Published On: Fri, May 20th, 2022

Cambridge Building Society offering five percent interest: Savers in for ‘Extra Reward’ | Personal Finance | Finance

Interest on the account is calculated daily from the very first day, with savers able to open the account with a minimum of £100. The Extra Reward Regular Saver account will only be available to savers who meet certain criteria. 

Regular saver accounts aim to help Britons maintain successful saving habits by incentivising them to put aside certain amounts each month. 

With the Extra Reward Regular Saver account, savers make as many deposits as they like each month, but cannot deposit more than £250 in a single month. 

There is no penalty for missing a month but savers will not be able to carry forward their £250 allowance. 

Payments that exceed this amount will be refunded in full via a method chosen at the building society’s discretion. 

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The monthly payments must be made between the first and 25th of each month.

The account has a fixed interest rate, guaranteeing savers this market leading five percent until the account matures one year later.

Savers can use cash, cheques and debit card payments at any Cambridge Building Society branches or transfer funds from their existing Cambridge Building Society accounts.

Withdrawals, however, are not permitted during the fixed term in order to receive the incredible interest rate. 


Closing the account will incur a 90 day interest penalty fee. 

If the saver has not built up enough interest at the time of closure to cover this, it will be taken from the saver’s capital balance. 

When the account has matured, one year from the date of the first deposit, the balance, as well as the interest, will be transferred into an appropriate instant access account.

Savers are advised to read the terms and conditions for both this product and the Cambridge Building Society’s general savings terms and conditions before deciding whether to open their account. 

The maximum amount any one person can hold in all of their accounts with the building society is a collective total of £2million. 

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