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Product focus: Regular savings accounts

Product focus: Regular savings accounts

Category: Savings

Updated: 12/11/2010
First Published: 12/11/2010

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 It is now over 6 months old so the content may be out of date.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 allow savers to lock away a set amount of money each month, with a view to receiving a guaranteed and competitive rate.

These accounts pay some of the best savings rates in the market and savers must be committed to investing the same amount each month. Here is a selection of some of the best regular savings accounts which allow amendments to monthly contributions.

Norwich and Peterborough BS – E-Family Regular Saver

This account pays 5.00% annually including an introductory bonus rate of 1.65% for twelve months. A maximum of £250 can be invested on a monthly basis and a minimum of £1. The gross rate is guaranteed to be fixed at 5.00% for twelve months. Twelve payments are required per annum; any missed payments or more than one withdrawal will result in a penalty loss of 3.00% interest. This account is available to all ages and can be operated online only.

Santander – First Home Saver Special Issue 1

A rate of 5.00% will be paid annually on this account. A maximum of £300 can be invested on a monthly basis and a minimum of £100. Twelve payments must be made within a year. Savers who miss payments will incur a rate reduction down to 0.10% for that particular month. To qualify for this account savers must hold a mortgage with Santander. Early access is not permitted and an interview with Santander is required up to 90 days before account closure. This is available to savers aged between 16 and 35 and can be operated in branch only.

Beverley BS – Monthly Saver

This monthly saver from Beverley BS pays a rate of 3.10% yearly. Twelve monthly payments must be made within a year. The minimum monthly deposit is a £10 and the maximum £1,000. Any missed payments will result in a reduced rate by 3.00%.
One withdrawal is permitted per annum; any more withdrawals will be subject to a 30 day loss of interest. This is available to all ages and can be operated by post or over the telephone.

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 Any products featured may be withdrawn by their provider or changed at any time.

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