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Regular savings

Regular savings accounts are ideal for those with some spare money available to save on a regular monthly basis. It is a requirement of these accounts that you put money away each and every month and in exchange regular savings providers offer the very highest interest rates.

However, nothing is ever free and whilst offering very attractive interest rates, regular savings accounts typically impose strict terms and conditions. Firstly, regular savings account holders are obliged to deposit every month and typically deposits are restricted to between £10 and £250 a month. Further, you have to stick with an agreed deposit amount for the duration of the account. Secondly, there are strict limits to the amount of withdrawals you’re allowed to make and you may lose the high interest rate should you exceed this limit. Finally, many regular savings accounts only last a year. They are often used by high street banks to reel in customers with the promise of appealing interest rates in order to sell you other products they have.

It is very important that you carefully shop around and compare regular savings providers. With so many available this can be a time consuming process. myfinances.co.uk can save you time by finding the best regular savings account and compare savings account rates.

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