TSB has increased the rate of its fixed regular saver for loyal customers by a staggering 3.00%, bringing it towards the top of its sector.
The one-year Monthly Saver now pays 5.00% fixed on maturity, just below the market-leaders.
This account is only eligible for new or existing TSB current account holders. It can be opened and operated in branch, by phone and online with a minimum investment of £25. Savers should note that access is via a nominated account.
A monthly payment of £25 up to a maximum of £250 can be made, but savers should bear in mind that the 5.00% rate will only be paid on balances of up to £3,000. Additional payments are not permitted, but it is possible to amend monthly contributions up or down. Unlimited, penalty-free withdrawals are also allowed, although it is not possible to replace funds once they have been withdrawn.
The rate boost to this account means that it is likely to be a highly attractive option for eligible savers. However, the limit of £3,000 means that it is most likely to suit those who have only a small amount to invest.
Moneyfacts rating: Excellent
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