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Product focus: Short term savings accounts

Product focus: Short term savings accounts

Category: Savings

Updated: 05/08/2010
First Published: 05/08/2010

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 It is now over 6 months old so the content may be out of date.

Despite their strict terms and conditions, some regular savings accounts allow savers to amend their monthly contribution amounts.

Savers who wish to invest a larger sum to help boost their funds should remember, however, that amendments must be kept within the minimum and maximum contribution limits.

Here is a selection of the current best regular savings accounts which allow amendments to contributions.

Norwich & Peterborough Building Society – Regular Saver

The Regular Saver pays 4.00% on its anniversary, including a 2.00% bonus for twelve months. The gross rate is guaranteed to be fixed at 4.00% for twelve months. Savers can invest between £1 and £250 and contributions can be amended up to the maximum limit per month. Twelve payments must be made within a year. Funds can be accessed instantly. A 1.5% loss of interest will apply to savers who miss payments or exceed more than one withdrawal a year. 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

The Monthly Saver account pays an annual rate of 3.10%. Savers can invest between £10 and £1,000 and contributions can be amended after six monthly payments of the original amount have been received and then six monthly afterwards. Twelve payments must be made in a year. The initial rate will reduce by 3.00% if payments are missed and a 30 day loss of interest will apply for exceeding more than one withdrawal a year. Funds can be accessed immediately. A £25 fee will apply for each BACS transfer made by savers. The account is available to savers of all ages and can be operated in branch and by post.

Nottingham Building Society – Regular Saver

This account pays an annual rate of 3.10%. Savers can invest between £10 and £250. Eleven payments must be made in a year. Funds can be accessed immediately. Savers who miss payments or make more than two withdrawals a year will incur a 3.00% loss of interest penalty. The account is available to savers aged 16 and over and can be operated in branch only.

For more great savings deals click here - 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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