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Product focus: regular savings accounts

Product focus: regular savings accounts

Category: Savings

Updated: 06/05/2010
First Published: 06/05/2010

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 It is now over 6 months old so the content may be out of date.

Despite their strict terms and conditions, some regular savings accounts allow a degree of flexibility with regards to deposits.

Fixed payments, initially agreed when the account is open, can often be amended to a higher or lower amount usually within the minimum and maximum limits stated by the provider.

Here are the current best regular savings accounts which allow contributions to be amended.

Norwich & Peterborough Building Society – Regular Saver

The Regular Saver account pays a fixed rate of 4.00% on its anniversary including a bonus of 3.00% for twelve months. After twelve months the rate will become variable. Savers can invest between £1 and £250 and contributions can be amended up to £250. Twelve payments must be made in a year. Funds can be accessed immediately. Missed payments, exceeding more than one withdrawal a year and account closure will result in a 1.5% loss of interest. The account can be operated in branch, by post, telephone or online by savers of all ages.

Beverley Building Society – Monthly Saver

This account pays a variable annual rate of 3.10%. Savers can invest between £10 and £1,000 and contributions can be amended, only once a year. Twelve payments must be made in a year. The rate will reduce by 3.00% if payments are missed, while exceeding more than one withdrawal a year will result in a 30 day loss of interest for each subsequent withdrawal. Funds can be accessed immediately. The account is open to savers aged 16 and over and can be operated in branch or post.

Mansfield Building Society – Regular Savings

Mansfield Building Society's regular savings account pays a variable annual rate of 3.10%. The AER is guaranteed to remain at least 3.00% above basic AER rate on Prime Access. Investments range between £25 and £500 and contributions can be amended. Twelve payments must be made in a year. Funds can be accessed immediately, although two withdrawals are allowed in a year. The penalty for exceeding this condition is 90 days' loss of interest. The account is available to savers of all ages and can be operated in branch and by post.

Find the best savings account for you - Compare best selling 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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