Members Only: How to Join the Select Few Getting Top Savings Rates
By Helen Kirrane | Updated: 21:50 BST, 30 September 2023
Introduction
Building societies often offer premier rates to loyal customers, providing them with some of the best savings rates on the market. Unlike high street banks that focus on attracting new customers, building societies reward loyalty by offering exclusive savings accounts with competitive rates. In this article, we’ll explore the secret savings deals reserved for members and how you can join in on the action.
Regular Saver Accounts
If you’re looking to save a fixed amount every month, regular saver accounts are a great option. These accounts reward consistency with higher interest rates, allowing you to build a cash reserve over time. While most banks limit contributions and offer rates between 5 and 7 percent for new customers, members-only accounts for loyal customers often provide more generous terms. Here are some of the best options available:
Market Harborough Building Society Member Monthly Saver
The Market Harborough Building Society Member Monthly Saver offers a competitive interest rate of 3.75 percent. As a member, you can deposit up to £3,000 per month. If you save the maximum each month for a year, you would earn £731.25 in interest, resulting in a balance of £36,731.25. Please note that there is a 30-day notice period for withdrawals.
Cumberland Building Society First Home Saver
The Cumberland Building Society First Home Saver is exclusively available to first-time homebuyers with Cumberland current accounts. This account offers an interest rate of 4.35 percent and allows you to save up to £1,500 per month. If you deposit £1,500 every month for a year, you would earn £425.82 in interest, paid annually on March 31. The maximum balance is £25,000 plus earned interest, and a 90-day notice period is required for withdrawals. First-time buyers who take out a mortgage with Cumberland will also receive £250 cashback.
Darlington Building Society Regular Monthly Saver
The Darlington Building Society Regular Monthly Saver allows members to save £750 per month at an interest rate of 4.6 percent. If you save £750 each month for 12 months, you would earn £225.15 in interest. This account allows four penalty-free withdrawals, with the fifth withdrawal resulting in the closure of the account. The maximum investment is £30,000, and interest is paid annually. All existing members are eligible to open this account.
Yorkshire Building Society Loyalty Regular Saver
The Yorkshire Building Society Loyalty Regular Saver offers one of the best interest rates on the market at 7 percent. Members can save up to £500 per month in this account. Saving £500 each month would result in £227.40 in interest after a year. To open this account, you must have had a savings account or mortgage with Yorkshire for at least 12 months.
Saffron Building Society 12-month Regular Saver
The Saffron Building Society 12-month Regular Saver is available to members who have been with Saffron for at least 12 months. This account allows a maximum monthly deposit of £500 and offers an interest rate of 5.25 percent. If you save the maximum amount, you would earn £170.63 in interest over a year.
Coventry Building Society Regular Saver
The Coventry Building Society Regular Saver recently increased its interest rate to 5.5 percent. This account allows you to deposit up to £500 per month and is open to both new and existing customers. Saving £500 per month over a year would result in £178.75 in interest.
Skipton Building Society Member Regular Saver
The Skipton Building Society Member Regular Saver offers a near-market leading interest rate of 7.5 percent. This account is available to members who joined Skipton before May 31. Saving the maximum amount of £250 per month would result in £121 in interest over a year.
Easy-Access Account with 5% Interest
While easy-access accounts are more readily available to newcomers and often offer lower rates, there is one exclusive account for existing customers that comes close to the market-leading rates. Barclays’ Rainy Day Saver is only available to Blue Rewards members and pays 5 percent interest on balances up to £5,000. To become a Barclays Blue Rewards member, you must pay a monthly fee of £5. If you save £5,000 in this account, you would earn £251.34 in interest over a year.
Other top-paying easy-access accounts include the Beehive Money Limited Issue Easy Access, which pays 5.1 percent and is open to both new and existing customers.
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