Product focus: Regular savings accounts

Category: Savings
Date: 2/25/2010

Regular savings accounts require a fixed monthly deposit, however, some accounts allow flexibility with contributions, provided they are within the specified limits.

Here are the current top three which allow amendments to contributions.

Stroud & Swindon Building Society – Regular Saver Plus Issue 2

This account pays a rate of 4.50% on its anniversary. Savers can invest between £10 and £250 and contributions must be made by standing order. Twelve payments must be made over the course of the year. 2.50% loss of interest will be applied if payments are missed or if more than one withdrawal is made within a year. All withdrawals must be made by BACS and no notice is required to access funds. The account can be operated in branch, by post or telephone by savers aged 18 and over.

Loughborough Building Society – Regular Savers Account +3

Loughborough Building Society's regular savings account pays 4.00% on its anniversary. Savers can invest between £10 and £500 each month and contributions can only be amended on the anniversary of the account opening. Eleven payments must be made within a year. If payments are missed or more than one withdrawal is made within a year, the rate will reduce by 1.00%. Funds can be accessed immediately. The account can be operated in branch or by post by savers aged 16 and over.

Norwich & Peterborough Building Society – Regular Saver

This account pays 4.00% including a bonus of 3.00% for 12 months and the gross rate is guaranteed to be fixed at 4.00% for 12 months. Investments of £1 and £250 can be made over the course of 12 months and contributions can be amended up to £250. A penalty of 1.5% loss of interest will be applied for missed payments or more than one withdrawal a year. The account can be operated by savers of all ages, in branch, by post, telephone and online.

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