Staying disciplined is one of the most important elements of a successful savings strategy.
People often set themselves long-term targets of saving to purchase luxury items, a holiday or even to fund their Christmas spending, only for temptation to result in their pot of money being spent elsewhere and the savings routine to cease.
This scenario can be avoided by opening a Regular Saver, an account which offers the chance for people to save a manageable amount every month for a year.
Sophie Dwyer, Product Manager at the West Brom, said: “The first interest rate rise in a decade is welcome news for savers and highlights the importance of putting money aside on a regular basis.
“Fortunately there are specially designed accounts available that can help people achieve their savings goals.
“By making scheduled payments into a Regular Saver, a pot of money will quickly build up and pave the way to reaching those targets.
“It’s also an excellent way of establishing strong savings habits.”
While there is an opportunity to vary the amount of money paid into these accounts each month, many people set up a standing order for one figure to run throughout the year.
The West Brom’s Fixed Rate Regular Saver invites customers to deposit between £10 and £100 each month and earn a set rate of interest over the year-long term.
It can be opened in one of the Society’s branches at any time. Once set up, it is not possible to make a withdrawal until the 12 months have elapsed.
The West Brom also offers an Access Regular Saver which gives people the chance to pay in up to £2,000 per month and flexibility over their withdrawals, but at a lower rate of interest.
Check out our savings page for more detailed product information and our handy savings guides for tips on how to get the most out of your investments.