Savers who wish to make a fixed deposit each month may be best suited to a regular savings account. These accounts tend to require a degree of discipline as once a fixed deposit amount has been agreed, it will need to be paid every month. Withdrawals are also often restricted to one a year. If the terms of the account are not met, penalties will apply such as loss of interest. Here are the current top three regular savings accounts.
The only regular savings account offered by Stroud & Swindon Building Society pays 4.50pc on its anniversary. Savers can invest between £10 and £250 each month. Contributions must be made by standing order and can be amended provided they are within the deposit limits. No notice is required to access funds, although withdrawals must be made by BACS. Exceeding more than one withdrawal a year or missed payments will result in a 2.50pc loss of interest. The account can be operated by savers aged 18 and over in branch, post or telephone.
The Chiltern Gold Builder pays an annual rate of 4.12pc. Between £25 and £250 can be invested each month. Contributions cannot be amended and the initial investment must be made by cheque. Funds can be accessed immediately, although only one withdrawal is permitted a year. Failure to adhere to this condition and also missed payments will result in the rate reverting to the Easy Access account for the entire period. The account is available to savers of all ages and can be operated in branch or by post.
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 Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.