Product Focus: Regular savings accounts - Savings - News - Moneyfacts


Product Focus: Regular savings accounts

Product Focus: Regular savings accounts

Category: Savings

Updated: 18/02/2013
First Published: 08/04/2010

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 It is now over 6 months old so the content may be out of date.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 tend to pay a good rate of return and some savers may be tempted to open an account because of this.

However, it is important to remember that strict terms and conditions apply to many products such as restrictions on the number of withdrawals allowed each year and regular fixed deposits each month.

Failure to comply with the necessary conditions will result in penalties such as loss of interest, so it is worth checking these out before applying.

Here are the current top three deals.

Stroud & Swindon Building Society – Regular Saver Plus Issue 2

This account pays 4.50% on its anniversary. Savers can invest between £10 and £250 and amendments to contributions are allowed within these limits. Twelve payments are required each month over the course of a year. Missed payments and exceeding more than one withdrawal a year will result in a 2.50% loss of interest. No notice is required to access funds and all withdrawals must be made by BACS payment. The account can be operated in branch, by post or telephone by savers aged 18 and over.

Buckinghamshire Building Society – Chiltern Gold Builder

The Chiltern Gold Builder pays an annual rate of 4.12%. Between £25 and £250 can be invested each month. Contributions cannot be amended and the initial investment must be made by cheque. Funds can be accessed immediately, although only one withdrawal is permitted a year. Failure to adhere to this condition and also missed payments will result in the rate reverting to the Easy Access account for the entire period. The account is available to savers of all ages and can be operated in branch or by post.

Norwich & Peterborough Building Society – Regular Saver

The Regular Saver account pays 4.00% on its anniversary including a 3.00% bonus for twelve months. Between £1 and £250 can be invested each month over a year and deposits can be amended up to £250. Funds can be accessed immediately although only one withdrawal is allowed a year. If more than one withdrawal is made or payments are missed, a 1.5% loss of interest will be applied. The account can be operated, with a passbook, in branch, by post, telephone or online by savers of all ages.

Find the best savings accounts for you - 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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