- Top deals include a 5.5% 18-month fixed-rate bond and a 5% one-year bond
Being a member of a building society can buy you access to some of the best savings rates on the market.
Mutuals are stepping up to the mark to reward members with top savings rates.
High Street banks are less likely to reward loyalty, and often advertise better deals to new customers to lure in new business.
Here are some of the best building society savings rates on the market at the moment.
Members only: Building societies are stepping up to the mark to reward members with top savings rates.
Nationwide has an 18-month bond which pays a fixed rate of 5.5 per cent. You can open it if you were a member on May 22 and still are today.
You can put in up to £10,000, which will see you earn £840 interest at the end of the term. This beats the top fixed rate savings deals.
However, the society does not offer a tax-free cash Isa version. It only has a one-year account at a lower 4.5 per cent.
Skipton Building Society has a one-year Member Bond at 5 per cent, fixed until August 7, 2025.
You are eligible if you have been a member since June 12 or before and do not hold a previous issue of the bond.
Some of the best regular savers on the market are offered by building societies.
Regular saver accounts encourage people to put aside a fixed amount every month and reward their consistency with higher interest rates.
Skipton Building Society has a Member Regular Saver at 7 per cent fixed for 12 months on savings of up to £250 a month, available if you became a member on or before January 11.
If saver put the maximum £250 a month in this account, they would earn £113 of interest after 12 months
Nationwide has a regular saver paying 8 per cent.
Like its 5.5 per cent 18-month bond, you can open it if you were a member on 22 May and still are today.
You can save up to £200 per month in Nationwide’s regular saver, which allows up to three withdrawals within the 12 months after the account opening.
A saver putting the maximum £200 per month in Nationwide’s regular saver would earn £104 of interest after 12 months.
Some building societies allow more genrous monthly contributions to regular savers than the standard £200 to £500.
Market Harborough Building Society has a Member Monthly Saver, which, as its name suggests, is only for members of the building society.
It allows you to deposit up to £3,000 a month and has an interest rate of 3.75 per cent. If every month you saved the maximum, after a year you would have earned £731.25 in interest and have a balance of £36,731.25.
There is a notice period of 30 days.
Does your local building society have a top deal worth flagging? Contact: editor@thisismoney.co.uk
SAVE MONEY, MAKE MONEY
Savings deals
Savings deals
Top rates plus £50 bonus until 15 July
Cash Isa at 5.17%
Cash Isa at 5.17%
Includes 0.88% bonus for one year
Free share offer
Free share offer
No account fee and free share dealing
5.78% savings
5.78% savings
365 day notice account
Fibre broadband
Fibre broadband
£50 BT reward card – £30.99 for 24 months
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
