Cambridge Building Society is offering a 5% interest rate on savings – are you eligible?

Cambridge Building Society is offering a 5% interest rate on savings – are you eligible?

Up to £250 per month can be saved in the Extra Reward Regular Saver, meaning across the 12-month period this account lasts for, a maximum of £3,000 can be put away. The interest rate of five percent per annum/AER is paid on the maturity date – one year on from the date of the initial deposit.

It must be opened in branch, by phone or via post.

Customers can only hold one Regular Saver account with the Society at any one time, meaning some may find themselves not eligible to open this account.

This is because the rule includes the Regular Saver, Reward Regular Saver and Extra Reward Regular Saver.

Additionally, it’s important to be aware the overall maximum holding by any one person in respect of all accounts with The Cambridge is £2,000,000.

DON’T MISS

The account can be managed in a variety of ways: in branch, by phone or via post.

There’s no limit as to how many deposits can be made each month, although the total must not exceed £250.

If customers decide they don’t want to or can’t save in a certain month, they can rest assured there isn’t a penalty for not paying money in.

That said, they should be aware that they will lose the deposit allowance of £250 that month.

While saving money on a regular basis may be a common habit for many people, almost a quarter of Britons (24 percent) don’t put any of their wages into savings each month, research has found.

The data, from debt management company Lowell, also highlighted that one in ten people are spending up to 60 percent of their wages within the first week of getting it.

John Pears, UK CEO of Lowell, commented: “Unfortunately, this research confirms that many people across the UK are caught in the trap of living from payday to payday, but this can be a slippery slope into unmanageable debt if your circumstances were to change unexpectedly.

“If you’re struggling to keep track of where your money is going each month, try to set some time aside to tot up all your outgoings and build a clearer picture of your expenses.

“Once you know this, plan ahead by creating a realistic monthly budget that you know you can afford. Sticking to this is a great way to help get your finances back under control and avoid accidental over-spending.”

Published at Fri, 12 Nov 2021 11:42:00 +0000