Many of the highest savings rates are on regular saver accounts and Norwich & Peterborough (N&P) Building Society's new deal is paying 5 per cent, fixed for a year.
Regular savers are great if you are looking to save on a monthly basis and N&P's account is more flexible than many. Often you have to pay in the same amount each month and you cannot access the money during the term. However, N&P allows you to alter the amount you pay in – it can be between £1 and £250 per month, and you can make one withdrawal per year.
That said, you will only receive 5 per cent if you deposit money every month during the term and make no more than one withdrawal. If you do not meet those terms, you'll earn the lower rate of 3.5 per cent.
This is one of the leading regular saver deals – there are a couple of accounts paying slightly higher rates, but they have more conditions attached, making N&P's Regular Saver Account an attractive option.Reuse content