building Society – Regular Saver

The Regular Saver pays 4.00pc on its anniversary including a bonus of 3.00pc for twelve months. The gross rate is guaranteed to be fixed at 4.00pc for twelve months. Savers can invest between £1 and £250 and contributions can be amended up to the maximum limit. Twelve payments must be made in a year, but funds can be accessed immediately. A 1.50pc loss of interest will be applied if the account is closed, payments are missed or more than one withdrawal is made in a year. The account is available to savers of all ages and can be operated in branch, by post, telephone or online.

Beverley Building Society – Monthly Saver

The Monthly Saver pays an annual rate of 3.10pc. Investments range between £10 and £1,000, while contributions can be amended, but no more than once a year. Twelve payments must be made in year, although funds can be accessed immediately. Savers who miss payments will see the rate reduce by 3.00pc, while a 30 day loss of interest will apply if more than one withdrawal is made in a year. A £25 fee will apply for each BACS transfer made. The account can be operated in branch and by post by savers aged 16 and over.

Mansfield Building Society – Regular Savings

This account pays an annual rate of 3.10pc, with the AER rate guaranteed to remain at least 3.00pc above basic AER rate on Prime Access. Savers can invest between £25 and £500 and contributions can be amended, but twelve payments must be made. Funds can be accessed immediately, although 90 days loss of interest will apply if more than two withdrawals are made in a year. The account is available to savers of all ages and can be operated in branch and by post.

Find the best savings rates for you - Compare 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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