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Product focus: Regular savings accounts

Product focus: Regular savings accounts

Category: Savings

Updated: 18/12/2009
First Published: 18/12/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Regular savings accounts are best suited to customers who are disciplined with their money and are committed to invest a set amount each month. Failure to adhere to the terms can result in account closure or a loss of interest. Here are the current top three regular accounts.

Stroud & Swindon Building Society - Regular Saver Plus Issue 2

Stroud & Swindon's only regular savings account pays a variable rate of 4.50pc. Between £10 and £250 must be invested each month, although the contributions cannot be amended once set. Savers will incur a 2.50pc loss of interest for missed payments. One instant access, penalty free withdrawal is allowed within a year. If more than one withdrawal is made the 2.50pc loss of interest penalty also applies. The account can be operated by savers aged 18 and over, in branch, by post or telephone, although the initial investment must be made by cheque.

Buckinghamshire Building Society – Chiltern Gold Builder

This relatively new account pays a rate of 4.10pc on 31st December. Savers can invest between £25 and £250 each month. Contributions cannot be amended once the initial one is made. The account is open to money to the Buckinghamshire Building Society only. Early access is allowed, although if payments are missed or more than one withdrawal is made within the year, the rate will revert to that of the Easy Access account for the whole period. The account can be operated by savers of all ages, in branch or by post.

Loughborough Building Society – Regular Savers Account +3

This account pays a rate of 4.00pc on the anniversary of date on which the account was opened. Between £10 and £500 can be invested each month and eleven payments are required during the 12 month term. Contributions can be amended. Funds can be accessed instantly, although, if the number of payments are missed within the year or more than one withdrawal is made, the rate will reduce by 1.00pc. The account can be operated in branch and by post by savers aged 16 and over.

Compare regular savings accounts

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 Any products featured may be withdrawn by their provider or changed at any time.