Regular Saver

Our Regular Saver account is ideal if you want to get into the habit of saving a regular amount every month for a year. You’ll earn a higher rate of interest for saving up to £250 a month for 12 months.

6.00% Gross/AER variable.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added into the account. The  account earns interest daily and interest is paid gross directly into the account at the end of the 12-month term but can be paid to a nominated bank account or another account with the Society in your name.

The interest rate is variable and can change – if it increases, we’ll update our website and, if the rate goes down, we’ll write to you 14 days before it changes.

You can find out more about changes to our interest rates by reading our Savings Terms & Conditions.

The estimated balance after 12 months would be £3,092.50 This would be the balance if £250 is paid on the first day of every month for 12 months and that the annual interest is paid into this account adding to the balance saved. This projection is for illustrative purposes only and does not take into account any changes to interest rates or to your individual circumstances.

Accounts can be opened by anyone aged 18 or over. Applicants must be resident in the UK.

You can open an account in our Relationship Centres or by post by downloading an application form online and send it to us with a cheque for your initial deposit and proof of ID where required. Please read our Proof of ID checklist for details of ID we can accept.

The minimum opening balance for this account is £50.  Each calendar month you can pay in as many times as you like, up to a maximum of £250 for 12 months. Any unused monthly allowances cannot be rolled over to future months. You do not have to make payments into the account every month. You can pay in at any time and any payments received in the month will count towards the allowance for that month. Joint are accounts allowed; however you can only hold one Regular Saver or e-Regular Saver in your name (sole or joint) at any one time.  
You can make deposits into your account in our Relationship Centres (cash or cheque), by post (cheques only) or by bank transfer. You can manage your account in our Relationship Centres and via phone, post and SBS Online.

Yes. You must keep a minimum £50 balance, if you go below the minimum balance we may close your account. You can make withdrawals in our Relationship Centres, by post or by electronic payment to your nominated bank account. If you take money out, you can still only pay in £250 per month.

Interest is paid gross without tax deducted. A small proportion of savers may be required to pay tax on savings interest - this should be arranged directly with HMRC through your tax return.

Please read the Savings Terms & Conditions section for general conditions.

At the end of the 12 months, on the anniversary of the account opening, the account will automatically transfer into an Instant Access Saver (or an equivalent if this account is no longer available), and the relevant account terms and conditions and interest rate will apply. We will write to you closer to the time to let you know that your Regular Saver is ending soon and we will let you know what options are available to you. 

The deposits in your Regular Saver are protected by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme.

If your bank or building society fails and can’t pay back your money, FSCS can automatically pay you compensation:

• up to £85,000 per eligible person, per bank, building society or credit union.

• up to £170,000 for joint accounts.

Find out more by visiting fscs.org.uk