Compared to other types of accounts, regular savings accounts tend to offer higher interest rates and are best suited to savers committed to locking their funds in for a limited time paying in a regular amount of money each month.
Restrictions apply to these deals, for example account holders must be aware of the maximum savings limit. If a saver fails to pay in the set amount, then they will find themselves receiving a lower rate.
Halifax – Regular Savings account
This account pays a rate of 5.00 per cent. Savers must make monthly deposits of between £25 and £500 for twelve months by standing order. No withdrawals are allowed during the twelve month period. If any withdrawals are made, then the account will be closed and funds, including any interest, will be transferred to a nominated Halifax savings account. The account can be operated in branch, or by post, telephone and online. Account holders must be aged 16 or over.
Natwest – Regular Saver
This deal also pays a rate of 5.00 per cent on maturity. Savers must invest between £25 and £250 each month. Failure to invest the minimum amount, make withdrawals or close the account within the term will result in the account will be converted to an Instant Access Reserve account. Savers must open or have an existing Natwest savings or current account to operate this account during the twelve month period. The account can operated in branch, by post or online, although the account must be opened in branch.
Loughborough Building Society – Regular Savings account plus 3
Loughborough Building Society's regular saving account pays a rate of 4.00 per cent yearly, including a 1 per cent bonus. Savers will not receive the 1.00 per cent bonus if more than one withdrawal is made, if less than eleven out of twelve monthly payments are made or if the account is closed within the twelve month period. The account can be operated in branch or by post by those aged 16 or over. Savers must invest between £10 and £500 a month.
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 Any products featured may be withdrawn by their provider or changed at any time.
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