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Product focus: Regular savings accounts

Product focus: Regular savings accounts

Category: Savings

Updated: 31/12/2012
First Published: 18/03/2010

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 It is now over 6 months old so the content may be out of date.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 require savers who are committed to making fixed repayments each month.

The contribution amount is usually agreed at the beginning of the term, although some providers allow the amount to be amended, subject to staying within the minimum and maximum deposit limits.

Here are the current top three regular savings accounts which allow amendments to contributions.

Stroud & Swindon Building Society – Regular Saver Plus Issue 2


This account pays a rate of 4.50% on its anniversary. Savers can invest between £10 and £250 and contributions can be amended so long as they are within the minimum and maximum limits. Twelve payments must be made during a year. The initial investment must be made by cheque. 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, although all withdrawals must be made by BACS. The account can be operated in branch, by post or online by savers aged 18 and over.

Loughborough Building Society – Regular Savers Account +3


The only regular savings account offered by Loughborough Building Society pays a rate of 4.00% on its anniversary. Between £10 and £500 can be invested each month and contributions can be amended each year on the anniversary of the account opening. Eleven payments are required over the course of a year. Missed payments and exceeding more than one withdrawal a year will result in a 1.00% reduction in rate. Funds can be accessed immediately. The account can be operated in branch and by post by savers aged 16 and over.

Norwich & Peterborough Building Society – Regular Saver


This account pays a rate of 4.00% including a bonus of 3.00% for 12 months, on its anniversary. The gross rate is guaranteed to be fixed at 4.00% for 12 months. Savers can invest between £1 and £250 and contributions can be amended up to the maximum amount. Twelve payments must be made in a year. Missed payments, account closure or making more than one withdrawal a year will result in a 1.5% loss of interest. The account can be operated by savers of all ages in branch, by post, telephone 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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