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Product focus: Regular savings accounts

Product focus: Regular savings accounts

Category: Savings

Updated: 22/01/2010
First Published: 21/10/2009

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 It is now over 6 months old so the content may be out of date.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 often offer a higher rate of interest and are suited to savers who are willing to pay in a regular amount of money each month over a set period.

Customers need to be aware of the strict terms related to these deals. For example, account holders must be aware of the maximum savings limit. If a saver does not pay in the set amount, then they could be penalised.

Norwich & Peterborough Building Society – Regular Saver

This account pays a rate of 5.00 per cent including a 3.00 per cent for 12 months. The rate is fixed for one year then reverts to a variable rate. Savers can invest between £1 and £1 million. The minimum monthly deposit is £1 and the maximum is £250. Savers will incur a 1.50 per cent loss of interest if payments are missed or if more than one withdrawal is made. Funds can be accessed instantly without penalty. The account can be operated in branch, by post or telephone and online.

Principality Building Society – Regular Saver Bond Issue 9

This account pays a rate of 4.50 per cent on maturity. Savers can invest from £20 to £6,000. If payments are missed or the account is closed early, savers will receive the lowest tier rate for the Instant Access for full the term. The minimum deposit required is £20 while the maximum deposit is £500. The account can be operated in branch or by post, by savers aged 16 and over.

Stroud & Swindon Building Society – Regular Saver Plus Issue 2

A rate of 4.50 per cent is paid on the anniversary of this account. Investments range from £10 to £20,000 and the initial deposit must be made by cheque. The minimum deposit required is £10 while the maximum is £250. No notice is required to access cash. Savers will be subject to a 2.50 per cent loss of interest if payments are missed or more than one withdrawal is made in one year. The account can be operated by savers aged 18 and over either in branch, by post and telephone.

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 Any products featured may be withdrawn by their provider or changed at any time.

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