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Product focus: Regular savings accounts

Product focus: Regular savings accounts

Category: Savings

Updated: 20/05/2010
First Published: 20/05/2010

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 It is now over 6 months old so the content may be out of date.

Savers who prefer to put aside a fixed deposit each month may be best suited to a regular savings account. These accounts require a set payment which is agreed with the provider when the account is opened. Some accounts allow a degree of flexibility, however, and monthly contributions can be amended conditionally at the provider's discretion. Here is a selection of the current best regular savings accounts which allow amendments to contributions.

Beverley Building Society – Monthly Saver

The Monthly Saver account pays an annual rate of 3.10pc. Savers can invest between £10 and £1,000 with contributions allowed to be amended no more than once a year. Twelve payments must be made within a year. Funds can be accessed without notice, although if more than one withdrawal is made, a 30 day loss of interest will apply for each additional withdrawal. The rate will reduce by 3.00pc if any payments are missed. A £25 fee will be charged for each BACS transfer. The account can be operated in branch and by post by savers aged 16 and over.

Mansfield Building Society – Regular Savings

This account pays an annual rate of 3.10pc, with the AER guaranteed to remain at least 3.00pc above the basic AER rate on Prime Access. Investments can range between £25 and £500 and contributions can be amended. Twelve payments must be made within a year. Savers can access funds without advance notice, although only two withdrawals can be made within a year. If this term is exceeded, 90 days loss of interest will apply. The account is available to savers of all ages and can be operated in branch or by post.

Leeds Building Society – Regular Saver Issue 2

This account pays an annual rate of 3.05pc. Savers can invest between £20 and £500 and contributions can be amended. Twelve payments must be made in a year. Funds can be accessed immediately without advance notice, although the rate will reduce by 3.00pc if more than one withdrawal is made. This condition also applies if payments are missed. The account can be operated by savers aged 18 and over 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.

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