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10 January 2011

Credit union savings accounts

Build up your savings by regularly putting money into a credit union account

There is welcome news today as Saffron Building Society makes its fixed-interest regular savings account nationally available by post, as well as in-branch. Paying 4%, the account joins top-payers from Teachers BS and Norwich & Peterborough BS.

Regular savings accounts

If you want to put a bit of money aside each month for a year, the best regular savings accounts offer great value. Regular savings accounts from Saffron BS, Teachers BS and Norwich & Peterborough BS (N&P) all pay 4% interest before tax.

If you think you might need access to your cash during the year, the N&P and Teachers accounts only allow one penalty-free withdrawal during the year. The Saffron account has no restrictions or penalties on withdrawals.

Make sure you shop around at the end of the 12-month period though, as the rate drops after 12 months with all three building societies.

In good news for anyone with dependent children, Norwich & Peterborough Building Society currently pays 5% on its Family Regular Saver account, making this an excellent choice for regular savings, so long as you are sure you'll be able to make the planned deposit every month for 12 months. If you miss a payment or make more than one withdrawal a year, the interest rate drops to 2%.

To find out more about these deals, use the Which? savings account finder.

Which? Savings Rate Booster

Last November Which? revealed that British savers are missing out on £12 billion a year because banks kept us in the dark about poor interest rates. To help savers and give them a quick and easy way to find out what interest their account is paying, Which? has created a free Savings Rate Booster. This is the only place where savers can quickly and easily find out what interest their account is paying, compare it with the best on the market and start moving their money.

To find out how much extra interest you could be earning on your savings, try out the Which? Savings Rate Booster now.

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