Setting aside money each month is a habit which many people will strive to do – but with the coronavirus pandemic hitting millions of households financially, it may be something of a challenge. What’s more, with the Bank of England Base Rate being held at a historic low of 0.1 percent, those who do want to save money each month may well need to do some research when it comes to finding an account with a top-paying interest rate which suits their situation.
Currently, the building society offers 3.00 percent AER on these regular savings.
The term is fixed – with this account being a one-year Bond.
The interest earned via this account is paid on maturity – which is one year on from the initial deposit.
When it comes to deposits, there are limits to be aware of.
This is because the minimum investment in this account is £100.
Furthermore, payments into this regular savings account must not exceed £100 per month.
This means up to £1,200 can be saved into this account over the year.
As many deposits can be made in the account each month as desired – provided it doesn’t exceed the £100 limit.
Should a saver not wish to pay in the £100 allowance in a month, they can rest assured that they don’t face a penalty.
However, they will miss out on the deposit allowance for that month, The Cambridge Building Society explains.
“To ensure payments count for the relevant month please make all deposits between the 1st and 25th of the month,” guidance on the website reads.
“Any payments that take your account over the maximum monthly balance will be returned to you in full and the method we return this by will be at our discretion.”
So, how can a person open an account?
This can be done in-branch, by phone, or via post.
However, not all members of the public will be able to open this account.
They must be a member of the Society who has held a savings or mortgage account with The Cambridge for the last 12 months.
Furthermore, it’s only possible to have one Loyalty Regular Saver with the building society at any one time.
During the fixed rate term, withdrawals from the account are not permitted.
Should a person want to close the account, this is allowed – although it’s subject to a 90-day interest penalty fee.