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Top 5 regular savings accounts

Top 5 regular savings accounts

Category: Savings

Updated: 08/08/2013
First Published: 08/08/2013

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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 It is now over 6 months old so the content may be out of date.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 can offer some of the best rates in the savings market, although they are best suited to those with a disciplined approach to their money.

Often viewed as a rather niche product in the savings world, these accounts tend to have strict conditions, such as making a set monthly payment and not withdrawing funds.

Failure to adhere to an account's conditions will often result in penalties such as loss of interest, so it is always a good idea to check the terms and conditions prior to committing, to make sure it suits your lifestyle and financial needs.

Here are the top 5 regular savings accounts:

West Brom BS
West Brom
BS
Fixed Rate Regular Saver (Adult)

4.10% AER/Gross
  • Rate fixed for one year
  • Investments between £10 and £250
  • Contributions can be amended
  • Ten payments required per year
  • Rate will reduce to 3.60% if more than two payments missed
  • Must be operated in branch only

Penny saysPenny says…
"Sitting at the top of the regular savings market, this fixed branch-based deal from West Brom Building Society pays 4.10% on its anniversary.

"Ten deposits must be made in a year, although a 0.50% loss of interest penalty will apply to savers who fail to meet the condition."

krbs
krbs
Regular Savings

4.00% AER/Gross
  • Variable rate
  • Investments between £25 and £500
  • Contributions can be amended
  • Unlimited no notice withdrawals allowed
  • Unlimited number of deposits
  • Must be operated in branch only

Penny saysPenny says…
"This competitive account offers plenty of flexibility with accessing funds and making deposits, unlike many regular savings accounts.

"Between £25 and £500 can be invested each month, although this account will appeal to savers who prefer to make as many contributions as they like and access their money instantly, without incurring penalties."

Barclays Bank
Barclays Bank
Monthly Savings

3.25% AER/3.20% Gross
  • Fixed rate
  • Investments between £20 and £250
  • Contributions can be amended
  • Unlimited no notice withdrawals allowed, subject to 0.21% loss of interest for that month
  • Unlimited number of deposits
  • Only existing Barclays current account customers registered for online and telephone banking can open/operate the account online or by telephone
  • Must be operated in branch, by telephone or online

Penny saysPenny says…
"Paying a competitive one-year fixed-rate, this deal from Barclays Bank offers a range of flexibility with regard to accessing money and making regular deposits.

"Interest is also paid on a monthly basis, which should help boost its appeal."

Nottingham Building Society
Nottingham
Building Society
Regular Saver

3.10% AER/Gross
  • Variable rate
  • Investments between £10 and £250
  • Contributions can be amended
  • Two no notice withdrawals allowed per year
  • Eleven payments required per year
  • Rate of 3.00% paid if withdrawal and payment conditions are not met
  • Must be operated in branch only

Penny saysPenny says…
"This account from Nottingham Building Society pays a competitive branch-based variable-rate.

"Savers must be aware that the rate will reduce to 3.00% if eleven payments are not made within a twelve month period or if more than two withdrawals are made."

Leeds Building Society
Leeds
Building Society
Regular Saver Issue 2

3.05% AER/Gross
  • Variable rate
  • Investments between £20 and £500
  • Contributions can be amended
  • One no notice withdrawal allowed per year
  • Twelve payments required per year
  • Rate reduces by 3.00% if withdrawal and payment conditions are not met
  • Must be operated in branch or by post

Penny saysPenny says…
"Savers who are willing to invest between £20 and £500 a month and adhere to the terms and conditions of this account will be pleased with its competitive rate of 3.05%.

"It is important to remember that exceeding one withdrawal per year will result in the rate reducing by a hefty 3.00%."

Information & Rates correct as at: 31/07/2013

What next?

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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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