Product focus: Regular savings ISAs

Category: Savings
Date: 7/22/2010

For investors who are looking for a degree of simplicity with their money, there are various types of regular savings accounts in the market.

Savers looking for a tax free investment may be interested in a regular savings ISA, which requires savers to invest a fixed amount each month although some accounts do allow flexibility with contribution amounts.

Here is a selection of the current best regular savings ISAs.

Stroud & Swindon Building Society – Regular Saver ISA

The Regular Saver ISA pays an annual rate of 3.75pc. Savers can invest between £25 and £425. Contributions must be paid by standing order and cannot be amended. The initial deposit must be made by cheque. Twelve payments must be paid in a year. Funds can be withdrawn without advance notice. A 2.75pc loss of interest will apply if payments are missed or if more than one withdrawal is made in a year. The account is available to savers aged 16 and over and can operated in branch or by post.

Monmouthshire Building Society – ISA Saver

This account pays an annual rate of 2.50pc. Investments range between £20 and £425. Contributions must be made by direct debit and can be amended up to the maximum monthly amount. Twelve payments must be made in a year. Funds can be accessed without advance notice. Savers who miss payments or make more than one withdrawal a year will incur a 1.00pc loss of bonus. The account can be operated in branch, by post or online by savers aged 16 and over.

Britannia – Easy Monthly Saver Cash ISA

This account from Britannia pays 2.10pc on its anniversary. Savers can invest between £20 and £425. Contributions must be made by direct debit and can only be amended on monthly anniversary only. Funds can be accessed without advance notice. Twelve payments must be made in a year. Missed payments or exceeding more than one withdrawal a year will result in a 2.00pc loss of interest for that particular anniversary year. The account can be operated in branch only by savers aged 16 and over.

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