Product focus: Regular savings accounts - Savings - News - Moneyfacts

News

Product focus: Regular savings accounts

Product focus: Regular savings accounts

Category: Savings

Updated: 02/09/2010
First Published: 02/09/2010

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 It is now over 6 months old so the content may be out of date.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 pay some of the best rates in the market.

It is imperative, however, that customers look beyond just the initial rate and check the terms and conditions before committing to one of these accounts.

A fixed payment must be paid each month and there are often limitations as to how many withdrawals can be made in a year. Failure to adhere to an account's terms and conditions will often result in penalties such as loss of interest.

Here are the current top three regular savings accounts.

Norwich & Peterborough Building Society – Regular Saver

The Regular Saver pays 4.00% on its anniversary, including a 2.00% bonus for twelve months. The gross rate is guaranteed to be fixed at 4.00% for twelve months. Savers can invest between £1 and £250 and contributions can be amended up to the maximum limit per month. Twelve payments must be made within a year. Funds can be accessed instantly. A 1.5% loss of interest will apply to savers who miss payments, close the account or exceed more than one withdrawal a year. The account is available to savers of all ages and can be operated in branch, by post, telephone or online.

Scottish Building Society – Regular Bonus Saver

This account pays an annual rate of 4.00%. Investments range between £25 and £500, although contributions cannot be amended. Eleven payments must be made in a year. Funds can be accessed immediately. Savers who miss payments or exceed more than one withdrawal a year will be subject to a 3.00% loss of interest. The account can be operated in branch or by post by savers of all ages.

Buckinghamshire Building Society – Chiltern Gold Builder Issue 2

This account pays an annual rate of 3.50%. Savers can invest between £25 and £250 and contributions cannot be amended. Twelve payments are required in a year. Funds can be accessed instantly. Savers who miss payments or exceed more than one withdrawal a year will receive the Easy Access rate for the entire period. 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.

Related Articles

Savings being used as a festive financial buffer

Good news from RCI Bank UK – its latest research shows that many of us are saving more than we were a year ago, but the question is, will you be dipping into that buffer to cover the cost of Christmas?

6 of the best easy access savings accounts

Easy-access savings accounts are as simple as they sound – they allow you to access your money whenever you need it, without having to give advance notice, and they also allow you to pay into them at any time. Here are six of the best.

Start saving for Christmas… 2017!

Christmas is just around the corner and our annual festive splurging is starting to step up, but are you prepared? It may be too late to start saving for this year’s festive spend, but it’s never too early to start for next year’s!
 
Close