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

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

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 It is now over 6 months old so the content may be out of date.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

Just 44 savings accounts beat inflation

Inflation recorded another large jump during December, and predictably, this has had a devastating impact on the number of savings accounts that beat it, so much so that you’ll need to lock your money away if you want an inflation-beating return.

Just 47% have money in a savings account

We’re often told of the importance of saving, yet unfortunately, the message doesn’t always get through. Indeed, research shows that just 47% of those surveyed have money in a savings account, and 17% have no savings or investment whatsoever.

How much will you save this year?

Many of us have set savings goals for the year ahead, and planning to budget better and save more will be at the top of many financial resolution lists. But how much are you hoping to squirrel away? Encouragingly, many people have impressive targets.
 
Close