Regular Savings Accounts

dizzie

Having looked into this yesterday, it looks like a lot of banks/building societies have dropped their rates. For example Lloyds TSB used to offer 8% and it is now down at well below 5%.

However, I have found an account which looks capable of paying 8%. It is the Family Regular Saver Account from the Norwich and Peterborough Building Society, which is available to families with dependant children. The way it works is that you get 5% interest (plus an extra 3% bonus if you meet the terms and conditions regarding withdrawals and regular contributions). You can put in upto £250 per month and can set up a standing order to pay your regular savings amount in every month.

So if you can pay in a regular amount each month for a year, and don't need access to the money before then, you can get 8% (6.4% for lower rate tax payers once the 20% tax is taken off). :T

bristolleedsfan

[quote=dizzie;10191833
However, I have found an account which looks capable of paying 8%. It is the Family Regular Saver Account from the Norwich and Peterborough Building Society, which is available to families with dependant children. The way it works is that you get 5% interest (plus an extra 3% bonus if you meet the terms and conditions regarding withdrawals and regular contributions). You can put in upto £250 per month and can set up a standing order to pay your regular savings amount in every month.

So if you can pay in a regular amount each month for a year, and don't need access to the money before then, you can get 8% (6.4% for lower rate tax payers once the 20% tax is taken off). :T[/quote]


http://forums.moneysavingexpert.com/showthread.html?t=608697 :T

dizzie

Thanks for the link, Bristolleedsfan, I didn't realise that was there. I rang the Norwich and Peterborough yesterday and was told that this was a new product. I'll have a closer look at that link and if no-one has mentioned it, I'll post it there.

Thanks

bristolleedsfan

dizzie wrote: »

Thanks for the link, Bristolleedsfan, I didn't realise that was there. I rang the Norwich and Peterborough yesterday and was told that this was a new product. I'll have a closer look at that link and if no-one has mentioned it, I'll post it there.

Thanks

27-11-2007, 10:35 PM #4 Special_Saver2
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Matures After 12 Months

Scarborough BS City Saver

Interest rate: 10% gross p.a. fixed from 7th January 2008
Monthly payment: £10-100
Special conditions: Only available at the Leeds city centre branch. See here, half way down second page.

Norwich and Peterborough Family Regular Saver

Interest rate: 8% gross p.a. fixed from January 2008
Monthly payment: £1-250
Miss any payments: No
Penalty-free withdrawals: One per year
How to open account: Post (freepost address)
Special conditions: Family Regular Saver is only available to applicants with dependent children. After 12 months the interest rate will become variable, currently 6% gross. Their website will soon be updated to inform that you will have to send in proof of children's existence, i.e. photocopies of children's birth certificates. See this thread.