As the name suggests, a regular savings account involves setting money aside on a regular basis. So you pay money into the account every month, for a set period of time.
Both the amount of money and the time period required will vary depending on which provider you go with, but there are options where you can choose to save relatively small amounts (even as low as £1 a month).
Some people opt for this obligation to save money every month, as it’s a great way to build up savings at an affordable pace.
Yes, the downside of a regular savings account is that during the set period, you usually can’t withdraw any of the funds that you have saved. (Although some providers will allow you to make a very limited number of withdrawals over a certain timeframe).
If you do take money out when the account conditions don’t allow you to or if you miss a regular savings payment, there will be financial penalties involved.
What turns out to be the “best” regular savings account for you will depend on your individual needs, so here are some pointers to consider before you choose one:
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