Progressive Building Society has introduced a new savings account, the Rainy Day Saver, offering a competitive interest rate of 7% AER. This account allows individuals in the United Kingdom to save up to £300 per month, providing a practical option for those aiming to build an emergency fund while retaining access to their savings.
The Rainy Day Saver Account pays interest annually on the account’s opening anniversary. For savers who make the maximum monthly contributions, the projected balance after 12 months would reach approximately £3,737.68, assuming the interest rate remains stable throughout the year.
Features and Flexibility of the Rainy Day Saver
According to Rachel Springall, a finance expert at Moneyfactscompare.co.uk, this account is particularly appealing for those looking to establish a regular savings habit. Springall stated, “A regular savings account is a good choice to instil the savings habit, as many of these accounts require savers to put money away every single month.”
The Rainy Day Saver stands out from other savings accounts by allowing unlimited withdrawals, though only one per day. This feature is beneficial for savers who may need to access their funds quickly. While the monthly deposit limit is capped at £300, those wishing to save more may need to explore additional accounts.
Springall cautions that the interest rate is variable and may change during the year. Should the Bank of England decide to adjust its base rate, the interest offered on the Rainy Day Saver could be affected, although savers will be notified of any changes within 14 days.
Exploring Savings Options
While the Rainy Day Saver offers attractive features, Springall also emphasizes the importance of examining all available options. “As an alternative, easy access accounts provide the most flexibility with deposits, but it’s vital to check any terms and conditions carefully,” she noted.
She encourages individuals to build their savings consistently, stating, “It might feel a bit pointless to only save a little bit every month, but it’s an essential habit to better reach future goals. Saving little and often is key, and there are plenty of savings accounts on the market offering decent returns and flexibility.”
Potential customers can open and manage the Rainy Day Saver Account exclusively online at www.theprogressive.com. This account is available to both existing members and new customers aged 18 or over residing in the UK.
Choosing the right savings account can be overwhelming. Springall advises that the best option does not solely depend on the highest interest rate. “If savers want flexibility, then they can pick an account that allows them to access their cash. However, if they can leave it untouched for a few months, they could get a more generous interest rate.”
As individuals consider their savings strategies, the Rainy Day Saver from Progressive Building Society presents a compelling option for those seeking to develop a financial cushion with a noteworthy return on investment.
