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Product focus: Regular savings accounts

Product focus: Regular savings accounts

Category: Savings

Updated: 25/02/2013
First Published: 04/03/2010

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 It is now over 6 months old so the content may be out of date.

For savers who are disciplined with their money, a regular savings account may be best. A higher rate of return can be expected with these accounts, although commitment is required.

A fixed deposit, agreed at the beginning of the term, must be made each month and, with many accounts, only one withdrawal is allowed within a year.

Penalties such as loss of interest will apply to savers who breach the conditions of the account.

Here are the current top three regular savings accounts.

Stroud & Swindon Building Society – Regular Saver Plus Issue 2



This account pays a rate of 4.50% on its anniversary. Savers can invest between £10 and £250 and contributions must be made by standing order. Twelve payments must be made over the course of the year. 2.50% loss of interest will be applied if payments are missed or if more than one withdrawal is made during the year. All withdrawals must be made by BACS and no notice is required to access funds. The account can be operated in branch, by post or telephone by savers aged 18 and over.

Buckinghamshire Building Society – Chiltern Gold Builder



This account pays a rate of 4.12%. Between £25 and £250 can be invested and twelve payments must be made over a year. Missed payments and exceeding more than one withdrawal a year will result in reverting to the Easy Access account rate for the entire period. Funds can be accessed immediately without notice. The first payment must be made by cheque and must be new money to the institution. The account can be operated in branch and by post, by savers of all ages.

Loughborough Building Society – Regular Savers Account +3



Loughborough Building Society's regular savings account pays 4.00% on its anniversary. Savers can invest between £10 and £500 each month and contributions can only be amended on the anniversary of the account opening. Eleven payments must be made within a year. If payments are missed or more than one withdrawal is made during the year, the rate will reduce by 1.00%. Funds can be accessed immediately. The account can be operated in branch or by post by savers aged 16 and over.

Compare regular savings accounts and take a look at best seller 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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