Ahead of King Charles III Coronation in May, Monmouthshire Building Society launched a special savings account last week offering savers more competitive returns. The Coronation Regular Saver boasts a 5.6 percent Annual Equivalent Rate (AER) – and savers can get started with just £3.
Regular savings accounts can be a good option for those looking to start building up a savings pot.
These accounts tend to offer higher interest rates and people typically have to pay into these accounts monthly and make minimal withdrawals.
Monmouthshire Building Society has boosted its positioning on the top tables with its 12-month Coronation Regular Saver, launched on April 13.
The account can be opened by UK residents aged 16 or over. Interest is variable and calculated daily and paid at the end of the 12-month term.
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Savers can invest a maximum of £300 per month, making the maximum balance permitted overall to be £3,600.
Withdrawals can be made without notice or loss of interest by cash, cheque and electronic transfer.
Tom Ireland, senior savings products manager, said: “As a regional building society, MBS is committed to supporting our local communities and the highstreets where we operate.
“Our new Coronation Regular Saver [has] been designed exclusively for our branch and agency network, helping the Society deliver on its mutual values and core purpose which is to help members, colleagues, and communities to thrive.
“We appreciate these are challenging times with the cost of living still high. Creating flexible products, with competitive rates of interest, is one of the ways we can support members and consumers in our communities to save where they can and see a fair return on their investment.”
Commenting on the deal, Rachel Springall, finance expert at moneyfactscompare.co.uk told Express.co.uk: “Those savers looking to kick-start their savings habit will find the Coronation Regular Saver from Monmouthshire Building Society a competitive choice, paying 5.6 percent as it currently sits within the top end of its sector.
“The account has a fixed 12-month term and pays a variable rate, but it does allow savers to make withdrawals at any time – which could be beneficial for those who may need their cash in an emergency.”
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Savers can put away up to £150 each month by standing order, unlimited withdrawals are permitted without penalty and interest is applied monthly.
The Royal Bank of Scotland is also offering the same 6.17 percent AER on savings up to £5,000 and one percent on the rest.
Similar rules apply; there’s no minimum opening deposit, people can save up to £150 a month and withdrawals are permitted.
