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Product focus: Regular savings accounts

Product focus: Regular savings accounts

Category: Savings

Updated: 26/08/2010
First Published: 26/08/2010

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 It is now over 6 months old so the content may be out of date.

Some savers like to put a regular amount of money aside in a savings account each month. Many of the best rates require savers to open or hold a fee paying current account with the provider and/or pay a fixed rate that is only available for a limited period, typically one year. If savers don't want to move their money each year or want to benefit from rate rises when they occur, the following regular saving accounts may be of interest.

Norwich & Peterborough Building Society – Family Regular Saver

Families with children aged 16 and under (18 and under if in full time education) are being offered a rate of 5.00% from Norwich & Peterborough Building Society. The rate includes a 1.50% bonus for 12 months and is fixed for the first year, after which a variable rate is payable. Savers can invest up to £250 per month into the account, but if a payment is missed or more than one withdrawal per annum is made then a 3.00p% loss of interest penalty is payable.

Cheshire Building Society – Monthly Saver

Cheshire Building Society is offering savers investing between £10 and £250 per month a rate of 4.00%, including a 2.00% bonus until 31 July 2011. If a payment is missed or more than one withdrawal is made during the bonus period, then the bonus is foregone. The account guarantees to pay a rate equal to 3.50% above base rate until 31 July 2011 and at least 1.50% above base rate until 31 July 2012. The account is a branch based account, which is also available through branches of the Derbyshire and Dunfermline Building Societies.

Scottish Building Society – Regular Bonus Saver

The Scottish Building Society is paying a rate of 4.0% on its Regular Bonus Saver. Savers can invest between £25 and £500 per month into the account, which is operated in branch or by post. Once open, if a payment is missed or a more than one withdrawal per annum is made a 3.00% loss of interest penalty is payable.

Find the best savings rates for you - Compare 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 Any products featured may be withdrawn by their provider or changed at any time.

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