Regular savings accounts tend to offer higher rates than other types of accounts, although it is worth bearing in mind that they come with strict terms and conditions.
These accounts require regular funding each month (hence the name) for a set period, usually twelve months and often have a minimum and maximum amount which can be invested. Failure to adhere to the terms can result in account closure or a loss in interest.
Here are the current top three regular accounts.
Stroud & Swindon Building Society – Regular Saver Plus Issue 2
Stroud & Swindon's only regular savings account pays a variable rate of 4.50%. Between £10 and £250 must be invested each month, although the contributions cannot be amended once set. Savers will incur a 2.50% loss of interest for missed payments. One instant access, penalty free withdrawal is allowed within a year. If more than one withdrawal is made the 2.50% loss of interest penalty also applies. The account can be operated by savers aged 18 and over, in branch, by post or telephone, although the initial investment must be made by cheque.
Principality Building Society – Regular Saver Bond Issue 9
This account pays a rate of 4.50% on maturity. Savers can invest between £20 and £500 each month over the one year term and the contributions can be amended. If payments are missed or if funds are accessed early, the lowest tiered rate of the Instant Access account will be paid for the entire term. The account can be operated by savers aged 16 and over, in branch or by post.
Barclays Bank – Monthly Savings
This account pays a monthly rate of 4.17% on the first working day of each month. Savers can invest between £20 and £250 and contributions can be amended. Funds cannot be accessed within the twelve month term, although savers will incur a 1.18% loss of interest for that month. The account can be operated by savers aged 16 and over, in branch or by telephone and online.
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 Any products featured may be withdrawn by their provider or changed at any time.
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