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Product focus: Regular savings accounts

Product focus: Regular savings accounts

Category: Savings

Updated: 03/06/2011
First Published: 03/06/2011

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 It is now over 6 months old so the content may be out of date.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 can pay some of the highest rates in the market.

These accounts may be best suited to savers who are disciplined with their finances, however, as a set 'regular' deposit must be made each month.

Failure to make the regular deposits will often result in penalties such as loss of interest or reverting to a lower rate of return.

Here is a selection of some of the current best regular savings accounts:

Norwich & Peterborough Building Society – E-Regular Saver

  • This account pays a rate of 4.00% including a 2.15% bonus for 12 months.
  • Savers can invest between £1 and £250 and contributions can be amended up to £250 per month.
  • Twelve payments must be made in a year.
  • A 1.50% loss of interest penalty applies to investors who miss payments or make more than one withdrawal a year.
  • The account can be operated by savers aged 16 and over online only.

Buckinghamshire Building Society - Chiltern Gold Builder Issue 2

  • This product pays an annual rate of 3.50%.
  • Between £25 and £250 can be invested, although contributions cannot be amended.
  • Twelve payments must be made in a year.
  • Funds can be accessed without notice, although only one withdrawal is permitted per year.
  • Savers who miss payments or exceed one withdrawal a year will see their rate revert to that of the Easy Access account for the entire term.
  • The account is available to investors of all ages and can be operated in branch and by post.


Beverley
Building Society - Monthly Saver

  • The Monthly Saver account pays an annual rate of 3.10%.
  • Savers can invest between £10 and £1,000.
  • Contributions can be amended every six months, after the original amount has been paid regularly for the first six months.
  • Savers who fail to make twelve payments a year will see their rate reduced by 3.00%, while those who make more than one withdrawal a year will incur 30 days' loss of interest for each withdrawal made.
  • The account can be operated by savers of all ages in branch and by post.

  • 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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