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

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Product focus: Regular savings accounts

Product focus: Regular savings accounts

Category: Savings

Updated: 21/10/2010
First Published: 21/10/2010

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 It is now over 6 months old so the content may be out of date.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 allow savers to lock away a set amount of money each month, with a view to receiving a guaranteed and competitive rate. These accounts pay some of the best savings rates in the market and savers must be committed to investing the same amount each month. Here is a selection of some of the best regular savings accounts which allow amendments to monthly contributions.

Norwich & Peterborough Building Society – Regular Saver

The Regular Saver account pays 4.00% on its anniversary including a bonus of 2.15% for twelve months. The gross rate is guaranteed to be fixed at 4.00% for twelve months, after which it becomes variable. Investments can range between £1 and £250 and contributions can be amended up to the maximum limit. Twelve payments are required in a year. Funds can be accessed instantly but savers who exceed one withdrawal a year, close the account or miss payments will incur a 1.5% loss of interest. The account is available to savers of all ages and can be operated in branch, by post, telephone or online.

Beverley Building Society – Monthly Saver

This account pays an annual rate of 3.10%. Investments can range between £10 and £1,000, while contributions can be amended monthly after the initial six months of regular repayments. Twelve payments are required in a year but funds can be accessed instantly without advance notice. Savers who miss payments will see their rate reduced by 3.00%, while those who exceed one withdrawal a year will incur a 30 day loss of interest on each withdrawal. The account can be operated by savers of all ages in branch and by post.

Mansfield Building Society – Regular Savings

Mansfield Building Society's Regular Savings account pays an annual rate of 3.10%. The AER is guaranteed to remain at least 3.00% above basic AER rate on the Prime Access account. Investments can range between £25 and £500 and contributions can be amended. Twelve payments are required in a year but funds can be accessed instantly. If more than two withdrawals are made in a year, savers will incur a 90 day loss of interest penalty. The account is available to savers of all ages and can be operated in branch and by post.

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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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