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Product Focus: Building Societies' Savings Account

Product Focus: Building Societies' Savings Account

Category: Savings

Updated: 05/06/2009
First Published: 04/06/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
If you are looking to get the best rate possible for your money then you should look at the building societies, which comprise 60 per cent of the Moneyfacts best buys. The large high street banks only account for 9 per cent, with the rest being made up by smaller providers. Here are some of the best deals available:

Stroud & Swindon Building Society – 50 Plus Notice

The 50 Plus Notice Account from Stroud & Swindon Building Society is open to customers aged 50 years and over. The account pays annual interest 3.20 per cent, including a 1.20 per cent bonus until 30 June 2010. Those looking for a more regular income can opt for monthly interest. Savers can invest between £1,000 and £500,000 into the account. If savers wish to access funds then 90 days' notice must be given, although earlier access is available subject to 90 days' loss of interest.

Norwich & Peterborough Building Society– Family Regular Saver

Savers with dependent children aged up to 16 years (18 if in full time education) can get a rate of 6.00 per cent on the Family Regular Saver from Norwich & Peterborough Building Society. The rate is fixed for one year, after which a variable rate is payable and saver must invest up to £250 pm into the account. Savers can get instant access to their money, but if a withdrawal is made or a payment is missed then a 3.00 per cent loss of interest penalty is payable.

Kent Reliance Building Society – Direct Two Year Fixed Rate Bond Issue 7

Kent Reliance Building Society is currently paying 4.25 per cent on its Direct Two Year Fixed Rate Bond, or 4.17 per cent for those requiring interest paid monthly. Savers can invest between £10,000 and £1m into the account, which is operated by post. Once opened further additions are not permitted and access is available on closure only in exceptional circumstances, subject to 100 days' loss of interest.

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 Any products featured may be withdrawn by their provider or changed at any time.