Cambridge Building Society offers one of the highest interest savings accounts at 5% | Personal finance | Finance

Its Extra Reward Regular Saver account pays interest on an annual basis. Interest payments begin one year after account opening. This is because the Cambridge Building Society pays interest on the maturity date, which is one year from the date of a person’s initial deposit.

The five percent interest rate is fixed until the account’s maturity date.

People are free to make as many deposits as they want each month.

However, the total must not exceed £250.

All payments that take a person’s account over the maximum monthly balance will be refunded in full.

There is no penalty for missing a month, but if this happens a person will subsequently lose their deposit allowance for that month.

The minimum investment required to open an Extra Reward Regular Saver account is £100.

To ensure payments count for the relevant month, people are encouraged to make all their deposits between the 1st and 25th of the month.

They can pay by cash and check and make debit card payments at any branch or transfer funds from an existing Cambridge Building Society account.

DO NOT MISS :

The maximum aggregate holding by one person for all accounts is £2,000,000.

Individuals must have held a savings or mortgage account with the Cambridge Building Society for at least three years to qualify for the Extra Reward Regular Saver Account.

On the due date, the account balance (including accrued interest) will be transferred to an appropriate instant access account available at that time and will provide instant access to a person’s money.

The account can be opened in branch or by telephone.

Another option is to open the account by post.

Withdrawals are not permitted during the fixed rate term.

Closing is permitted subject to a 90-day interest penalty.

If a person has not accumulated enough interest at the time of closing, the fee is taken from their principal balance.

No tax will be automatically deducted from interest paid on this account.

People can only hold one regular savings account with the Society at a time.

This includes their Regular Saver, Reward Regular Saver and Extra Reward Regular Saver accounts.

The Cambridge Building Society is covered by the Financial Services Compensation Scheme (FSCS).


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