Regular savings accounts can pay some of the best savings rates in the market, however, they do come with strict terms and conditions and are best suited to savers who can commit to paying a fixed deposit each month.
Most of these products do not require advance notice to access funds, although there is often a restriction on how many withdrawals are allowed in a year, so it is worth checking the small print to avoid incurring any penalties.
Here is a selection of some of the best regular savings accounts available at present.
Norwich & Peterborough Building Society – Regular Saver
The Regular Saver pays 4.00% on its anniversary including a bonus of 2.15% for twelve months. The gross rate is guaranteed to be fixed at 4.00% for twelve months, after this the rate becomes variable. 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 without advance notice, although a 1.5% loss of interest will apply to savers who exceed more than one withdrawal in a year. This penalty also applies if the account is closed or payments are missed. The account is available to savers of all ages and can be operated in branch, by post, telephone or online.
Scottish Building Society – Regular Bonus Saver
The Regular Bonus Saver pays an annual rate of 4.00%. Investments range between £25 and £500. Contributions cannot be amended. Eleven payments are required in a year. Savers who miss payments or exceed more than one withdrawal a year will have their rate reduced by 3.00%. Funds can be accesses without advance notice. The account can be operated in branch or by post by savers of all ages.
Leeds Building Society – Regular Saver Issue 2
This account pays an annual rate of 3.05%. Savers can invest between £20 and £500 and contributions can be amended. Twelve payments must be made in a year. Missed payments or exceeding more than one withdrawal a year will result in the rate reducing by 3.00%. Funds can be accessed immediately without advance notice. The account can be operated by savers aged 18 and over in branch or by post.
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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 Any products featured may be withdrawn by their provider or changed at any time.
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