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Product focus: Regular savings accounts

Product focus: Regular savings accounts

Category: Savings

Updated: 22/01/2010
First Published: 04/11/2009

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 It is now over 6 months old so the content may be out of date.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 require savers to pay in a fixed amount of cash each month. The headline rates often run for a limited introductory period, with a restriction on how much savers can invest.

Despite these strict regulations, regular savings accounts tend to pay higher rates of return compared to other types of account, such as instant access.

Norwich & Peterborough Building Society – Regular Saver

This account pays a rate of 5.00 per cent including a bonus of 3.00 per cent for 12 months. The gross rate is also guaranteed to be fixed at 5.00 per cent for 12 months. After the initial fixed 12 month period, the rate becomes variable. Savers must invest between £1 and £250 a month. Funds can be accessed immediately, although savers will incur a 1.50 per cent loss of interest if more than one withdrawal is made or if payments are missed. The account can be operated in branch, by post or telephone or online. There is no age restriction for savers.

Stroud & Swindon Building Society – Regular Saver Plus Issue 2

Stroud & Swindon Building Society's only regular saver account pays a rate of 4.50 per cent. Savers must invest between £10 and £250 each month. No advance notice is required to access funds, although savers will suffer a 2.50 per cent loss if more than one withdrawal is made in a year or if payments are missed. All transactions are via BACS payment, although the initial investment must be made by cheque. The account can be operated in branch or by post or telephone by savers aged 18 and over.

Principality Building Society – Regular Saver Bond Issue 9

This account pays a rate of 4.50 per cent on maturity. Savers must invest between £20 and £500. Access is available on account closure only. The account will pay the lowest tier of its Instant Access account for the entire term if a payment is missed or if the account is closed early. The account can be operated in branch, or by post with a passbook by savers aged 16 and over.

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 Any products featured may be withdrawn by their provider or changed at any time.

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