Savings

Regular Savings Accounts – what you need to know

Most of us want to put money aside for a rainy day or for that new car or holiday, but it’s not always easy to save.

With the cost of living squeeze we have less spare money and the thought of saving is easily dismissed as unaffordable.

Actually making the time and effort to set up a savings account is probably the hardest part for most people, once you get into the savings habit and see your balance grow month on month it can give you the encouragement to keep going.

Many banks offer regular savings accounts and these are a great way to kick start your savings habit, but the accounts often come with a number of terms and conditions.

Here are some of the best regular savings accounts currently available:

ProviderRateBank A/C required Min/Max per monthWithdrawal permitted?More info
Ford Money4.75%NoUp to £200Yes no penaltiesMore info
Nationwide Building Society6.50%YesUp to £200Yes – max 3 in 12 months no penalty
4 withdrawals means rate drops to 2.15%
More info
Coventry Building Society5.00%NoUp to £500Yes but penalty of 30 days interest on amount withdrawnMore info
First Direct7%Yes£25 to £300NoMore Info
Nat West6.17%YesUp to £150Yes – no penaltiesMore Info
TSB6%Yes£25 to £250Yes – no penaltiesMore Info
Halifax5.50%No£25 to £250NoMore Info
Aldermore5.25%NoUp to £300Yes – no penaltiesMore info
Information from provider websites 12.06.2024

Leave a Comment