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.
West Brom BS Fixed Rate Regular Saver (Adult)
Penny 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 Regular Savings
Penny 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 Monthly Savings
Penny 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 Regular Saver
Penny 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 Regular Saver Issue 2
Penny 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
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