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Product Focus: Regular savings accounts

Product Focus: Regular savings accounts

Category: Savings

Updated: 22/01/2010
First Published: 07/10/2009

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 It is now over 6 months old so the content may be out of date.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 are best suited to savers who are committed to paying in a set amount of money each month over a set period. Strict terms often apply to these accounts, for example, account holders must be aware of the maximum savings limit.

If the required amount is not paid in, savers will find themselves receiving a lower rate.

Halifax – Regular Saver

This account pays a rate of 5.00 per cent. Savers must make monthly deposits of between £25 and £500 for twelve months by standing order. No withdrawals are allowed during the twelve month period. If any withdrawals are made, the account will be closed and funds, including any interest, will be transferred to a nominated Halifax savings account. The account can be operated in branch, by telephone and online. Account holders must be aged 16 and over.

Royal Bank of Scotland – Regular Saver

This deal also pays a rate of 5.00 per cent on maturity. Savers must invest between £25 and £250 each month. If savers fail to invest the minimum amount, make withdrawals or close the account within the term, the account will convert to an Instant Saver account at the lowest tier rate. Savers must open or have an existing Royal Bank of Scotland savings or current account to operate this account during the twelve month period. The account can operated in branch, by telephone or online, by savers aged 16 and over.

Stroud & Swindon Building Society – Regular Saver Plus Issue 2

This account pays a rate of 4.50 per cent. Investments range from £10 to £250 and the initial investment must be made by cheque. If savers miss a payment or make more than one withdrawal a year, they will incur a 2.50 per cent loss of interest. All withdrawals must be made by BACS. The account can be operated in branch or by post and telephone by savers aged 18 and over.

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 Any products featured may be withdrawn by their provider or changed at any time.

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