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Product focus: Regular savings accounts

Product focus: Regular savings accounts

Category: Savings

Updated: 27/05/2010
First Published: 27/05/2010

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 It is now over 6 months old so the content may be out of date.

Disciplined savers who are willing to invest a fixed amount each month and adhere to strict terms and conditions can expect to receive a higher rate of return. This is mainly due to rules surrounding regular savings accounts, such as restrictions on investment amounts and the number of withdrawals allowed. Failure to meet the terms and conditions will often result in penalties such as loss of interest and even account closure. Here is a selection of the current top regular savings accounts.

Norwich & Peterborough Building Society – Regular Saver

The Regular Saver account pays 4.00pc on its anniversary including a 3.00pc bonus for twelve months. The gross rate is also guaranteed to be fixed at 4.00pc for twelve months. The rate is fixed for one year, after which it reverts to a variable rate. No notice is necessary to access funds. Savers can invest between £1 and £250 and contributions can be amended up to the maximum limit. Twelve payments are required in a year. Missed payments, account closure and exceeding more than one withdrawal a year will result in a 1.5pc loss of interest. 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

Scottish Building Society's only regular savings account pays an annual rate of 4.00pc. Investments range between £25 and £500. Eleven payments must be made in a year, while funds can be accessed without advance notice. Savers who miss payments or make more than one withdrawal a year will be penalised with a 3.00pc drop in rate. The account can be operated in branch and by post by savers of all ages.

Buckinghamshire Building Society – Chiltern Gold Builder Issue 2

This account pays an annual rate of 3.50pc. Savers can invest between £25 and £250, but twelve payments must be made in a year. Money must be new to the institution, but funds can be accessed immediately without advance notice. The Easy Access account rate will be paid for the entire period if payments are missed or more than one withdrawal is made. The account is available to savers of all ages in branch and by post, although the initial deposit must be made by cheque.

More of the most popular savings accounts can be found in our best selling savings account chart.

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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