Saver of the month: Cheshire BS 5% regular saver

Published by Emma Gunn on 02 November 2012.
Last updated on 09 November 2012

piggy bank held in hands

Cheshire Building Society's Platinum Monthly Saver Issue 5 offers savers a guaranteed 5% AER until 30 September 2013. It's currently the top-paying regular saver on the market that's open to all new customers without any caveats.

There are some other regular savings accounts offering better interest rates but they are usually only open to existing current account customers. For example, First Direct has a regular saver that pays 8% to all current account holders. Similarly, HSBC's pays 6% but it is only open to customers with its paid-for current account.

As with all regular savings accounts, to get the rate offered by Cheshire Platinum Monthly Saver you need to make regular monthly contributions - you can put away between £100 and £500 each time.

Only one withdrawal is allowed and if you miss a deposit you will be penalised and only receive 1% interest for the remainder of the 12-month term.

The account can only be opened and operated in branch and interest is paid at the end of the 12 months. At this point the interest rate drops to a miserly 1% so you will need to move your money if you want to carry on earning a high rate of interest.

For more information and to find your nearest branch go to Cheshire BS's website at thecheshire.co.uk.

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