Barclays have launched a new regular savings account which aims to help savers to reach their goals.
The Barclays Monthly Savings account offers a high fixed interest rate of 7.75% AER for 12 months if you deposit between £20 and £250 per month into the account by standing order.
One of the great things about this regular saver is its flexibility because it allows you to skip a payment, change your monthly standing order and make withdrawals if you need to. Most regular savers restrict you to one or two withdrawals per year. However, there are no withdrawal restrictions with the Monthly Savings account.
If you do choose to make a withdrawal you will earn the lower interest rate of 3.03% AER for the month when the withdrawal was made.
Your interest will be paid monthly so you will be able to see how well your savings are doing when you manage your account in branch, online or by phone.
The maximum amount you are allowed to deposit in this savings account is £3,000 over the 12 month term of the account. After the 12 months, your account will automatically be switched over to one of Barclays’ instant access savings accounts.
To apply for the Barclays Monthly Savings account you must be at least 16 years old and there is a limit of one account per customer.
Click the link to apply for the Barclays Monthly Savings account.
Want to save more than £3,000 in 12 months? Compare savings accounts to get the best savings rates
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