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Product focus: Savings accounts with bonuses

Product focus: Savings accounts with bonuses

Category: Savings

Updated: 17/01/2013
First Published: 29/04/2010

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 It is now over 6 months old so the content may be out of date.

Many providers use introductory bonuses to help boost their account's initial rate. Although they may heighten a product's appeal, bonuses only tend to run for a limited period such as 12 months.

Once the bonus period expires, savers may find themselves on a much lower rate and in a tricky situation if they haven't made arrangements to transfer funds to a higher paying account.

Here are the current best regular savings accounts which include introductory bonuses.

Norwich & Peterborough Building Society – Regular Saver

The Regular Saver account pays 4.00% on its anniversary including a bonus of 3.00% for twelve months. The gross rate is also guaranteed to be fixed at 4.00% for twelve months. Savers can invest between £1 and £250 each month and contributions can be amended up to the maximum amount. Twelve payments are required over a year. Missed payments, account closure and exceeding more than one withdrawal a year will result in 1.50% loss of interest. Funds can be accessed immediately without advance notice. The account is available to savers of all ages and can be operated in branch, by post, telephone or online.

Market Harborough Building Society – Monthly Super Saver

Market Harborough Building Society's only regular saving account pays an annual rate of 2.95% including a 0.50% bonus for twelve months. Investments range between £10 and £2,500 and contributions can be amended. Twelve payments must be made in a year. Funds can be access immediately without notice, although if more than one withdrawal is made within a year a 30 day loss of interest will apply. The account can be operated by savers of all ages, in branch, by post, telephone or online.

Teachers Building Society – Regular Saver (Issue 1)

This account pays an annual rate of 2.60% including a bonus of 1.00% for twelve months. Savers can invest between £10 and £250 and contributions can be amended and only one deposit is required each year. If more than one withdrawal is made in a year, the Extra Ordinary account rate will be paid for the remainder of the year. No notice is required to access funds. The account is available to savers aged 18 and over and can be operated by telephone only.

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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