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Product focus: Regular savings accounts

Product focus: Regular savings accounts

Category: Savings

Updated: 03/06/2010
First Published: 03/06/2010

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 It is now over 6 months old so the content may be out of date.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 are disciplined with their cash may be best suited to a regular savings account.

Although funds can often be accessed without advance notice, these products tend to come with strict terms and conditions such as how many withdrawals can be made within a year.

Here is a selection of the current best regular savings accounts which require a minimum investment of just £10 or less.

Norwich & Peterborough Building Society – Regular Saver

The Regular Saver account pays 4.00% on its anniversary including a bonus of 3.00% 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. Twelve payments must be made in a year. Funds can be accessed immediately without advance notice. A 1.5% loss of interest will apply for missed payments, exceeding more than one withdrawal a year and account closure. The account is available to savers of all ages and can be operated in branch, by post, telephone and online.

Beverley Building Society – Monthly Saver

This account pays an annual rate of 3.10%. Savers can invest between £10 and £1,000 and contributions can be amended, but no more than once a year. Twelve payments must be made in a year. Funds can be accessed without notice, although a 30 day loss of interest will apply if more than one withdrawal is made within a year. The rate will reduce by 3.00% if payments are missed. The account can be operated by savers aged 16 and over, in branch or by post.

Nottingham Building Society – Regular Saver

Nottingham Building Society's Regular Saver account pays 3.10%. Savers can invest between £10 and £250 and contributions can be amended. Eleven payments are required in a year. Funds can be accessed without advance notice. A 3.00% loss of interest will apply if payments are missed or more than two withdrawals are made in a year. The account can be operated in branch only by savers aged 16 and over.

Find the best savings accounts for you - 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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