Principality, the largest building society in Wales, is starting the new year with a offer to encourage the UK to save regularly.
Following statistics which have revealed that barely half (55 per cent) of all adults in the UK regularly save money, the building society has announced the launch of the Monthly Saver Account.
The product promises to be among the best savings accounts for those who plan regular deposits, paying 5.25 per cent on deposits of between £20 and £1,000 every month.
Unlike some comparable products, the Monthly Saver will allow up to one withdrawal every 12 months with no reduction in the rate of interest.
“As a mutual organisation, we feel it’s important for us to encourage our customers to kick-start the year with a healthy savings habit,” said Tracy Moreshead of Principality.
“We are certainly seeing a growth in the number of savers, which is very encouraging, but many continue to ‘live for today’, building up debt and not giving saving a second thought.
“Saving regularly doesn’t take a lot of effort and if this pattern of paying a little each month into an account is established, lump sums can be built up quite quickly.”
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