HERE'S HOW IT WORKS

  • Save from £1 to £250 a month in branch, by post or online (account cannot be opened online)

  • For the first year you'll earn a fixed rate of 2.50% AER*** on your savings

  • You can also earn an extra bonus of 1.5% AER*** if you save every month for 12 months and make no more than one withdrawal a year

  • In following years your savings will earn a variable rate of interest - but you can still earn your 1.5% annual bonus

  • Interest is paid annually

COULD BE IDEAL IF YOU…

  • Need a way to save for something special - like a holiday or Christmas

  • Don't mind tying up your savings for an even better rate 

  • Want a great rate that's fixed for the first year

Current rates are effective from 20/11/09

Current Rates
Account balance Gross rate* Net rate** AER rate***
£1 and over (year-1 fixed rate) Excluding 1.5% conditional bonus 2.50% 2.00% 2.50%
Including 1.5% conditional bonus 4.00% 3.20% 4.00%
£1 and over (after year 1 variable rate) Excluding 1.5% bonus 0.50% 0.40% 0.50%
Including 1.5% conditional bonus 2.00% 1.60% 2.00%

Definitions

* Interest will be paid gross (that is before the deduction of income tax) to non-taxpayers subject to eligibility and the required registration. Otherwise interest will be paid after deduction of income tax at the appropriate rate. Please note that gross interest can only be paid to customers aged 16 or over if they are the named account holder.

** Net rates (that is after the deduction of income tax) shown are for illustrative purposes only. The interest you earn on this account will currently be taxed at the rate of 20%.

*** AER means Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added each year.

How can I open a Regular Saver Account?

It's easy.

You can open a Regular Saver Account by calling into any branch.

You can then save by paying into your account in any branch or sending cheques.

Remember - when you pay a cheque into your account, don't make the cheque out simply to N&P. You should include details about the account or the person you're paying the money to. It's also important to draw a line through the unused space on the cheque so that extra information or numbers can't be added afterwards.

You can also arrange a standing order with your bank or building society for regular payments to be made into your Regular Saver Account, or you can transfer money into your Regular Saver Account at any time. Just quote your Regular Saver Account number and sort code.

How much can I save in a Regular Saver Account?

Anything from £1 to £250 a month.

What are the conditions for the bonus payment for the Regular Saver Account?

You’ll be paid a bonus on each anniversary of opening your account, as long as you have made 12 consecutive monthly payments in the account and not more than one withdrawal from it during that year. If the account is closed at any time other than on the anniversary date of account opening, no bonus or part bonus will be paid for that year.

Do I become a member of N&P when I open a Regular Saver Account?

Yes you do.

This is a share account, which makes you a member of N&P. This means you can join N&P's general meetings and you have a vote on what's decided in them.

Can I open a Joint Account?

Only one Regular Saver account can be opened per customer, so you can hold either a joint or sole account but not both.

Can I open more than one Account?

Only one Regular Saver account can be opened per customer throughout the life of the product, so you may hold either a joint or sole account but not both. You cannot open a new Regular Saver after the fixed rate  period has ended.

What are the rules on withdrawals?

You can take money out of your account at any time without notice or losing interest, although you will lose your bonus if more than one withdrawal is made per year.

When will my account start earning interest?

Cheques paid into an account paying a variable rate of interest will earn interest from the second working day after the day we receive them. Cheques paid into an account paying a fixed rate of interest will earn interest from the day we receive them.

Money paid into your account in cash or by Bankers’ Automated Credit will earn interest from the day we receive it. Interest will be added to your account annually on the anniversary of account opening.

Your money will earn interest up to, but excluding, the day you withdraw it.

View All Frequently Asked Questions

ATTRACTIVE RATES

  • Make 12 consecutive monthly payments and no more than one withdrawal in a year and you could get 2.50% AER***
    fixed for 12 months - this includes a 1.5% bonus.

FLEXIBLE SAVINGS

  • Put away as little as £1 a month.

  • Save as much as £250 a month.

INTEREST

  • Interest on your savings is paid on maturity.

Our Satisfaction Pledge

At N&P, we understand how important it is for you to be satisfied with your investment accounts. If you open any new investment account and, within 14 days, you decide that it does not meet your requirements, we will be happy to transfer the balance to another N&P account. This is called a 'cooling off' period. Alternatively, we will return your money to you without any charge or notice being required. Any transfer or refund will be subject to the relevant funds having cleared i.e. a period of at least four days(excluding Saturdays, Sundays and public holidays) must be allowed for the clearance of deposited cheques.

Key Product Information
Summary Box
Key Product Information for our Regular Savings Account
Interest rates (GROSS/AERs) Fixed rate for first 12 months, variable thereafter.
Please see Features & Benefits tab for current interest rate.
Tax Status Interest is paid net. Gross interest can be paid subject to eligibility and required registration.
Conditions for bonus payments A bonus will be paid on each anniversary of account opening as long as you have made 12 consecutive monthly investments in the account and not more than one withdrawal from it during that year. If the account is closed at any time other than on the anniversary date of account opening, no bonus or part bonus will be paid for that year. N&P reserves the right to vary the bonus rate at any time.
Withdrawal arrangements Easy access without notice or loss of interest, although there will be a loss of bonus if more than one withdrawal is made each year.
Access This account can be opened and operated at any of our branches or by post. It can also be operated via the internet.

Read our General Savings and Investments Terms and Conditions.

Read our Savings Fact Sheet.

*** AER means Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added each year.