Product focus: Regular savings accounts - Savings - News | moneyfacts.co.uk

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Product focus: Regular savings accounts

Product focus: Regular savings accounts

Category: Savings

Updated: 21/01/2010
First Published: 21/01/2010

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 It is now over 6 months old so the content may be out of date.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 tend to pay a better rate than other types of accounts, but they come with strict conditions to which savers must adhere. One of the conditions is to pay a set (regular) contribution each month, although some accounts allow savers to change the amount if they wish, so long as it is below the maximum limit. Here are the current top three regular savings accounts which allow changes to monthly contributions.

Stroud & Swindon Building Society – Regular Saver Plus Issue 2

This account pays a rate of 4.50pc on its anniversary. Savers can invest between £10 and £250 each month a year and contributions can only be made by standing order, although the initial deposit has to be made by cheque. A 2.50pc loss of interest will be applied for missed payments and making more than one withdrawal within twelve months. No notice is required to access funds and withdrawals must be made by BACS. The account can be operated in branch, or by post or telephone by savers aged 18 and over.

Loughborough Building Society – Regular Savers Account +3

The Regular Savers Account +3 pays a rate of 4.00pc on its anniversary. Savers can invest between £10 and £500 each month and contributions can be amended on the anniversary of the account opening. Eleven payments must be made within one year and the rate will be reduced to 1.00pc if payments are missed. Cash can be accessed instantly, although the aforementioned penalty will apply if more than one withdrawal is made within a year. The account can be operated by savers aged 16 and over, in branch or by post.

Norwich & Peterborough Building Society – Regular Saver

This account, available to savers of all ages, pays a rate of 4.00pc including a bonus of 3.00pc for 12 months. The gross rate is guaranteed to be fixed at 4.00pc for 12 months. Savers can invest between £1 and £250 each month over the course of a year and contributions can be amended each month so long as they are below £250. Funds can be accessed instantly. A 1.5pc loss of interest will be applied for missed payments, account closure or if more than one withdrawal is made within a year. The account can be operated in branch, by post, telephone or 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.

Related Articles

Just 44 savings accounts beat inflation

Inflation recorded another large jump during December, and predictably, this has had a devastating impact on the number of savings accounts that beat it, so much so that you’ll need to lock your money away if you want an inflation-beating return.

Just 47% have money in a savings account

We’re often told of the importance of saving, yet unfortunately, the message doesn’t always get through. Indeed, research shows that just 47% of those surveyed have money in a savings account, and 17% have no savings or investment whatsoever.

How much will you save this year?

Many of us have set savings goals for the year ahead, and planning to budget better and save more will be at the top of many financial resolution lists. But how much are you hoping to squirrel away? Encouragingly, many people have impressive targets.
 
Close