Despite their strict terms and conditions, regular savings accounts pay some of the best rates in the market.
Savers who are interested in these accounts need to check over the terms and conditions to make sure they can commit to paying a fixed amount each month and to also refrain from withdrawing funds, as this can incur penalties.
Here is a selection of the current best regular savings accounts.
Cheshire Building Society – Monthly Saver (Issue 4)
This account pays 4.00% including a 2.00% bonus until 31st July 2011. The gross rate is guaranteed to be equal to 1.50% above bank base rate until 31st July 2012 and equal to 3.50% above bank base rate until 31st July 2011. Savers can invest between £10 and £250 and contributions can be amended. Eleven payments must be made within a year. Funds can be accessed immediately although if more than one withdrawal is made in a year, a 2.00% loss will apply. The same penalty applies if payments are missed. The account is available to savers of all ages and can be operated in branch only.
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 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 from Scottish Building Society pays an annual rate of 4.00%. Investments range between £25 and £500. Amendments to contributions are not permitted. Eleven payments must be made in a year. Funds can be accessed immediately, however, the rate will drop by 3.00% if savers exceed more than one withdrawal a year or miss payments. The account can be operated in branch and by post, by savers of all ages.
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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 Any products featured may be withdrawn by their provider or changed at any time.
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