Saffron Building Society has made a reduction to its regular savings account, but despite this, it has retained a coveted place in the Moneyfacts charts.
12 Month Fixed Rate Members' Regular Saver (Issue 3) now pays 3.50% on maturity, which allows it to sit just below the market-leader of its sector. Savers should note that this account is also open to new customers who apply in branch.
This account can be managed in branch or by post and requires an initial deposit of at least £10 (savers should that a maximum of £2,400 can be invested in this account).
Twelve monthly deposits of between £10 and £200 are needed during the term; however, there's no penalty for missed payments. Contributions can be amended up or down, and additional deposits are welcome at any time. It is also possible to make unlimited, penalty-free withdrawals.
This account may have had its rate reduced slightly, but it remains a fierce competitor in its sector. Although there is a maximum investment limit of £2,400, savers are likely to welcome the option to amend the size of the monthly deposit and withdraw funds as and when they are needed.
Moneyfacts rating: Excellent
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